«The multimodality and diversification envisaged in RosGeo strategy allowed the company to overcome the macroeconomic turbulence of 2020, to minimize the impact of the pandemic and oil market crisis, and to lock in profits by end of the year, - said Sergey Gorkov, Director General - Chairman of the Board of RosGeo. The financial result was achieved thanks to positive effects of active operations in the international market, increase in the share of commercial contracts for solid commercial minerals, development of junior business and partnership projects, optimization of managerial costs».


  • The net profit of RosGeo amounted to 508 million rubles as compared with the net loss of 4,112 million rubles for 12 months of 2019.
  • The EBITDA amounted to 4038 million rubles as opposed to the negative EBITDA of 3,813 million rubles at the end of 2019.
  • The revenues of Holding for 12 months of 2020 totaled in 24 869 mln. rubles, which is 8.2% less than the indicator of 2019.
  • The net debt as of 31.12.2020 amounted to 8,305 million rubles, which is 35.6% higher than as of 31.12.2019.

RosGeo demonstrates the positive financial results for 2020, maintaining the financial stability and continuity of all production processes in the context of the ongoing negative impact of macroeconomic factors and the pandemics. The Holding has managed to keep up the contractual base, it continues to fulfill all obligations, reducing by half the scope of outstanding commitments under government contracts as compared with 2019.

The reduction in sales revenue by 8.2% is associated with adjustment of production programs for geological surveys and explorations by several major oil and gas customers, as well as transfer to 2021 of the certification dates in a number of projects within business-clusters “Drilling” and “Shelf” completed in 2020

The careful approach to contractual marginality management, transition to project management, establishment of the Holding’s production system, supervision of specific operating costs, all together enabled to improve the performance indicators in terms of the gross profit; for 12 months of 2020 it amounted to 4580 million rubles, which is 16% higher than the indicator of 2019. The gross profit margin attained 18.4% as compared to 14.6% in 2019.

In 2020, the Holding launched a program of partnership projects, in this framework there were signed agreements and closed a number of transactions for establishment of joint junior companies with the Russian largest mining corporations aimed at engagement of funding into exploration of solid commercial minerals and its subsequent involvement into the economy.

During these transactions the Holding sold the controlling interests in specially founded subsidiaries possessing the licenses for prospecting and estimation stages of geological exploration. Four transactions with respect to 9 promising sites were conducted in 2020. The Holding income from the sale of shares and the reassessment of non-controlling interests amounted to 1,270 million rubles, which is reflected in the consolidated statement of comprehensive income in the line “Gain on disposal of subsidiaries."

The reduction in other operating expenditures by 2,569 million rubles took place due to allowance recovery in losing contracts of previous years associated with completion of the contracts. The key portion of the reserves to address the claims of counterparts, court proceedings and accounts receivable was set up in 2019.

During the reporting period the Holding restructured the loan portfolio, which resulted in increase of the long-term debt share and significantly reduced the cost for raising of external debt financing. The weighted average rate on the loan portfolio was reduced from 8.4% to 6.6% per annum. As a result, the savings on interest payment exceeded 230 million rubles per year.


RosGeo is a Russian multi-disciplinary geological holding that carries out a full range of services related to geological exploration: from regional surveys to parametric drilling and monitoring of subsoil conditions. The holding company boasts a unique expertise, particularly in marine geology and shelf operations. A total of more than 1,000 fields and deposits have been discovered by the holding’s companies, including major hydrocarbon and solid mineral deposits and fields. RosGeo is a fully state-owned company.