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ROSSETI Center and Volga Region

April 27, 2023

The Rosseti Centre and Volga region company published its financial statements for 1Q 2023 under RAS, net profit increased by 16,1%

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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