According to the prepared in accordance with the Russian Accounting
Standards statements for 1Q 2024, revenue of Rosseti Centre, PJSC
(the ticker – MRKC) was 33 891,9 mln RUB, including from electric
energy transmission – 32 221,5 mln RUB, from grid connections –
871,8 mln RUB and other revenue – 798,6 mln RUB. Sales profit was 5
466,9 mln RUB. Earnings before interest, taxes, depreciation and
amortization (EBITDA2) increased by 6,1% up to 8 981,7 mln
RUB. Net profit amounted to 3 213,8 mln RUB.
Data in million RUB, unless specified otherwise
Indicators
|
3M 2024
|
3M 2023
|
Change
|
Revenue (total), including:
|
33 891,9
|
32 384,7
|
4,7%
|
Revenue from electric energy transmission
|
32 221,5
|
30 575,9
|
5,4%
|
Revenue from grid connection
|
871,8
|
831,9
|
4,8%
|
Revenue from sale of electric energy and power
|
0,0
|
193,5
|
-100,0%
|
Other revenue
|
798,6
|
783,4
|
1,9%
|
Cost of sales
|
28 020,7
|
26 338,2
|
6,4%
|
Sales profit1
|
5 466,9
|
5 628,4
|
-2,9%
|
Sales profit margin, %
|
16,1%
|
17,4%
|
-1,3 p.p.
|
EBITDA2
|
8 981,7
|
8 468,3
|
6,1%
|
EBITDA margin, %
|
26,5%
|
26,1%
|
0,4 p.p.
|
Net profit
|
3 213,8
|
3 668,7
|
-12,4%
|
Net profit margin, %
|
9,5%
|
11,3%
|
-1,8 p.p.
|
Amount of electric energy transmitted*,
million kWh
|
13 474,4
|
12 816,9
|
5,1%
|
Electric energy losses, %
|
11,77%
|
11,82%
|
-0,05 p.p.
|
Indicators
|
As of 31.03.2024
|
As of 31.12.2023
|
Change
|
Total assets
|
151 123,4
|
148 632,4
|
1,7%
|
Net assets
|
63 225,3
|
60 863,7
|
3,9%
|
Net debt3
|
27 927,4
|
31 252,7
|
-10,6%
|
[1] Revenue net of cost of
sales, selling and administrative expenses
[2] EBITDA is calculated as
follows: Profit before tax + Interest payable + Depreciation
[3] Net debt is calculated as
follows: long-term borrowed funds + short-term borrowed funds –
cash and cash equivalents – short-term financial investments
[*] Taking into account the
volume of services for the transmission of electricity in the
territory of execution of the functions of the electricity supplier
of last resort in the Tver region in the service area of JSC
Transservisenergo
The volume of electricity transmission services
was 13 474,4 million kWh. Compared to the same period last year,
there was an increase in the volume of services by 5,1%, which is
mainly due to changes in the power consumption patterns of large
consumers, as well as the climatic factor due to fluctuations in
ambient temperature relative to the same period last year. The result
of the implementation of a set of organizational and technical
measures was a reduction in the level of electricity losses to 11,77%
of supply to the grid (by 0,05 p.p.).
The revenue from electricity transmission services
in the 1st quarter of 2024 increased by 5,4% compared to the same
period in 2023 due to an increase in electricity consumption in the
regions of presence and an increase in tariffs approved by the
Regulator in the regions of the Company’s operation. The revenue
from grid connection services for 3 months of 2024 increased by 4,8%
compared to the same period in 2023 due to growth in revenue in the
category up to 150 kW.
The other revenue increased by 1,9% and amounted
to 798,6 mln RUB. The increase in revenue from the sale of other
activities in the 1st quarter of 2024 compared to the 1st quarter of
2023 was due to completion of large projects, including the
reconstruction of the Company’s power grid facilities at the
initiative of third parties.
The cost of sales increased relative to the 1st
quarter of 2023 by 6,4% and amounted to 28 020,7 mln RUB. The
increase in the costs is mainly due to inflationary pressure, an
increase in the tariff rate for electric energy transmission services
for maintenance of electric grid facilities and the volume of
electricity transmission in the UNPG grid, an increase in individual
tariffs and the volume of electricity transmission through networks
of third-party territorial grid organizations.
The Company is making every effort to maintain
operational efficiency and financial stability, which allowed it to
achieve a positive financial result in the 1st quarter of 2024. The
EBITDA2 margin increased slightly compared to the same
period last year and amounted to 26,5%, the net profit margin
amounted to 9,5%.
The Company’s total assets as of 31 March 2024
increased and amounted to 151 123,4 mln RUB. The Company’s net
assets grew up by 3,9% and amounted to 63 225,3 mln RUB. The net
debt3 decreased by 10,6% to 27 927,4 mln RUB (as of 31 December 2023
– 31 252,7 mln RUB).
The Company’s statements for 1Q 2024 can be
found at: https://mrsk-1.ru/en/information/statements/rsbu/2024/.
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