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ROSSETI Center and Volga Region

May 16, 2022

The Rosseti Centre and Volga region company published its financial statements for 1Q 2022 under RAS, net profit increased by 14,7%

According to the prepared in accordance with the Russian Accounting Standards statements for 1Q 2022, revenue of Rosseti Centre and Volga region, PJSC (the ticker - MRKP) was 29 318,0 mln RUB, including from electric energy transmission – 28 497,8 mln RUB, from grid connections – 503,9 mln RUB, and other revenue – 316,3 mln RUB. Sales profit1 was 6 405,4 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 9 604,2 mln RUB, EBITDA margin increased against the same period last year and was 32,8%. Net profit increased by 14,7% up to 4 865,6 mln RUB.

Data in million RUB, unless specified otherwise

Indicators

3M 2022

3M 2021

Change

Revenue (total), including:

29 318,0

28 086,5

4,4%

Revenue from electric energy transmission

28 497,8

27 511,9

3,6%

Revenue from grid connection

503,9

332,0

51,8%

Other revenue

316,3

242,6

30,4%

Cost of sales

22 750,2

22 236,9

2,3%

Sales profit1

6 405,4

5 667,1

13,0%

Sales profit margin, %

21,8%

20,2%

1,6 p.p.

EBITDA2

9 588,6

8 143,6

17,7%

EBITDA margin, %

32,7%

29,0%

3,7 p.p.

Net profit

4 865,6

4 241,7

14,7%

Net profit margin, %

16,6%

15,1%

1,5 p.p.

Amount of electric energy transmitted, million kWh

12 886,3

12 868,6

0,1%

Electric energy losses, %

8,48%

8,40%

0,08 p.p.

Indicators

As of 31.03.2022

As of 31.12.2021

Change

Total assets

150 330,7

146 691,9

2,5%

Net assets

86 054,6

81 148,6

6,0%

Loans and credits

27 124,9

26 928,9

0,7%

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

5 238,6

437,9

1 096,3%

Net debt3

21 886,3

26 491,0

-17,4%

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

The volume of electricity transmission services remained practically unchanged compared to the same period last year and amounted to 12 886,3 million kWh. The level of electricity losses slightly increased by 0,08 p.p. and amounted to 8,48%. The increase in the indicator is caused by the inclusion in the calculation of the volume of losses in grids consolidated in 2021.

Due to an increase in electricity consumption and growth in the boiler tariff from 1 July 2021, the revenue for electricity transmission services in 1Q 2022 increased by 3,6% compared to the same period in 2021. The increase in the revenue from grid connection by 51,8% is due to an increase in the volume of connected capacity in 1Q 2022 of large facilities in the Ryazanenergo and Udmurtenergo branches. Other revenue increased by 30,4% and amounted to 316,3 mln RUB, which is due to the company’s efforts to expand the volume and range of non-regulated services provided.

Expenses attributable to the cost of sales increased by 2,3% compared to 1Q 2021. Despite the high growth rate of consumer prices, 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.

The Company’s total assets as of 31 March 2022 were 150 330,7 mln RUB (an increase of 2,5% in comparison with 31 December 2021). The Company’s net assets increased by 6,0% and reached 86 054,6 mln RUB. The net debt3 decreased by 17,4% and amounted to 21 886,3 mln RUB.

The Company’s statements for 1Q 2022 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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