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ROSSETI Center and Volga Region

April 26, 2024

The Rosseti Centre and Volga region company published its financial statements for 1Q 2024 under RAS, EBITDA increased by 9,5%

According to the prepared in accordance with the Russian Accounting Standards statements for 1Q 2024, revenue of Rosseti Centre and Volga region, PJSC (the ticker – MRKP) was 36 047,1 mln RUB, including from electric energy transmission – 34 770,6 mln RUB, from grid connections – 966,6 mln RUB and other revenue – 309,9 mln RUB. Sales profit1 was 7 400,5 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) increased by 9,5% up to 11 871,7 mln RUB. Net profit amounted to 5 605,0 mln RUB.


Data in million RUB, unless specified otherwise


Indicators

3M 2024

3M 2023

Change

Revenue (total), including:

36 047,1

33 835,1

6,5%

Revenue from electric energy transmission

34 770,6

32 927,4

5,6%

Revenue from grid connection

966,6

458,8

110,7%

Other revenue

309,9

448,9

-31,0%

Cost of sales

28 468,9

26 044,0

9,3%

Sales profit1

7 400,5

7 616,2

-2,8%

Sales profit margin, %

20,5%

22,5%

-2,0 p.p.

EBITDA2

11 871,7

10 843,1

9,5%

EBITDA margin, %

32,9%

32,0%

0,9 p.p.

Net profit

5 605,0

5 647,1

-0,7%

Net profit margin, %

15,5%

16,7%

-1,2 p.p.

Amount of electric energy transmitted3, million kWh

14 233,9

13 477,5

5,6%

Electric energy losses, %

8,15%

8,22%

-0,07 p.p.

Indicators

As of 31.03.2024

As of 31.12.2023

Change

Total assets

186 019,4

181 391,7

2,6%

Net assets

105 424,2

100 215,4

5,2%

Net debt4

7 812,4

13 651,2

-42,8%

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

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

[3] Taking into account the generator voltage

[4] 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 services3 compared to the same period last year increased by 5,6% and amounted to 14 233,9 million kWh. The reason for the increase was ambient temperature fluctuations relative to the same period last year, as well as an increase in power consumption for a number of industrial consumers. As a result of the implementation of a set of organizational and technological measures, the level of electricity losses decreased to 8,15% of supply to the grid (by 0,07 p.p.).

The revenue from electricity transmission services in the 1st quarter of 2024 increased by 5,6% compared to the 1st quarter of 2023 due to an increase in electricity consumption in the regions of presence. The growth in the revenue from grid connection was 110,7%, which is associated with the execution of large connection contracts in the Nizhny Novgorod and Ryazan regions, as well as with an increase in revenue in categories of applicants up to 150 kW. The other revenue decreased by 31,0% and amounted to 309,9 mln RUB due to completion of large projects, including the repair of outdoor lighting systems and turnkey grid connection services, in the 1st quarter of 2023.

The cost of sales increased relative to the 1st quarter of 2023 by 9,3% and amounted to 28 468,9 mln RUB. The main increase in the costs is due to inflationary pressure and growth in the tariff for electricity transmission services in networks of third-party territorial grid organizations and in the UNPG.

The Company is making every effort to maintain operational efficiency and financial stability, which allowed it to achieve a positive financial result in the 1st quarter of 2024. The EBITDA margin increased by 0,9 p.p. compared to the same period last year and amounted to 32,9%, the net profit margin amounted to 15,5%.

The Company’s total assets as of 31 March 2024 were 186 019,4 mln RUB (an increase by 2,6% compared to 31 December 2023). The Company’s net assets grew up by 5,2% and reached 105 424,2 mln RUB. The net debt4 decreased by 42,8% and amounted to 7 812,4 mln RUB.

The Company’s statements for 1Q 2024 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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