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Rosseti Centre

March 23, 2023

The Rosseti Centre company published its financial statements for 2022 under RAS, net profit increased by 9,4%

According to the prepared in accordance with the Russian Accounting Standards statements for 12 months of 2022, revenue of Rosseti Centre, PJSC (the ticker - MRKC) was 109 702,0 mln RUB, including from electric energy transmission – 101 662,8 mln RUB, from grid connections – 2 511,3 mln RUB, from sale of electric energy and power – 595,6 mln RUB and other revenue – 4 932,3 mln RUB. Sales profit was 13 291,3 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 22 730,9 mln RUB, EBITDA margin increased against the same period last year and was 20,7%. Net profit increased by 9,4% to 4 537,8 mln RUB.

Data in million RUB, unless specified otherwise

Indicators

12M 2022

12M 2021

Change

Revenue (total), including:

109 702,0

103 168,3

6,3%

 Revenue from electric energy transmission

101 662,8

97 771,1

4,0%

 Revenue from grid connection

2 511,3

1 486,8

68,9%

 Revenue from sale of electric energy and power

595,6

591,2

0,7%

 Other revenue

4 932,3

3 319,2

48,6%

Cost of sales

94 157,0

90 218,8

4,4%

Sales profit1

13 291,3

10 617,8

25,2%

Sales profit margin, %

12,1%

10,3%

1,8 p.p.

EBITDA2

22 730,9

20 536,3

10,7%

EBITDA margin, %

20,7%

19,9%

0,8 p.p.

Net profit

4 537,8

4 147,1

9,4%

Net profit margin, %

4,1%

4,0%

0,1 p.p.

Amount of electric energy transmitted*, million kWh

47 619,4

47 846,7

-0,5%

Electric energy losses, %

10,24%

9,76%

0,48 p.p.

Indicators

As of 31.12.2022

As of 31.12.2021

Change

Total assets

140 848,0

132 752,6

6,1%

Net assets

55 255,0

53 520,0

3,2%

Borrowed funds

39 243,8

42 287,6

-7,2%

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

6 923,6

3 461,0

100,0%

Net debt3

32 320,2

38 826,6

-16,8%

[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

* Taking into account the volume of services for the transmission of electricity in the territory of execution of the functions of the electricity supplier of last resort in the Tver region in the service area of JSC Transservisenergo

The volume of services for the transmission of electricity slightly decreased against the same period in 2021 and amounted to 47 619,4 million kWh. The level of electricity losses increased by 0,48 p.p. and amounted to 10,24%. The main reason for the increase in the level of losses is change in the structure of power consumption by voltage classes.

The revenue for electricity transmission services following the results of 12 months of 2022 increased by 4,0% against the same period of 2021 due to indexation of tariff rates for electricity transmission services from 1 July and 1 December 2022. According to the results of 12 months of 2022, the revenue from grid connection services increased by 68,9% against the same period in 2021 due to execution of major grid connection contracts in 2022. Other revenue for 12 months of 2022 increased by 48,6% compared to the same period in 2021 and amounted to 4 932,3 mln RUB. The growth of the other revenue is in line with the Company’s strategic goals to increase non-tariff sources of income.

According to the results of 12 months of 2022, the cost of sales against the same period last year increased by 4,4% and amounted to 94 157,0 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 increased by 10,7% and amounted to 22 730,9 mln RUB. The net profit following the results of 2022 was 4 537,8 mln RUB.

The Company’s total assets as of 31 December 2022 increased and amounted to 140 848,0 mln RUB. The Company’s net assets grew up by 3,2% and amounted to 55 255,0 mln RUB. The net debt3 decreased to 32 320,2 mln RUB (as of 31 December 2021 – 38 826,6 mln RUB).

The Company’s statements for 12 months of 2022 can be found at: https://www.mrsk-1.ru/en/information/statements/rsbu/2022/.





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