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ROSSETI Center and Volga Region

August 1, 2023

The Rosseti Centre and Volga region company published its financial statements for 6 months of 2023 under RAS, net profit increased by 21,0%

According to the prepared in accordance with the Russian Accounting Standards statements for 6 months of 2023, revenue of Rosseti Centre and Volga region, PJSC (the ticker – MRKP) was 63 170,2 mln RUB, including from electric energy transmission – 60 733,8 mln RUB, from grid connections – 1 424,0 mln RUB and other revenue – 1 012,4 mln RUB. Sales profit1 was 12 410,2 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 18 717,9 mln RUB. Net profit increased by 21,0% up to 8 870,6 mln RUB.

Data in million RUB, unless specified otherwise

Indicators

6M 2023

6M 2022

Change

Revenue (total), including:

63 170,2

54 803,3

15,3%

Revenue from electric energy transmission

60 733,8

52 961,0

14,7%

Revenue from grid connection

1 424,0

1 118,6

27,3%

Other revenue

1 012,4

723,7

39,9%

Cost of sales

50 407,7

44 094,3

14,3%

Sales profit1

12 410,2

10 275,1

20,8%

Sales profit margin, %

19,6%

18,7%

0,9 p.p.

EBITDA2

18 717,9

16 542,2

13,2%

EBITDA margin, %

29,6%

30,2%

-0,6 p.p.

Net profit

8 870,6

7 331,2

21,0%

Net profit margin, %

14,0%

13,4%

0,6 p.p.

Amount of electric energy transmitted, million kWh

24 227,3

24 228,5

0,0%

Electric energy losses, %

7,02%

7,33%

-0,31 p.p.

Indicators

As of 30.06.2023

As of 31.12.2022

Change

Total assets

169 224,8

166 634,3

1,6%

Net assets

95 428,6

86 832,6

9,9%

Borrowed funds

25 413,4

26 999,8

-5,9%

Cash and cash equivalents + Financial investments (short-term)

9 711,7

7 924,8

22,5%

Net debt4

15 701,7

19 075,0

-17,7%

[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 services3 remained practically unchanged compared to the same period last year and amounted to 24 227,3 million kWh. Thanks to the implementation of a set of organizational and technological measures, the Company achieved a reduction in the level of electricity losses from 7,33% to 7,02% (by 0,31 p.p.).

Due to the indexation of the boiler tariff from 1 July and 1 December 2022, the revenue for electricity transmission services for 6 months of 2023 increased by 14,7% compared to 6 months of 2022. The increase in the revenue from grid connection by 27,3% is due to a change in the pricing of preferential categories of applicants from 1 July 2022. As a result of the work carried out to increase the volume of unregulated services and services for maintenance of networks and repair of outdoor lighting networks, performance of work within the competence of the applicant, in implementation of grid connection, provided to individuals and legal entities, other revenue increased by 39,9%.

According to the results of 6 months of 2023, the cost of sales increased by 14,3% compared to the same period last year and amounted to 50 407,7 mln RUB, which was due to an increase in tariffs for electricity transmission services through grids of the Unified National Power Grid and in networks of third-party territorial grid organizations, an increase in the cost of purchased electricity to compensate for losses, growth in depreciation and indexation of employees’ salaries.

The EBITDA2 indicator increased by 13,2% and amounted to 18 717,9 mln RUB, the EBITDA margin did not undergo significant changes compared to the same period last year and amounted to 29,6%. The net profit margin increased to 14,0%, and the net profit itself rose to 8 870,6 mln RUB.

The Company’s total assets as of 30 June 2023 amounted to 169 224,8 mln RUB (an increase by 1,6% compared to 31 December 2022). The Company’s net assets grew up by 9,9% and reached 95 428,6 mln RUB. The net debt4 decreased by 17,7% due to an increase in cash on the Company’s account, as well as the repayment of part of the debt on loans and borrowings and amounted to 15 701,7 mln RUB.

The Company’s statements for 6 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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