REG - Soc EnergElectricaSA - 3st Quarter Results

Societatea Energetica Electrica SAAnnouncement

12/11/2020 16:35

RNS Number : 1836F
  
Societatea Energetica Electrica SA
  
12 November 2020
  
 

Electrica Group - Results for 9M 2020 
 
The evolution of the main indicators for the first nine months of 2020:
§ EBITDA - RON 829 mn, increase of RON 280 mn as compared to 9M 2019
§ Net result - profit of RON 396 mn, up by RON 235 mn compared to 9M 2019 
§ Decrease of retail supplied electricity quantity by 0.5% and of the total distributed quantity by 3% y-o-y
 
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 2020:




Financial Results*


9M 2020


9M 2019


Δ RON mn




(RON mn)


(RON mn)




Operating revenues


4,895


4,723


172




Operating expenses


(4,434)


(4,530)


96




EBITDA


829


549


280




Operating profit


461


194


268




Profit for the period


396


161


235




 
Statement of Corina Popescu, CEO of Electrica S.A.: 
"The results recorded by Electrica Group in the first nine months of this year, a complex year for everyone, prove that the business model adopted is working.
We were able to quickly adapt to the unprecedented situation generated by the sanitary crisis, which had a major impact on the global economy's evolution, and we identified opportunities for a sustainable evolution of the company, beyond implementation of the necessary measures for business continuity.
The current context has not necessarily led to a change in priorities, but rather to a need to focus efforts to accelerate their implementation. From this perspective, we managed to accelerate the major transformation projects planned at Group's level, in all main business directions: distribution, supply and services. Additionally to internal optimization and cost efficiency, we became the most important investor in electricity distribution infrastructure in Romania and continued to develop our business portfolio in both the supply and services areas, also by expanding the activity in the field of generation from renewable sources. The merger plans of the three distribution companies within the Group, as well as of the two energy services companies, will generate synergies that will add value to all stakeholders.
We have quickly adapted to the new working and business conditions, but we have kept what matters to each of us - a safe environment for our customers, partners and employees.
Furthermore, we rely on increasing operational performance, improving services' quality and optimizing costs for the end customer. The long-term strategic directions, focused on consolidating and developing the business model, in conjunction with the Company's preparation to face future challenges, are added to all of these".
 
Starting with 12 November 2020, 6:30 p.m. (Romanian time), the condensed consolidated interim financial statements as at and for the nine-month period ended 30 September 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 Q3 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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