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Facts & figures

Efficiency, profitability and financial management

Earnings

Operating profit of the Business Group has increased by 24% on the Year 2019 figure primarily because of the higher production volumes and the putting into operation of the electrical boiler.

Profit before tax of the Business Group has increased by 36%, and profit after tax has been 48% above those figures of the previous year. Like in previous years, the foundation of our reliable performance has been the availability of Csepel II Station, which is an outstanding high availability even by world-class standards.

Profitability

The owners of ALPIQ Csepel Kft invested USD 260 million into building Csepel II Station in the period between 1997 and 2000. The Power Station started  operation on 1 November 2000 to supply MVM and, through it, the public utility consumers.

Project return rates (ROA) are presented in the next graph:

In the period since the commissioning of the Power Station until 2018, return on assets (ROA) rate on gross value of assets of the Group had been around the level normal in business life. Profitability rates had been constantly reducing since 2009, but that tendency broke in 2012 when the provisions created for overhauls were used up. The reductions of the rate in 2013 and 2014 had been caused primarily by the unplanned depreciation accounted for tangible assets, but from 2015 on it was rising again, and since then it has permanently remained at a level above 6%.  As the Option Contract expired and the new commercial contracts came into force, profitability has significantly reduced from 2019 on.

Production, sales and supply

Business Units within  the ALPIQ Csepel Group have again reliably performed their contractual liabilities in 2020, providing excellent quality of services. Settlement with our customers and suppliers has been performed smoothly just like in previous years. Sales income from power generation and heat production has increased by HUF 3.36 billion on the 2019 figure because of the higher production volume and the putting into operation of the electrical boiler. The following figures reflect how factors that have a strong effect on sales revenue tendencies have changed since previous year:

Sales revenue factors 20162017201820192020
Generation (GWh) 511517496506754
Heat production (TJ) 940 019943 283909 290860 883903 418
CHP ratio (%) 60%51%54%47%52%
Availability (%) 100.0%99.2%99.5%100.0%99.7%
Forced outages (MW) 0.02.81.90.01.3
Oil firing (%) 0.0%2.0%0.4%0.6%0.1%
Annual spot average price of Brent type crude oil (USD/Bbl) 43.5554.1571.0666.0841.96

Cost management

Cost structure clearly shows that direct costs of generation still represent the bulk of the total costs of the Company. In spite of the higher production volume, fuel cost has remained around the 2019 level primarily because the price of gas has reduced significantly, that is, by 39% over 2020. As production volumes have increased, direct variable costs of production have also gone up owing to a higher use of CO2 quotas, and the increase in contribution to water resources and other costs. Regarding indirect costs, costs of plant operation and maintenance have decreased nominally by 63% due to the maintenance cycles of the Power Station, while other indirect costs have remained around the 2019 level.

Tendencies in cost structure
(Excluding financial expenditures, provisions and associated transactions within the Group)
Cost percentage in total costs  
  201820192020
Fuel procurement 72.1%60.3%59.7%
Other direct, variable costs of production 4.9%10.5%14.8%
Other direct, fixed costs of production 3.3%4.0%3.9%
Direct costs of production, total 80.4%74.8%78.4%
Depreciation (without unplanned depreciation and value loss written back) 7.1%7.6%7.7%
Power Station operation and maintenance costs 2.6%6.8%2.4%
Personnel-type expenditures 4.7%5.6%5.6%
Power Station insurance 1.4%1.6%1.6%
Local taxes 1.9%1.3%1.9%
Other indirect costs 1.9%2.4%2.4%
Indirect costs, total 19.6%25.2%21.6%
GRANDTOTAL 100.0%100.0%100.0%

Liquidity and financial position

Group finance position has again been steady in 2020 with liabilities met in due time. The Company has successfully maintained its solvency, and has not been forced to introduce any such cost saving scheme that would have resulted in the termination of jobs or the reduction of production capacities.

Events after the close of balance sheet

No such significant event has occurred within the Business Group after the close of balance sheet which would have affected the 2020 statement.