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Rosseti Centre

March 17, 2022

The Rosseti Centre company published its financial statements for 2021 under RAS, net profit increased by 46,6%

The Rosseti Centre company published its financial statements for 2021 under RAS, net profit increased by 46,6%

According to the prepared in accordance with the Russian Accounting Standards statements for 12 months of 2021, revenue of Rosseti Centre, PJSC (the ticker - MRKC) was 103 168,3 mln RUB, including from electric energy transmission – 97 771,1 mln RUB, from grid connections – 1 486,8 mln RUB, from sale of electric energy and power – 591,2 mln RUB and other revenue – 3 319,2 mln RUB. Sales profit was 10 617,8 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 20 536,3 mln RUB, EBITDA margin increased against the same period last year and was 19,9%. Net profit increased by 46,6% up to 4 147,1 mln RUB.

Data in million RUB, unless specified otherwise

Indicators

12M 2021

12M 2020

Change

Revenue (total), including:

103 168,3

94 984,9

8,6%

Revenue from electric energy transmission

97 771,1

90 490,5

8,0%

Revenue from grid connection

1 486,8

1 306,0

13,8%

Revenue from sale of electric energy and power

591,2

531,2

11,3%

Other revenue

3 319,2

2 657,2

24,9%

Cost of sales

90 218,9

84 889,2

6,3%

Sales profit1

10 617,8

7 689,2

38,1%

Sales profit margin, %

10,3%

8,1%

2,2 p.p.

EBITDA2

20 536,3

18 516,8

10,9%

EBITDA margin, %

19,9%

19,5%

0,4 p.p.

Net profit

4 147,1

2 829,7

46,6%

Net profit margin, %

4,0%

3,0%

1,0 p.p.

Amount of electric energy transmitted*, million kWh

47 846,7

45 475,2

5,2%

Electric energy losses, %

9,76%

9,83%

-0,07 p.p.

Indicators

As of 31.12.2021

As of 31.12.2020

Change

Total assets

138 898,9

130 309,7

6,6%

Net assets

61 335,3

58 593,8

4,7%

Loans and credits

42 287,6

45 297,7

-6,6%

Cash and cash equivalents + Financial investments (short-term)

3 461,0

1 036,2

234,0%

Net debt3

38 826,6

44 261,5

-12,3%

[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 47 846,7 million kWh, compared to the same period last year, there was an increase by 5,2% thanks to the deviation of winter temperatures from the average annual values and the growth of business activity due to the easing of restrictive measures. The level of electricity losses decreased by (-0,07) p.p. and was 9,76%. The main reason for the change in the level of losses is the purposeful implementation of a program of measures to reduce electricity losses.

Revenue for electricity transmission services following the results of 12 months of 2021 increased by 8,0% against the same period of 2020 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 12 months of 2021 increased by 13,8% against the same period of 2020 thanks to the completion of large grid connection contracts in the 4th quarter of 2021. Other revenue for 12 months of 2021 against the same period of 2020 increased by 24,9% and was 3 319,2 mln RUB. The growth in the other revenue reflects the Company’s strategic priority to increase non-tariff revenues.

The Company’s total assets as of 31 December 2021 increased and amounted to 138 898,9 mln RUB. The Company’s net assets grew up by 4,7% and amounted to 61 335,3 mln RUB. The net debt3 decreased to 38 826,6 mln RUB (as of 31 December 2020 – 44 261,5 mln RUB).

The Company’s statements for 12 months of 2021 can be found at: https://www.mrsk-1.ru/en/information/statements/rsbu/2021/.





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