A meeting of the Company’s Board of Directors was held on 30
December 2021, which approved the Company’s Business Plan for 2022
and forecast indicators for 2023-2026 were taken into account. The
Business Plan for 2022 provides for indexation of tariffs for
electricity transmission services within the predicted inflation
rate, an increase in the share of revenue from unregulated types of
services and growth in the financial result at the end of 2022.
Indicators of the Company’s Business Plan for
2022:
Data in mln RUB, unless specified otherwise
Indicators
|
Planned for
2022
|
Expected fact for 2021
|
Change
|
|
|
|
|
Revenue (total), including:
|
106 035
|
101 981
|
4,0%
|
Revenue from electric energy transmission
|
99 564
|
97 223
|
2,4%
|
|
Revenue from grid connection
|
2 093
|
1 456
|
43,8%
|
|
Revenue from sale of electric energy
|
297
|
330
|
-10,0%
|
|
Revenue from other activity
|
4 081
|
2 972
|
37,3%
|
|
Cost of sales
|
94 475
|
91 054
|
3,8%
|
|
Sales profit1
|
9 162
|
8 427
|
8,7%
|
|
Sales profit margin, %
|
8,6%
|
8,3%
|
0,3 p.p.
|
|
EBITDA2
|
20 948
|
19 756
|
6,0%
|
|
EBITDA margin, %
|
19,8%
|
19,4%
|
0,4 p.p.
|
|
Net profit
|
4 030
|
3 805
|
5,9%
|
|
Net profit margin, %
|
3,8%
|
3,7%
|
0,1 p.p.
|
|
Amount of electric energy transmitted, million kWh
|
46 916
|
47 375
|
-1,0%
|
|
Electric energy losses, %
|
9,90%
|
9,88%
|
0,02 p.p.
|
|
Indicators
|
As of 31.12.2022
|
As of 31.12.2021
|
Change
|
|
Total assets
|
131 630
|
131 736
|
-0,1%
|
|
Net assets
|
63 592
|
60 962
|
4,3%
|
|
Loans and credits
|
42 246
|
43 500
|
-2,9%
|
|
Cash and cash equivalents + Financial investments (short-term)
|
254
|
1 433
|
-82,3%
|
|
Net debt3
|
41 992
|
42 067
|
-0,2%
|
|
[1] Revenue net of cost of sales, selling and
administrative expenses
|
|
[2] EBITDA is calculated as follows: net profit +
profit tax and other similar mandatory payments + interest payable
– interest receivable + depreciation charges
|
|
[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,
according to the Business Plan for 2022, will decrease relative to
the expected fact in 2021 by 1,0% and will amount to 46 916
million kW. The decrease in the volume of services is due to both a
reduction in applications from large consumers and temperature
deviations in 2021 from the average climatic values (an abnormally
cold winter period); the forecast for 2022 took into account the
average statistical data of weather conditions. The level of
electricity losses in 2022 is comparable to that expected at the end
of 2021 and amounts to 9,90%. The change in the level of losses is
due to both a change in the composition of the Company’s power grid
assets and the result of organizational and technological measures to
reduce the level of electricity losses.
The growth of revenue from services for the
transmission of electric energy planned in the Business Plan for 2022
by 2,4% relative to the expected fact in 2021 is due to the changes
of the volume of services rendered and the change in uniform “boiler”
tariffs from 1 July 2022. Revenue from grid connection services in
2022 is expected in the amount of 2 093 million RUB, which is 43,8%
higher than the expected level at the end of 2021. The increase in
the revenue is due to the completion of large grid connection
agreements due in 2022. Also, in 2022, the Company will continue the
work to increase the volume of unregulated services and predict that
it will receive revenue from other activities in the amount of at
least 4 081 million RUB. The Company aims at an annual increase in
the share in the total revenue of income from the provision of
unregulated services.
The increase in the cost of sales relative to the
expected results of 2021 does not exceed the forecasted inflation
rate and is largely caused by the planned increase in the volume of
unregulated services.
Earnings before interest, taxes, depreciation and
amortization (EBITDA) is projected above the expected fact in 2021 by
6,0% and will amount to 20 948 million RUB. The main risks of
deviating the fact from the forecast in 2022 may be faster growth
rates of costs due to inflation, as well as possible negative changes
in electricity consumption due to epidemiological reasons. The
positive factors can be the excess of the forecast for the volume of
services for the transmission of electricity and the leading effects
from the implementation of the Digital Transformation Program. Net
profit for 2022 is projected in the amount of 4 030 million RUB.
Other IR-news of the Company can be found at:
https://www.mrsk-1.ru/ru/investors/presentations/ir_news/.
|
