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Rosseti Centre

July 30, 2024

The Rosseti Centre company published its financial statements for 6 months of 2024 under RAS, EBITDA increased by 5,9%

According to the prepared in accordance with the Russian Accounting Standards statements for 6 months of 2024, revenue of Rosseti Centre, PJSC (the ticker – MRKC) was 62 557,9 mln RUB, including from electric energy transmission – 58 892,5 mln RUB, from grid connections – 1 975,5 mln RUB and other revenue – 1 689,9 mln RUB. Sales profit1 was 8 396,5 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) increased by 5,9% and reached 15 582,2 mln RUB. Net profit amounted to 4 541,3 mln RUB.

Data in million RUB, unless specified otherwise

Indicators

6M 2024

6M 2023

Change

Revenue

62 557,9

59 967,4

4,3%

Cost of sales

53 335,7

50 301,0

6,0%

Sales profit1

8 396,5

8 849,6

-5,1%

Sales profit margin, %

13,4%

14,8%

-1,4 p.p.

EBITDA2

15 582,2

14 713,3

5,9%

EBITDA margin, %

24,9%

24,5%

0,4 p.p.

Net profit

4 541,3

5 112,6

-11,2%

Net profit margin, %

7,3%

8,5%

-1,2 p.p.

Amount of electric energy transmitted*, million kWh

24 743,6

23 749,7

4,2%

Electric energy losses, %

10,04%

10,16%

-0,12 p.p.

Indicators

As of 30.06.2024

As of 31.12.2023

Change

Total assets

150 047,6

148 632,4

1,0%

Net assets

61 757,1

60 863,7

1,5%

Net debt3

27 729,0

31 252,7

-11,3%

[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 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 24 743,6 million kWh. Compared to the same period last year, there was an increase in the volume of services by 4,2%, 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. As a result of comprehensive work to reduce electricity losses, their level has dropped to 10,04% (by 0,12 p.p.).

The revenue from electricity transmission services following the results of 6 months of 2024 increased by 4,6% relative to the same period in 2023 mainly due to growth in electricity consumption in the regions of presence. The revenue from grid connection services following the results of 6 months of 2024 increased by 20,7% relative to the same period in 2023 due to growth in revenue in the category up to 150 kW, as well as completion of large grid connection projects in the Belgorod and Voronezh regions. The other revenue for 6 months of 2024 compared to the same period last year increased by 1,0%, which is due to growth in the volume of value-added services rendered.

The cost of sales following the results of 6 months of 2024 increased by 6,0% relative to the same period last year and amounted to 53 335,7 mln RUB. The increase in costs is due to growth in uncontrolled costs, depreciation and inflationary growth in operating costs.

The EBITDA2 increased by 5,9% and amounted to 15 582,2 mln RUB, the EBITDA margin increased by 0,4 p.p. relative to the same period last year and amounted to 24,9%. The net profit was 4 541,3 mln RUB, while the net profit margin amounted to 7,3%.

The Company’s total assets as of 30 June 2024 were 150 047,6 mln RUB (as of 31 December 2023 – 148 632,4 mln RUB). The Company’s net assets grew up by 1,5% and amounted to 61 757,1 mln RUB. The net debt3 decreased by 11,3% in comparison with 31 December 2023 and amounted to 27 729,0 mln RUB.

The Company’s statements for 6 months of 2024 can be found at: https://mrsk-1.ru/en/information/statements/rsbu/2024/.




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