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ROSSETI Center and Volga Region

March 19, 2024

The Rosseti Centre and Volga region company published its financial statements for 2023 under RAS, net profit increased by 24,5%

The Rosseti Centre and Volga region company published its financial statements for 2023 under RAS, net profit increased by 24,5%

According to the prepared in accordance with the Russian Accounting Standards statements for 12 months of 2023, revenue of Rosseti Centre and Volga region, PJSC (the ticker – MRKP) was 130 014,9 mln RUB, including from electric energy transmission – 121 191,1 mln RUB, from grid connections – 5 429,0 mln RUB and other revenue – 3 394,8 mln RUB. Sales profit1 was 22 791,6 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 30 441,7 mln RUB, EBITDA margin increased by 0,7 p.p. compared to the same period last year and amounted to 25,8%. Net profit increased by 24,5% up to 13 580,0 mln RUB.

Data in million RUB, unless specified otherwise

Indicators

12M 2023

12M2022

Change

11Revenue (total), including:

130 014,9

113 256,2

14,8%

Revenue from electric energy transmission

121 191,1

108 021,9

12,2%

Revenue from grid connection

5 429,0

2 606,4

108,3%

Other revenue

3 394,8

2 627,9

29,2%

Cost of sales

106 450,0

93 310,9

14,1%

Sales profit1

22 791,6

19 010,3

19,9%

Sales profit margin, %

17,5%

16,8%

0,7 p.p.

EBITDA2

33 597,8

28 389,7

18,3%

EBITDA margin, %

25,8%

25,1%

0,7 p.p.

Net profit

13 580,0

10 908,3

24,5%

Net profit margin, %

10,4%

9,6%

0,8 p.p.

Amount of electric energy transmitted3, million kWh

50 302,2

49 857,9

0,9%

Electric energy losses, %

7,32%

7,19%

0,13 p.p.

Indicators

As of 31.12.2023

As of 31.12.2022

Change

Total assets

181 391,7

166 634,3

8,9%

Net assets

100 215,4

86 832,6

15,4%

Net debt4

13 651,2

19 075,0

-28,4%

The volume of electricity transmission services3 increased by 0,9% compared to the same period last year and amounted to 50 302,2 million kWh, which is due to the climatic factor. The level of electricity losses increased by 0,13 p.p. and amounted to 7,32%. The increase in the losses is caused by changes in the structure of the electricity balance and operating mode of the 110 kV grid, as well as the integration of power grid assets with high losses.

Due to changes in the boiler tariff from 1 July 2022 and 1 December 2022, the revenue for electricity transmission services for 12 months of 2023 increased by 12,2% compared to 12 months of 2022. The increase in the revenue from grid connection was 108,3%, which is due to a change in pricing for preferential categories of applicants from 1 July 2022 and execution of large grid connection contracts in the Kaluga, Nizhny Novgorod and Tula regions.

The other revenue increased by 29,2% as a result of work carried out to increase the volume of additional services provided, including repair and maintenance and construction of outdoor lighting networks, development of the service - performance of work within the competence of the applicant during grid connection.

The cost of sales for 12 months of 2023 compared to the same period last year increased by 14,1% and amounted to 106 450,0 mln RUB. The increase in the costs is due to inflationary pressure.

The EBITDA2 indicator was 33 597,8 mln RUB (an increase by 18,3%).

The net profit margin increased to 10,4%, at the same time, the financial result at the end of 2023 was 13 580,0 mln RUB.

The Company’s total assets at the end of 2023 were 181 391,7 mln RUB (an increase by 8,9% compared to 31 December 2022). The Company’s net assets grew up by 15,4% and reached 100 215,4 mln RUB. The net debt4 was 13 651,2 mln RUB (as of 31 December 2022 – 19 075,0 mln RUB).

The Company’s statements for 12 months of 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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