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ELSA - Societatea Energetica Electrica SA News Story

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Last Trade - 30/11/21

Sector
Utilities
Size
Mid Cap
Market Cap £572.4m
Enterprise Value £683.1m
Revenue £1.14bn
Position in Universe 566th / 1804

Soc EnergElectricaSA - 3rd Quarter Results

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RNS Number : 2896S  Societatea Energetica Electrica SA  12 November 2021

Electrica Group - Results for 9M 2021

The evolution of the main indicators for the first nine months of 2021:

§ EBITDA - RON 475 mn, decrease of RON 354 mn as compared to 9M 2020

§ Net result - profit of RON 72 mn, down by RON 324 mn compared to 9M 2020

§ The total distributed electricity volume increased by 7.3%, and the retail
supplied electricity volume by 1.3%, compared with the same period of the
previous year

 

The main results are presented below and are extracted from the consolidated
condensed interim financial statements not reviewed or audited as of and for
the period ended 30 September 2021:

 Financial Results*         9M 2021   9M 2020   Δ RON mn
                            (RON mn)  (RON mn)
 Operating revenues         5,160     4,895     265
 Operating expenses         (5,045)   (4,434)   (611)
 EBITDA                     475       829       (354)
 Operating profit           116       461       (346)
 Net profit for the period  72        396       (324)

 

Statement of Corina Popescu, CEO of Electrica S.A.:

"The Romanian energy market recorded in the third quarter of this year,
similar to the European markets, a steep increase in energy prices, of about
50% compared to the same period of the previous year. The volatile environment
from this exceptional period is an important risk factor for both energy
suppliers and distributors. We have considered all potential scenarios, we
have identified solutions to ensure supply continuity and to strengthen our
resilience to future shocks, we have met our commitments to customers, but the
recording of significant additional costs, especially from the energy
acquisition, it also had an impact on the financial results for this quarter.

During this complicated period, we continued the efforts to implement
Electrica Group growth strategy, also by diversifying the financing sources
for the important projects in the renewable energy production sector, energy
efficiency projects, as well as investments in the distribution segment. We
continue to be focused on operational performance increasing and improvement
of the services provided, while optimizing costs.

In the current epidemiological situation, which prolongs not only the public
health crisis, more predictability is needed, at least for the next period,
especially in the complex mechanisms implementation context for offsetting
invoices and capping prices for certain customers categories, recently
adopted."

Starting with 12 November 2021, 18:30 (Romanian time), the condensed
consolidated interim financial statements as at and for the nine-month period
ended 30 September 2021 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 9M 2021
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/
(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

 

Chief Executive
Officer
 

Georgeta Corina Popescu

 

 

The report is also available at the link below.

http://www.rns-pdf.londonstockexchange.com/rns/2896S_1-2021-11-12.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2896S_1-2021-11-12.pdf)

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