According
to the prepared in accordance with the Russian Accounting Standards
statements for 1Q 2023, revenue of Rosseti Centre and Volga region,
PJSC (the ticker - MRKP) was 33 835,1 mln RUB, including from
electric energy transmission – 32 927,4 mln RUB, from grid
connections – 458,8 mln RUB and other revenue – 448,9 mln RUB.
Sales profit1 was 7 616,2 mln RUB. Earnings before
interest, taxes, depreciation and amortization (EBITDA2)
reached 10 843,1 mln RUB, EBITDA margin decreased against the
same period last year by 1,1 p.p. and was 32,0%. Net profit increased
by 16,1% up to 5 647,1 mln RUB.
Data
in million RUB, unless specified otherwise
Indicators
|
3M
2023
|
3M
2022
|
Change
|
Revenue
(total), including:
|
33
835,1
|
29
318,0
|
15,4%
|
Revenue
from electric energy transmission
|
32
927,4
|
28
497,8
|
15,5%
|
Revenue
from grid connection
|
458,8
|
503,9
|
-9,0%
|
Other
revenue
|
448,9
|
316,3
|
41,9%
|
Cost
of sales
|
26
044,0
|
22
750,2
|
14,5%
|
Sales
profit1
|
7
616,2
|
6
405,4
|
18,9%
|
Sales
profit margin, %
|
22,5%
|
21,8%
|
0,7
p.p.
|
EBITDA2
|
10 843,1
|
9
696,9
|
11,8%
|
EBITDA
margin, %
|
32,0%
|
33,1%
|
-1,1
p.p.
|
Net
profit
|
5
647,1
|
4
865,6
|
16,1%
|
Net
profit margin, %
|
16,7%
|
16,6%
|
0,1
p.p.
|
Amount
of electric energy transmitted3, million kWh
|
12 991,6
|
12
886,3
|
0,8%
|
Electric
energy losses, %
|
8,22%
|
8,48%
|
-0,26
p.p.
|
Indicators
|
As
of 31.03.2023
|
As
of 31.12.2022
|
Change
|
Total
assets
|
169
205,4
|
166
634,3
|
1,5%
|
Net
assets
|
92
457,5
|
86
832,6
|
6,5%
|
Borrowed
funds
|
26
060,7
|
26
999,8
|
-3,5%
|
Cash
and cash equivalents + Financial investments (short-term)
|
11
394,5
|
7
924,8
|
43,8%
|
Net
debt4
|
14
666,3
|
19
075,0
|
-23,1%
|
[1] Revenue
net of cost of sales, selling and administrative expenses
[2] EBITDA
is calculated as follows: Profit before tax + Interest payable +
Depreciation
[3] Without
generator voltage
[4] Net
debt is calculated as follows: long-term borrowed funds +
short-term borrowed funds – cash and cash equivalents –
short-term financial investments
|
The
volume of electricity transmission services, compared to the same
period last year, increased by 0,8% and amounted to 12 991,6
million kWh. The reason for the growth was the climatic factor due to
temperature fluctuations, as well as an increase in consumption by a
number of industrial consumers. The result of the implementation of a
set of organizational and technological measures was the reduction in
the level of electricity losses to 8,22% (by 0,26 p.p.).
Due
to the indexation in the boiler tariff from 1 July and 1 December
2022, the revenue for electricity transmission services according to
the results of the 1st quarter of 2023 increased by 15,5% compared to
the 1st quarter of 2022. The reduction in the revenue from grid
connections by 9,0% is due to
execution in the 1st quarter of 2022 of a major grid connection
agreement in the Ryazan region. The other revenue increased by 41,9%
and amounted to 448,9 mln
RUB, which is associated with an increase in the volume of
additional services in the service area.
Expenses
attributable to cost of sales increased by 14,5% compared to the 1st
quarter of 2022. The main growth was due to an increase in costs for
the services of grid organizations and the purchase of electricity to
compensate for losses, as well as indexation of employees’
salaries. The Company makes every effort to maintain production
efficiency and financial stability, which made it possible to ensure
a positive trend in the financial result in the reporting period, and
profitability reached 16,7%.
The
Company’s total assets as of 31 March 2023 were 169 205,4
mln RUB (an increase of 1,5%
in comparison with 31 December 2022). The
Company’s net assets increased by 6,5%
and reached 92 457,5
mln RUB. The net debt4
decreased by 23,1% and
amounted to 14 666,3
mln RUB.
The
Company’s statements for 1Q 2023 can be found at:
https://www.mrsk-cp.ru/en/stockholder_investor/disclosure_reporting_info/finansovaya-informatsiya-i-otchetnost/ras-accounting-statements/.
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