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Rosseti Centre

January 11, 2022

Rosseti Centre approved the Business Plan for 2022

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/.




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