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ROSSETI Center and Volga Region

March 23, 2023

The Rosseti Centre and Volga region company published its financial statements for 2022 under RAS, EBITDA increased by 13,3%

According to the prepared in accordance with the Russian Accounting Standards statements for 12 months of 2022, revenue of Rosseti Centre and Volga region, PJSC (the ticker - MRKP) was 113 256,2 mln RUB, including from electric energy transmission – 108 021,9 mln RUB, from grid connections – 2 606,4 mln RUB and other revenue – 2 627,9 mln RUB. Sales profit1 was 19 010,3 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 28 389,7 mln RUB, EBITDA margin increased against the same period last year by 1,5 p.p. and was 25,1%. Net profit increased by 3,1% to 10 908,3 mln RUB.

Data in million RUB, unless specified otherwise

Indicators

12M 2022

12M 2021

Change

      Revenue (total), including:

113 256,2

106 393,0

+6,5%

Revenue from electric energy transmission

108 021,9

102 488,3

+5,4%

Revenue from grid connection

2 606,4

1 622,2

+60,7%

Other revenue

2 627,9

2 282,5

+15,1%

Cost of sales

93 310,9

88 992,6

+4,9%

Sales profit1

19 010,3

16 428,4

+15,7%

Sales profit margin, %

16,8%

15,4%

+1,4 p.p.

EBITDA2

28 389,7

25 064,4

+13,3%

EBITDA margin, %

25,1%

23,6%

+1,5 p.p.

Net profit

10 908,3

10 580,1

+3,1%

Net profit margin, %

9,6%

9,9%

-0,3 p.p.

Amount of electric energy transmitted, million kWh

47 986,6

47 978,2

0,0%

Electric energy losses, %

7,19%

7,31%

-0,12 p.p.

Indicators

As of 31.12.2022

As of 31.12.2021

Change

Total assets

166 634,3

146 494,8

+13,7%

Net assets

86 832,6

81 145,6

+7,0%

Borrowed funds

26 999,8

26 928,9

+0,3%

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

7 924,8

437,9

+1 709,7%

Net debt3

19 075,0

26 491,0

-28,0%

[1] Revenue net of cost of sales, selling and administrative expenses

[2] EBITDA is calculated as follows: Profit before tax + Interest payable + Depreciation

[3] 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, practically did not change and amounted to 47 986,6 million kWh. Thanks to the implementation of a set of organizational and technological measures in the Company for 12 months of 2022, the level of electricity losses was reduced from 7,31% to 7,19% (by 0,12 p.p.).

Due to the change in the boiler tariff from 1 July and 1 December 2022, the revenue for electricity transmission services for 12 months of 2022 increased by 5,4% compared to 12 months of 2021. The growth in the revenue from grid connections by 60,7% is associated with execution of major grid connection contracts in 2022. The other revenue increased by 15,1% as a result of ongoing work to increase the volume of additional services provided.

The cost of sales following the results of 12 months of 2022, compared to the same period last year, increased by 4,9% and amounted to 93 310,9 mln RUB, which is due to an increase in operating expenses due to inflationary pressure, including an increase in the cost of material resources, electricity to compensate for losses and the cost of services of grid organizations.

The EBITDA2 indicator was 28 389,7 mln RUB (an increase of 13,3%). The net profit following the results of 2022 was 10 908,3 mln RUB.

The Company’s total assets at the end of 2022 were 166 634,3 mln RUB (an increase of 13,7% in comparison with 31 December 2021). The Company’s net assets increased by 7,0% and reached 86 832,6 mln RUB. The net debt3 was 19 075,0 mln RUB (as of 31 December 2021 – 26 491,0 mln RUB).

The Company’s statements for 12 months of 2022 can be found at:  https://www.mrsk-cp.ru/stockholder_investor/disclosure_reporting_info/finansovaya-informatsiya-i-otchetnost/bukhgalterskaya-otchetnost-mrsk-tsentra-i-privolzhya/.

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