Geography

Holding MRSK consolidated IFRS results for 2010

14.06.2011



2009

2010

Change

Sales[1]

mln RUR

459 047

558 330

22%

Cost of sales

mln RUR

415 844

507 080

22%

Operating profit

mln RUR

46 010

54 219

18%

EBITDA

mln RUR

86 129

102 482

19%

Net profit

mln RUR

21 752

34 137

57%

CAPEX[2]

mln RUR

72 203

88 043

22%

Earnings per share

RUR

0.32

0.51

59%

Dividends paid

mln RUR

255

616

142%



[1] Sales excluding government subsidies

[2] CAPEX without VAT 


Improvement of key financial indicators in 2010 was mostly caused by increase in volume of distributed electricity and raise of distribution tariff. At the same time effective electricity output was up 4% y-o-y to 592 bln kWh and average growth of distribution tariff equaled to 22%. Revenue from distribution services comprised 476 360 mln RUR (up 21%), revenue from connection services equaled to 42 890 mln RUR (up 45%). Growth of connection services revenue was driven by recovery of business activity in regions of Holding MRSK operations. Operating expenses went up 22% y-o-y. Decrease of financial costs equaled to 8 367 mln RUR (down 43%), change was mostly driven by decrease in interest payments.

Net profit in 2010 came to 34 137 mln RUR, up 57% in comparison to 21 752 mln RUR in 2009. EBITDA in 2010 equaled to 102 482 mln RUR and made 19% growth y-o-y. Net profit margin equaled to 6%, EBITDA margin - 18%.

Consolidated assets of the Group made 7% growth y-o-y. Non-current assets constituted 636 bln RUR (up 6%), growth resulted from increase in fixed assets. Current assets went up 9% and equaled to 132 bln RUR. Growth in accounts receivable, which came up to 14%, appeared as a result of increase in the amount of supply companies’ indebtedness to distribution grid companies. 

In 2010 growth of capital expenditures of the Group went up to 22% y-o-y. In the accounting year installation of fixed assets totaled 16,9 thousand km of distribution lines (up to 62% y-o-y) and 8,7 thousand MVA (up to 10% y-o-y).

Dividends payments went up to 142%, substantial increase stemmed from enactment of dividend policies in most of Holding MRSK subsidiaries.

Earnings per share grew up to 59% and equaled to 0.51 RUB.


Best regards,
Investor Relations
JSC Holding MRSK

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