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Rosseti Centre

January 23, 2023

Rosseti Centre 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:

119 102

108 469

9,8%

Revenue from electric energy transmission

111 181

101 152

9,9%

Revenue from grid connection

3 038

2 308

31,6%

Revenue from sale of electric energy

336

348

-3,4%

Revenue from other activity

4 548

4 661

-2,4%

Cost of sales

103 675

94 647

9,5%

Sales profit1

12 739

11 336

12,4%

Sales profit margin, %

10,7%

10,5%

0,2 p.p.

EBITDA2

24 353

21 422

13,7%

EBITDA margin, %

20,4%

19,7%

0,7 p.p.

Net profit

5 830

3 846

51,6%

Net profit margin, %

4,9%

3,5%

1,4 p.p.

Amount of electric energy transmitted, million kWh

46 621

47 223

-1,3%

Electric energy losses, %

10,47%

10,61%

-0,14 p.p.

Indicators

As of 31.12.2023

As of 31.12.2022

Change

Total assets

135 428

136 154

-0,5%

Net assets

60 309

54 479

10,7%

Loans and credits

40 494

41 103

-1,5%

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

1 542

4 726

-67,4%

Net debt3

38 951

36 377

7,1%


[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 2023, will decrease relative to the expected fact in 2022 by 1,3% and will amount to 46 621 million kW. The decrease in the volume of services is due to both a reduction in applications from large consumers and 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 0,14 p.p. compared to the expected level in 2022 and is 10,47%. 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 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 the dynamics of the volume of services provided and changes in the unified “boiler” tariffs from 1 December 2022. Revenue from grid connection services in 2023 is expected to be 3 038 million RUB, which is 31,6% higher than the forecast level for 2022. The increase in revenue is due to the completion of the execution of major grid connection contracts in 2023, as well as a change in tariff rates for preferential groups of applicants from 01.07.2022. Also in 2023, the Company will continue to work on the development of the segment for the provision of non-regulated services and predicts receipt of revenue from other activities in the amount of at least 4 548 million RUB. The Company aims to increase the share of revenue from the provision of non-regulated services to 5% of total revenue in the next 3 years.


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) is projected above the expected fact in 2022 by 13,7% and will amount to 24 353 million RUB. Net profit for 2023 is projected in the amount of 5 830 million RUB, which is above the expected indicator in 2022 by 51,6%.


Other IR-news of the Company can be found at: https://www.mrsk-1.ru/ru/investors/presentations/ir_news/.





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