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ELSA - Societatea Energetica Electrica SA News Story

$9 0.0  0.0%

Last Trade - 30/11/21

Sector
Utilities
Size
Mid Cap
Market Cap £590.7m
Enterprise Value £703.7m
Revenue £1.17bn
Position in Universe 555th / 1785

Soc EnergElectricaSA - H1 2021 Report

RNS Number : 9523I
Societatea Energetica Electrica SA
17 August 2021
 

Electrica Group - Results for H1 2021

The evolution of the main indicators for 2021 half-year:

§ EBITDA - RON 357 mn, decrease of RON 129 mn as compared to H1 2020

§ Net result - profit of RON 76 mn, down by RON 113 mn compared to H1 2020

§ The total distributed electricity volume increased by 9.1%, and the retail supplied electricity volume by 0.8%, compared with the same period of the previous year

 

The main results are presented below and are extracted from the consolidated condensed interim reviewed financial statements as of and for the period ended 30 June 2021:

Financial Results*

H1 2021

H1 2020

Δ RON mn

(RON mn)

(RON mn)

Operating revenues

3,339

3,273

66

Operating expenses

(3,224)

(3,035)

(189)

EBITDA

357

486

(129)

Operating profit

115

237

(122)

Net profit for the period

76

190

(113)

 

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

"In the context of profound and fast transformations in the energy market, one dominated by unpredictability, energy trading prices have risen significantly in the last period, reaching record levels even in the Romanian market. This evolution, difficult to anticipate, determined by factors external to the company, generated a significant increase in the electricity purchase costs. Despite our risk management policies, part of the effect was also felt on the financial results for first half of the year.

This effect is also highlighted by the comparison with the performance recorded in 2020 on the supply segment, an exceptional one, which also came from the favorable effect of the recoveries related to the previous years. 

However, we are a solid company and we have taken responsibility towards our customers, making every effort to maintain a balance, including by costs optimization for the end-customer, even in this unfavorable context.

Throughout this period, we focused our efforts on continuing to make major investments, in the area of production from renewable sources, on operational efficiency, on improving services offered, but also on diversifying the business through offers and services customized to customer needs. All these measures will allow the sustainable development of the Group in the directions pursued by the approved strategy, with beneficial effects on the company's profitability".

Starting with 17 August 2021, 18:30 (Romanian time), the condensed consolidated interim financial statements as at and for the six-month period ended 30 June 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 H1 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/ 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 report is also available at the link below. 

*The amounts are rounded to the nearest million

http://www.rns-pdf.londonstockexchange.com/rns/9523I_1-2021-8-17.pdf

 

Chief Executive Officer                                                                           

Georgeta Corina Popescu

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