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ROSSETI Center and Volga Region

March 17, 2022

The Rosseti Centre and Volga region company published its financial statements for 2021 under RAS, net profit increased by 50,2%

According to the prepared in accordance with the Russian Accounting Standards statements for 12 months of 2021, revenue of Rosseti Centre and Volga region, PJSC (the ticker - MRKP) was 106 393,0 mln RUB, including from electric energy transmission – 102 488,3 mln RUB, from grid connections – 1 622,2 mln RUB and other revenue – 2 282,5 mln RUB. Sales profit was 16 428,4 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 25 064,4 mln RUB, EBITDA margin increased against the same period last year and was 23,0%. Net profit increased by 50,2% and amounted to 10 580,1 mln RUB.

Data in million RUB, unless specified otherwise

Indicators

12M 2021

12M 2020

Change

Revenue (total), including:

106 393,0

96 588,2

10,2%

Revenue from electric energy transmission

102 488,3

93 228,8

9,9%

Revenue from grid connection

1 622,2

2 312,5

-29,9%

Other revenue

2 282,5

1 046,9

118,0%

Cost of sales

88 992,6

82 768,5

7,5%

Sales profit1

16 428,4

12 803,6

28,3%

Sales profit margin, %

15,4%

13,3%

2,1 p.p.

EBITDA2

25 064,4

19 700,8

27,2%

EBITDA margin, %

23,6%

20,4%

3,2 p.p.

Net profit

10 580,1

7 045,9

50,2%

Net profit margin, %

9,9%

7,3%

2,6 p.p.

Amount of electric energy transmitted, million kWh

47 978,2

45 186,5

6,2%

Electric energy losses, %

7,31%

7,93%

-0,62 p.p.

Indicators

As of 31.12.2021

As of 31.12.2020

Change

Total assets

138 265,6

127 751,4

8,2%

Net assets

79 284,4

71 555,1

10,8%

Loans and credits

26 928,9

26 273,1

2,5%

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

437,9

1 646,0

-73,4%

Net debt3

26 491,0

24 627,1

7,6%

[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 debt + short-term debt – cash and cash equivalents – short-term financial investments

Abnormally low winter temperatures and growing demand for electricity from large industrial enterprises due to the easing of restrictive measures led to an increase in the volume of electricity transmission services compared to last year by 6,2% (up to 47 978,2 million kWh). Thanks to the implementation of a set of organizational and technological measures in the Company for 12 months of 2021, a reduction in the level of electricity losses was achieved from 7,93% to 7,31% (by 0,62 p.p.).

Due to significant growth in electricity consumption and an increase in the boiler tariff from 1 July 2021, revenue for electricity transmission services for 12 months of 2021 increased by 9,9% compared to 12 months of 2020. The main reason for the decrease in revenue from grid connection services for 12 months of 2021 by 29,9% compared to the same period in 2020 was the completion of large grid connection contracts in 2020. Other revenue more than doubled due to increased promotion of value-added services in the regions of operation.

The Company’s total assets at the end of 2021 were 138 265,6 mln RUB (an increase of 8,2% in comparison with 31 December 2020). The Company’s net assets increased by 10,8% and reached 79 284,4 mln RUB. The net debt3 was 26 491,0 mln RUB (as of 31 December 2020 – 24 627,1 mln RUB).

The Company’s statements for 12 months of 2021 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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