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ROSSETI Center and Volga Region

July 30, 2024

The Rosseti Centre and Volga region company published its financial statements for 6 months of 2024 under RAS, net profit increased by 7,0%

According to the prepared in accordance with the Russian Accounting Standards statements for 6 months of 2024, revenue of Rosseti Centre and Volga region, PJSC (the ticker – MRKP) was 66 650,4 mln RUB, including from electric energy transmission – 63 792,9 mln RUB, from grid connections – 1 940,8 mln RUB and other revenue – 916,7 mln RUB. Sales profit1 was 11 772,9 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) increased by 15,5% up to 21 616,5 mln RUB. Net profit increased by 7,0% up to 9 490 mln RUB.

Data in million RUB, unless specified otherwise

Indicators

6M 2024

6M 2023

Change

Revenue

66 650,4

63 170,2

5,5%

Cost of sales

54 509,2

50 407,7

8,1%

Sales profit1

11 772,9

12 410,2

-5,1%

Sales profit margin, %

17,7%

19,6%

-1,9 p.p.

EBITDA2

21 616,5

18 717,9

15,5%

EBITDA margin, %

32,4%

29,6%

2,8 p.p.

Net profit

9 490,0

8 870,6

7,0%

Net profit margin, %

14,2%

14,0%

0,2 p.p.

Amount of electric energy transmitted3, million kWh

26 395,3

25 183,3

4,8%

Electric energy losses, %

7,00%

7,02%

-0,02 p.p.

Indicators

As of 30.06.2024

As of 31.12.2023

Change

Total assets

188 880,9

181 391,7

4,1%

Net assets

104 974,7

100 215,4

4,7%

Net debt4

3 931,2

13 651,2

-71,2%

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

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

[3] Taking into account the 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 services3 compared to the same period last year increased by 4,8% and amounted to 26 395,3 million kWh. The reason for the increase was ambient temperature fluctuations relative to the same period last year, as well as an increase in power consumption for a number of industrial consumers. Thanks to the implementation of a set of organizational and technological measures in the Company, the level of electricity losses has been reduced from 7,02% to 7,00% (by 0,02 p.p.).

Due to the growth in electricity consumption in the regions of presence, the revenue from electricity transmission services increased by 5% up to 63 792,9 mln RUB. The growth in the revenue from grid connection was 36,3%, which is associated with the execution of large grid connection contracts in the Vladimir, Nizhny Novgorod and Ryazan regions, as well as with an increase in revenue in categories of applicants up to 150 kW. The other revenue decreased by 9,4% due to completion of work under large projects in the Ryazan and Kaluga regions in the first half of 2023.

The cost of sales for 6 months of 2024 increased by 8,1% relative to the same period last year and amounted to 54 509,2 mln RUB, which is due to an increase in uncontrolled costs, depreciation and inflationary growth in operating costs.

The EBITDA2 increased relative to the same period last year and amounted to 21 616,5 mln RUB, at the same time the EBITDA margin was 32,4% (an increase by 2,8 p.p.). The net profit margin increased to 14,2%, and the net profit grew up to 9 490 mln RUB.

The Company’s total assets as of 30 June 2024 were 188 880,9 mln RUB (an increase by 4,1% compared to 31 December 2023). The Company’s net assets grew up by 4,7% and reached 104 974,7 mln RUB. The net debt4 decreased by 71,2% in connection with the repayment of overdue accounts receivable of TNS Energo Group and the growth in the volume of services rendered for the transmission of electricity and amounted to 3 931,2 mln RUB.

The Company’s statements for 6 months of 2024 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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