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ROSSETI Center and Volga Region

January 23, 2023

Rosseti Centre and Volga region approved the Business Plan for 2023

A meeting of the Company’s Board of Directors was held, which approved the Company’s Business Plan for 2023 and took note of the forecast indicators for 2024-2027. The Business Plan provides for an increase of the production potential and key financial indicators by the end of 2023.

Indicators of the Company’s Business Plan for 2023:

   Data in mln RUB, unless specified otherwise

Indicators

Planned

for 2023

Expected fact for 2022

Change

Revenue (total), including:

122 362

111 530

9,7%

Revenue from electric energy transmission

117 401

106 851

9,9%

Revenue from grid connection

2 520

2 393

5,3%

Revenue from other activity

2 441

2 286

6,8%

Cost of sales

103 300

93 307

10,7%

Sales profit1

18 025

17 248

4,5%

Sales profit margin, %

14,7%

15,5%

0,7 p.p.

EBITDA2

30 012

27 597

8,8%

EBITDA margin, %

24,5%

24,7%

-0,2 p.p.

Net profit

11 271

10 575

6,6 %

Net profit margin, %

9,2%

9,5%

- 0,3 p.p.

Amount of electric energy transmitted, million kWh

48 961

49 468

-1,0%

Electric energy losses, %

7,39%

7,52%

  -0,13 p.p.

Indicators

Plannedfor 31.12.2023

Expected fact for 31.12.2022

Change

Total assets

160 261

154 213

3,9%

Net assets

96 530

85 253

13,2%

Loans and credits

29 820

27 401

8,8%

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

905

3 032

-70,2%

Net debt3

28 915

24 369

18,7%

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

[2] EBITDA is calculated as follows: profit before tax + interest payable + 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 2023, will decrease relative to the expected fact in 2022 by 1,0% and will amount to 48 961 million kW. The decrease is due to predicted reduction in electricity consumption by a number of large consumers, as well as temperature deviations in 2022 from the average climatic values (an abnormally cold winter period), the forecast for 2023 took into account the average statistical data of weather conditions. The level of electricity losses in 2023 will decrease by 0,13 p.p. compared to the expected level in 2022 and will be 7,39%. Measures to reduce losses are planned for 2023 and subsequent periods, including the implementation of targeted organizational and technical measures, as well as the installation of commercial and technical electricity metering devices as part of the investment program and non-tariff sources.

The 9,9% increase in revenue from electricity transmission services planned in the Business Plan for 2023 compared to the expected fact in 2022 is due to growth of the unified “boiler” tariffs from 1 December 2022. Revenue from grid connection services in 2023 is expected to be 2 520 million RUB, which is 5,3% higher than the expected level at the end of 2022. The increase in revenue is due to the planned implementation in 2023 of major grid connection contracts, as well as a change in tariff rates for preferential groups of applicants from 01.07.2022. In 2023, the Company will continue to work to increase the volume of provision of non-regulated services and predicts receipt of revenue from other activities in the amount of at least 2 441 million RUB, which is 6,8% higher than the expected revenue for 2022.

The increase in the cost of sales in 2023 is due to inflationary factors, an increase in the cost of buying electricity losses and paying for services of grid companies.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in 2023 is projected in the amount of 30 012 million RUB, which is 8,8% higher than the expected fact in 2022.  Net profit for 2023 is planned in the amount of 11 271 million RUB, which is above the expected indicator in 2022 by 6,6%.

Other IR-news of the Company can be found at: https://mrsk-cp.ru/press/novosti-ir/.

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