REG - Soc EnergElectricaSA - H1 2022 Report

Societatea Energetica Electrica SAAnnouncement

17/08/2022 17:45

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RNS Number : 3857W  Societatea Energetica Electrica SA  17 August 2022

Executive summary - H1 2022

Evolution of the main indicators in the first semester of 2022:

§ EBITDA - positive in the amount of RON 101 mn., a decrease of RON 256 mn.
compared to H1 2021

§ Net result - loss of RON 176 mn., down with RON 252 mn. versus H1 2021

§ The volume of distributed electricity decreased by 2.3%

§ The volume of electricity supplied on the retail market decreased by 10%

§ The values are not influenced by the revenues subsequently recognized in
future tariffs in a period of up to 5 years after March 31, 2023 under GEO
27/2022

The main results are presented below and are extracted from the consolidated
condensed interim financial statements not reviewed nor audited as of and for
the period ended 30 June 2022:

 Operating income               5,933    3,339    2,595
 Operational expenditure        (6,080)  (3,224)  (2,856)
 EBITDA                         101      357      (256)
 Operating profit               (147)    115      (262)
 Net profit/loss of the period  (176)    76       (252)

 

Statement of Alexandru-Aurelian Chirita, CEO of Electrica S.A.:

"The year 2022 continues to be marked by the series of transformations on the
external and internal energy market that started in 2021 and had a significant
impact on the operations of all energy players

The financial results of the Electrica Group in H1 2022 show that maintaining
the efforts of the companies in the group to implement effective measures
specific to each area of activity has led to a financial recovery/a reduction
of the previous loss, thus demonstrating that despite the unfavorable market
context, it remains a stable player, oriented toward continuous adaptation to
the conditions of a market exposed to multiple challenges.

In the supply area, the company has identified the best ways to mitigate the
negative effects generated by the market instability, managing, in parallel,
the impact of the measures provided by GEO 27/2022 on the capping of
electricity and natural gas prices. At the same time, Electrica supply
continued the process of accelerating the digitalization process, investing in
solutions to increase customer satisfaction, meant to optimize, at the same
time, the activity at the company level.

The supply company within the Electrica Group has also acted in the direction
of developing the B2B customer portfolio, especially in the photovoltaic
projects area, registering a significant growth in this segment. In S1 2022,
the company offered consultancy and customized solutions to strategic clients
at national level, belonging to several types of industries.

In the distribution area, DEER continues the ambitious investment program
carried out since the beginning of the previous regulatory period, aiming to
modernize the network infrastructure and accelerate the expansion of smart
metering on a large scale, despite the economic and geopolitical challenges
that influence the capacity of equipment needed for investment. The investment
program also includes five projects totaling approximately 60 million euro,
financed from European funds from the large infrastructure Operational
Program, with an eligible value of approximately 49 million euro, oriented
toward the modernization of transformation stations, digitalization,
implementation of smart meters and specialized hungry systems, intended for
the management of network assets as well as measurement groups. The projects
are carried out as multi-annual investments, their completion being planned
for the end of 2023.

In the area of services, Electrica Serv In the service area, Electrica Serv
continued the approach to reach the Group's objective of contributing to
sustainable development, in the context of the European Green Deal, and
implemented a series of projects representing the installation of photovoltaic
plants. In H1, 11 photovoltaic power plants with an installed power of almost
3,418 MWp were completed and put into operation, and for the next period we
will continue the development of this new business line.

The financial results in H1 2022 demonstrate the Group's above-average
performance in difficult market conditions and encourage us to continue our
strategic efforts to maintain a top position in the field in which we
operate."

 

 

The support documents for H1 2022 results are available on the Electrica's
website at the following link
(https://www.electrica.ro/en/investors/results-and-reports/financial-results/financial-statements-for-h1-2022/)
.

 

 

Contact details:

Electrica Investor Relations

E-mail: ir@electrica.ro (mailto:ir@electrica.ro)

 

CEO

Chirita Alexandru-Aurelian

Disclaimer

This report does not represent a recommendation/ offer/ invitation to contract
or buy shares. This report contains information regarding preliminary
key-operational indicators of Electrica Group's companies, so this
forward-looking information is neither guarantees for future performance nor a
forecast for the real data or otherwise, being risky or uncertain. The real
results could differ significantly from the data in this report.

Therefore, Electrica undertakes no responsibility/liability for any damages
that may occur from using this forward-looking information. The data in this
report are selective and may requires updates, revisions and changes in the
certain circumstances. Electrica assumes no obligation or commitment to
publish any update, revision or modification of any information contained in
this report, unless required by the applicable law.

 

Starting with 17 August 2022, 18:30 (Romanian time), the condensed
consolidated interim financial statements as at and for the six-month period
ended 30 June 2022 prepared in accordance with the International Accounting
Standard 34 - "Interim Financial Reporting", as adopted by the European Union,
and the Board of Directors' consolidated report for Q1 2022 will be available,
in Romanian and English, in electronic format, on Electrica's website, at
www.electrica.ro, in the "Investors > Results and Reports > Financial
Results" section, at
https://www.electrica.ro/en/investors/results-and-reports/financial-results/
(https://www.electrica.ro/en/investors/results-and-reports/financial-results/)
. The above-mentioned documents could be also available, in hardcopy, at the
Company's headquarters in Bucharest, 9 Grigore Alexandrescu Street, District
1, which is open from Monday to Thursday between 08:00- 17:00 (Romanian time),
and on Fridays between 08:00-14:30 (Romanian time), excepting the legal
holidays.

*The amounts are rounded to the nearest million

 

 

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