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ROSSETI Center and Volga Region

November 1, 2023

The Rosseti Centre and Volga region company published its financial statements for 9 months of 2023 under RAS, net profit increased by 44,2%

According to the prepared in accordance with the Russian Accounting Standards statements for 9 months of 2023, revenue of Rosseti Centre and Volga region, PJSC (the ticker – MRKP) was 92 722,0 mln RUB, including from electric energy transmission – 88 297,3 mln RUB, from grid connections – 2 958,3 mln RUB and other revenue – 1 466,4 mln RUB. Sales profit1 was 16 949,2 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 26 773,9 mln RUB. Net profit increased to 11 887,6 mln RUB, while the growth rate was 44,2%.

Data in million RUB, unless specified otherwise

Indicators

9M 2023

9M 2022

Change

Revenue (total), including:

92 722,0

80 697,4

14,9%

Revenue from electric energy transmission

88 297,3

78 018,8

13,2%

Revenue from grid connection

2 958,3

1 641,0

80,3%

Other revenue

1 466,4

1 037,6

41,3%

Cost of sales

75 237,4

66 602,2

13,0%

Sales profit1

16 949,2

13 438,4

26,1%

Sales profit margin, %

18,3%

16,7%

1,6 p.p.

EBITDA2

26 773,9

21 345,9

25,4%

EBITDA margin, %

28,9%

26,5%

2,4 p.p.

Net profit

11 887,6

8 244,3

44,2%

Net profit margin, %

12,8%

10,2%

2,6 p.p.

Amount of electric energy transmitted3, million kWh

35 335,9

35 302,4

0,1%

Electric energy losses, %

6,68%

7,01%

-0,33 p.p.

Indicators

As of 30.09.2023

As of 31.12.2022

Change

Total assets

173 159,9

166 634,3

3,9%

Net assets

98 428,9

86 832,6

13,4%

Borrowed funds

25 220,3

26 999,8

-6,6%

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

13 107,3

7 924,8

65,4%

Net debt4

12 113,0

19 075,0

-36,5%

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

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

[3] Without 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 services remained practically unchanged compared to the same period last year and amounted to 35 335,9 million kWh (+0,1%). Thanks to the implementation of a set of organizational and technological measures, the level of electricity losses was reduced to 6,68% (by 0,33 p.p.).

Due to the change of the boiler tariff from 1 July and 1 December 2022, the revenue for electricity transmission services for 9 months of 2023 increased by 13,2% compared to the same period of 2022. The increase in the revenue from grid connection by 80,3% is due to a change in the pricing of preferential categories of applicants from 1 July 2022 and execution of major grid connection contracts in the Kaluga and Nizhny Novgorod regions. As a result of targeted development of the non-tariff segment of activity, the other revenue increased by 41,3% and amounted to 1 466,4 mln RUB, which is due to implementation of projects for maintenance of power installations, repair and construction of outdoor lighting networks, development of services for performing work within the competence of the applicant during grid connection.

According to the results of 9 months of 2023, the cost of sales increased by 13,0% compared to the same period last year and amounted to 75 237,4 mln RUB, which was due to an increase in tariffs for electricity transmission services through grids of the Unified National Power Grid and in networks of third-party territorial grid organizations, an increase in the cost of purchased electricity to compensate for losses, growth in depreciation and indexation of employees’ salaries.

The EBITDA2 indicator increased by 25,4% and amounted to 26 773,9 mln RUB, the EBITDA margin grew up compared to the same period last year by 2,4 p.p. and amounted to 28,9%. The net profit increased by 44,2% up to 11 887,6 mln RUB, while the net profit margin rose to 12,8%.

The Company’s total assets as of 30 September 2023 amounted to 173 159,9 mln RUB (as of 31 December 2022 – 166 634,3 mln RUB). The Company’s net assets grew up by 13,4% and reached 98 428,9 mln RUB. The net debt3 decreased by 36,5% and amounted to 12 113,0 mln RUB.

The Company’s statements for 9 months of 2023 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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