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According to the prepared in accordance with the Russian Accounting Standards statements for 9 months of 2023, revenue of Rosseti Centre, PJSC (the ticker – MRKC) was 87 758,1 mln RUB, including from electric energy transmission – 82 036,4 mln RUB, from grid connections – 2 543,3 mln RUB, from sale of electric energy and power – 416,8 mln RUB and other revenue – 2 761,6 mln RUB. Sales profit1 was 11 744,9 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 20 755,7 mln RUB. Net profit increased by 79,5% up to 6 410,1 mln RUB.
Data in million RUB, unless specified otherwise
|
Indicators |
9M 2023 |
9M 2022 |
Change |
|---|---|---|---|
|
Revenue (total), including: |
87 758,0 |
77 404,1 |
13,4% |
|
Revenue from electric energy transmission |
82 036,4 |
73 409,2 |
11,8% |
|
Revenue from grid connection |
2 543,3 |
1 475,7 |
72,3% |
|
Revenue from sale of electric energy and power |
416,8 |
426,7 |
-2,3% |
|
Other revenue |
2 761,6 |
2 092,5 |
32,0% |
|
Cost of sales |
74 764,6 |
66 451,9 |
12,5% |
|
Sales profit1 |
11 744,9 |
9 609,0 |
22,2% |
|
Sales profit margin, % |
13,4% |
12,4% |
1,0 p.p. |
|
EBITDA2 |
20 755,7 |
17 199,2 |
20,7% |
|
EBITDA margin, % |
23,7% |
22,2% |
1,5 p.p. |
|
Net profit |
6 410,1 |
3 571,0 |
79,5% |
|
Net profit margin, % |
7,3% |
4,6% |
2,7 p.p. |
|
Amount of electric energy transmitted*, million kWh |
34 561,5 |
35 004,4 |
-1,3% |
|
Electric energy losses, % |
9,58% |
9,66% |
-0,08 p.p. |
|
Indicators |
As of 30.09.2023 |
As of 31.12.2022 |
Change |
|
Total assets |
142 998,6 |
140 848,0 |
1,5% |
|
Net assets |
61 144,2 |
55 255,0 |
10,7% |
|
Borrowed funds |
38 465,8 |
39 243,8 |
-2,0% |
|
Cash and cash equivalents + Financial investments (short-term) |
5 166,1 |
6 923,6 |
-25,4% |
|
Net debt3 |
33 299,7 |
32 320,2 |
3,0% |
[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 services for the transmission of electricity amounted to 34 561,5 million kWh. Compared to the same period last year, there was a decrease in the volume of services by 1,3%, which is mainly due to changes in the power consumption modes of large consumers, as well as fluctuations in air temperature compared to the same period last year. As a result of comprehensive work to reduce electricity losses, their level decreased to 9,58% (by 0,08 p.p.).
Revenue for electricity transmission services for 9 months of 2023 increased by 11,8% compared to the same period in 2022 due to the indexation of tariff rates for electricity transmission services from 1 July and 1 December 2022. According to the results of 9 months of 2023, revenue from grid connection services increased by 72,3% compared to the same period in 2022 due to the execution of major grid connection contracts in the Voronezh and Lipetsk regions. Other revenue for 9 months of 2023 increased by 32,0% and amounted to 2 761,6 mln RUB. The growth of the other revenue is due to targeted development of the non-tariff segment of activity, in particular, projects for maintenance of power installations, construction and maintenance of outdoor lighting networks and provision of turnkey grid connection services in branches of the Company’s service area.
The growth rate of the cost of sales in the reporting period did not exceed the growth rate of the revenue and amounted to 12,5% of the level of 9 months of 2022. Containment of the growth in the cost of sales is ensured through measures to optimize operating costs and reduce electricity losses in grids.
The EBITDA2 indicator increased by 20,7% and amounted to 20 755,7 mln RUB, the EBITDA margin grew up compared to the same period last year by 1,5 p.p. and amounted to 23,7%. The net profit was 6 410,1 mln RUB, at the same time, the net profit margin increased to 7,3%.
The Company’s total assets as of 30 September 2023 increased and amounted to 142 998,6 mln RUB. The Company’s net assets grew up by 10,7% and amounted to 61 144,2 mln RUB. The net debt3 increased compared to 31 December 2022 and amounted to 33 299,7 mln RUB.
The Company’s statements for 9 months of 2023 can be found at: https://mrsk-1.ru/en/information/statements/rsbu/2023/.