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ROSSETI Center and Volga Region

October 31, 2022

The Rosseti Centre and Volga region company published its financial statements for 9 months of 2022 under RAS, EBITDA increased by 4,8%

According to the prepared in accordance with the Russian Accounting Standards statements for 9 months of 2022, revenue of Rosseti Centre and Volga region, PJSC (the ticker - MRKP) was 80 697,4 mln RUB, including from electric energy transmission – 78 018,8 mln RUB, from grid connections – 1 641,0 mln RUB, and other revenue – 1 037,6 mln RUB. Sales profit1 was 13 438,4 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 20 906,0 mln RUB, EBITDA margin slightly decreased (-0,1 p.p.) against the same period last year and was 25,9%.

Data in million RUB, unless specified otherwise

Indicators

9M 2022

9M 2021

Change

Revenue (total), including:

80 697,4

76 866,8

+5,0%

Revenue from electric energy transmission

78 018,8

74 696,6

+4,4%

Revenue from grid connection

1 641,0

1 255,9

+30,7%

Other revenue

1 037,6

914,2

+13,5%

Cost of sales

66 602,2

63 635,2

+4,7%

Sales profit1

13 438,4

12 563,1

+7,0%

Sales profit margin, %

16,7%

16,3%

+0,4 p.p.

EBITDA2

20 906,0

19 957,0

+4,8%

EBITDA margin, %

25,9%

26,0%

-0,1 p.p.

Net profit

8 244,3

9 013,1

-8,5%

Net profit margin, %

10,2%

11,7%

-1,5 p.p.

Amount of electric energy transmitted, million kWh

35 302,4

35 202,5

+0,3 %

Electric energy losses, %

7,01%

6,84%

+0,17 p.p.

Indicators

As of 31.09.2022

As of 31.12.2021

Change

Total assets

152 956,4

146 494,8

+4,4%

Net assets

86 320,9

81 145,6

+6,4%

Borrowed funds

27 197,0

26 928,9

+1,0%

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

8 753,3

437,9

+1 898,9%

Net debt3

18 443,7

26 491,0

-30,4%

[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, increased by 0,3% and amounted to 35 302,4 million kWh, which is due to the climatic factor because of colder temperatures and increased consumption by the population. The level of electricity losses increased by 0,17 p.p. and amounted to 7,01%. The main factors of the change are: the consolidation of assets in the Ivanovo region and the Udmurt Republic, as well as changes in the structure of electricity consumption. In the comparable conditions in 2021, the losses were 6,81%, which is below the base period by 0,03 p.p.

The revenue for electricity transmission services following the results of 9 months of 2022 increased by 4,4%, compared to the same period in 2021, by changing the boiler tariff for electricity transmission from 1 July 2022. The increase in the revenue from grid connection by 30,7% is associated with the execution of major grid connection contracts. As a result of the ongoing work to increase the volume of additional services provided to consumers of electric energy, other revenue increased by 13,5% and amounted to 1 037,6 mln RUB.

The cost of sales following the results 9 months of 2022, compared to the same period last year, increased by 4,7% and amounted to 66 602,2 mln RUB, which is due to the planned increase in operating expenses, including the cost of electricity to compensate for losses, and the growth of other uncontrollable expenses.

The EBITDA2 indicator increased by 4,8% and amounted to 20 906,0 mln RUB. The net profit decreased by 8,5% to 8 224,3 mln RUB. The decrease in the profit compared to the same period last year is due to an increase in interest expenses due to the changes of the key rate of the Bank of Russia.

The Company’s total assets as of 30 September 2022 were 152 956,4 mln RUB (as of 31 December 2021 – 146 494,8 mln RUB). The Company’s net assets increased by 6,4% and reached 86 320,9 mln RUB. The net debt3 decreased by 30,4% and amounted to 18 443,7 mln RUB.

The Company’s statements for 9 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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