REG - Soc EnergElectricaSA - 2020 Half-year Report

Societatea Energetica Electrica SAAnnouncement

13/08/2020 16:30

RNS Number : 0993W
  
Societatea Energetica Electrica SA
  
13 August 2020
  
 

Electrica Group - Results for H1 2020 
 
The evolution of the main indicators for 2020 half-year:
§ EBITDA - RON 486 mn, increase of RON 127 mn as compared to H1 2019
§ Net result - profit of RON 190 mn, up by RON 81 mn compared to H1 2019 
§ Decrease of retail supplied electricity quantity by 0.8% and of the total distributed quantity by 4.8% y-o-y
 
The main results are presented below and are extracted from the consolidated condensed interim financial statements reviewed as of and for the period ended 30 June 2020:




Financial Results*


H1 2020


H1 2019


Δ RON mn




(RON mn)


(RON mn)




Operating revenues


3,273


3,180


93




Operating expenses


(3,035)


(3,056)


21




EBITDA


486


359


127




Operating profit


237


124


114




Profit for the period


190


109


81




 
Statement of Corina Popescu, CEO of Electrica S.A.: 
"The implementation of the business strategy that we adopted in the second half of last year began to show its results, these being already visible in the first half of 2020. In addition to providing a solid perspective for the company's development, we managed to respond quickly to the current challenges. We have consolidated our status as the largest investor in energy infrastructure, we have initiated the expansion on the value chain of electricity, especially in the area of generation from renewable sources, which helps us achieve important synergies, and we have accelerated the Group's transformation and optimization projects.
The Group's companies are solid both operationally and financially, as demonstrated also by the financial results recorded in the first half of 2020. The net profit increase by approximately 74%, compared to the same period of the previous year, represents a remarkable performance in the current context.
In a period full of uncertainties, we have provided a safe environment for our employees, customers and partners, managing to adapt the business to the new conditions.
We continue to be confident and we consider that the premises for Electrica Group's activity and results are positive. Our objective is to further ensure the sustainable development of the company, we have plans that we believe will bring added value for business, investors and customers, while consolidating the results and the solid financial profile of the Group."
 
Starting with 13 August 2020, 6:30 p.m. (Romanian time), the condensed consolidated interim financial statements as at and for the six-month period ended 30 June 2020 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 H1 2020 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 http://www.electrica.ro/en/investors/results-and-reports/interim-results/ and 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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http://www.rns-pdf.londonstockexchange.com/rns/0993W_1-2020-8-13.pdf  


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