REG - Electrica S.A. - Electrica - 3rd Quarter 2014 Results <Origin Href="QuoteRef">ROEL.BX</Origin>

Societatea Energetica Electrica SAAnnouncement

14/11/2014 18:00

RNS Number : 1292X
Electrica S.A.
14 November 2014
Electrica, Financial Results for Q3 2014
4% increase in the first nine month 2014 in consolidated net profit compared to the same period in 2013
Bucharest, November 14th 2014:
In the first nine month of 2014, Electrica, the leader in electricity distribution and supply in Romania, generated a consolidated net profit of 306 million RON, which means an increase of 12 million RON, respectively 4%, compared to the same period of 2013, excluding the transferred minority shareholdings.
The operational profit during the first nine months of 2014 reached 372 million RON, a 3% increase compared to the same period of 2013.
During the above mentioned period the total revenues reached 3558 million RON, a 412 million RON and 10% decrease compared to the first nine months in 2013. Meanwhile Electrica managed to decrease the expenses by 12%, down to 3186 million RON.
For the third trimester 2014 the net profit accounted 109 million RON, a 1% increase versus the second trimester 2014.
After the financial results were released, Mr. Ioan Rosca, the CEO of Electrica SA, stated:
"Financially speaking, we have continued to strictly monitor and reduce the costs, in order to achieve the targets imposed by the regulator for the regulated activity, as well as to increase the efficiency in the competitive area, aiming to maintain our leader position through performance.
During the analysed period we have initiated an important stage in the implementation of the Corporate Governance Action Plan. We can state today that we have the advantage of having a new Board of Directors, whose members are professionals with proven expertise.
Coming back to the financial results, the decrease in revenues is explained by the electricity consumption evolution, in line with the national consumption, by the loss of some customers that caused us liquidity issues and as well as by the final prices for the consumers from the competitive market.
We need to emphasise that, meanwhile, we have managed to significantly reduce costs, through lower procurement prices as well as through the increase in efficiency in the operational expenses.
We are certain that, through implementation of high standards in corporate governance and continuing efficiency improvement in all business segments, Electrica is on the right track and will achieve its target - to be at the same level with the top companies in the distribution and supply regional markets."
On November 14th, the interim unaudited consolidated financial statements in accordance with IFRS-EU for Q3 2014 are available, in Romanian and English, in electronic format, on Electrica's website, under the following links: http://www.electrica.ro/relatia-cu-investitorii/situatii-financiare, respectively http://www.electrica.ro/en/investor-relations/financial-statements.
For inquiries, please contact Investor Relations ir@electrica.ro. 

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