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According to the prepared in accordance with the Russian Accounting Standards statements for 1Q 2022, revenue of Rosseti Centre, PJSC (the ticker - MRKC) was 28 151,9 mln RUB, including from electric energy transmission – 26 952,4 mln RUB, from grid connections – 488,5 mln RUB, from sale of electric energy and power – 178,0 mln RUB and other revenue – 533,0 mln RUB. Sales profit1 was 4 238,7 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 7 255,4 mln RUB, EBITDA margin increased against the same period last year and was 25,8%. Net profit increased by 11,4% up to 2 420,1 mln RUB.
Data in million RUB, unless specified otherwise
|
Indicators |
3M 2022 |
3M 2021 |
Change |
|
Revenue (total), including: |
28 151,9 |
26 832,8 |
4,9% |
|
Revenue from electric energy transmission |
26 952,4 |
25 999,6 |
3,7% |
|
Revenue from grid connection |
488,5 |
213,8 |
128,5% |
|
Revenue from sale of electric energy and power |
178,0 |
166,2 |
7,1% |
|
Other revenue |
533,0 |
453,2 |
17,6% |
|
Cost of sales |
23 516,2 |
23 176,0 |
1,5% |
|
Sales profit1 |
4 238,7 |
3 656,8 |
15,9% |
|
Sales profit margin, % |
15,1% |
13,6% |
1,5 p.p. |
|
EBITDA2 |
7 255,4 |
6 357,7 |
14,1% |
|
EBITDA margin, % |
25,8% |
23,7% |
1,0 p.p. |
|
Net profit |
2 420,1 |
2 172,1 |
11,4% |
|
Net profit margin, % |
8,6% |
8,1% |
1,8 p.p. |
|
Amount of electric energy transmitted*, million kWh |
12 913,6 |
12 816,6 |
0,8% |
|
Electric energy losses, % |
11,99% |
11,61% |
0,38 p.p. |
|
Indicators |
As of 31.03.2022 |
As of 31.12.2021 |
Change |
|
Total assets |
133 419,1 |
132 752,6 |
0,5% |
|
Net assets |
55 927,7 |
53 520,0 |
4,5% |
|
Loans and credits |
42 467,8 |
42 287,6 |
0,4% |
|
Cash and cash equivalents + Financial investments (short-term) |
4 569,0 |
3 461,0 |
32,0% |
|
Net debt3 |
37 898,0 |
38 826,6 |
-2,4% |
[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 debt + short-term debt – 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 services for the transmission of electricity amounted to 12 913,6 million kWh. Compared to the same period last year, there was an increase by 0,8%, which is associated with the cessation of the impact of quarantine measures, colder average air temperatures, an increase in rail freight traffic and growth in electricity consumption by the population. The level of electricity losses was 11,99%. The increase in the indicator is caused by the inclusion in the calculation of the volume of losses in grids consolidated in 2021-2022.
Revenue for electricity transmission services following the results of 1Q 2022 increased by 3,7% against the same period of 2021 due to growth in electricity consumption and an increase in the tariff for electricity transmission from 1 July 2021. Revenue from grid connection services following the results of 3 months of 2022 increased by 128,5% against the same period of 2021 due to an increase in the volume of connected capacity in 1Q 2022 from major customers. Other revenue increased by 17,6% and amounted to 533,0 mln RUB, which is due to the company’s efforts to expand the volume and range of non-regulated services provided.
Expenses attributable to the cost of sales increased by 1,5% compared to 1Q 2021. Despite the high growth rate of consumer and industrial inflation, the Company makes every effort to maintain production efficiency and financial stability, which made it possible to ensure a positive trend in the financial result in the reporting period.
The Company’s total assets as of 31 March 2022 amounted to 133 419,1 mln RUB (as of 31 December 2021 – 132 752,6 mln RUB). The Company’s net assets grew up by 4,5% and amounted to 55 927,7 mln RUB. The net debt3 decreased to 37 898,9 mln RUB (as of 31 December 2021 – 38 826,6 mln RUB).
The Company’s statements for 1Q 2022 can be found at: https://mrsk-1.ru/en/information/statements/rsbu/2022/.