Electrica’s financial results for 2013 and Q1, 2014

Revenues of RON 5.2 billion in 2013 and RON 1.2 billion in 1Q, 2014 

 

Bucharest, May 30, 2014

 

Societatea Comercială de Distribuţie şi Furnizare a Energiei Electrice „ELECTRICA” S.A. („Electrica”) announces the availability of its audited consolidated financial statements in accordance to IFRS-EU for the years ended on 31 December 2011, 31 December 2012 and 31 December 2013, as well as the interim unaudited consolidated financial statements at and for the three months ended on 31 March 2014.

 

Electrica, the leading distributor and supplier of electricity in Romania, generated a consolidated net profit group share of RON 243 million on revenues of approximately RON 5.2 billion in 2013 and a consolidated net profit group share of RON 60 million on revenues of approximately RON 1.2 billion in the first quarter of 2014.

 

Electrica reported consolidated EBITDA of RON 222 million in the first quarter of 2014, compared to RON 180 million in the first quarter of 2013. Consolidated EBITDA amounted to RON 749 million, RON 647 million and RON 275 million in 2013, 2012 and 2011, respectively.

 

“We believe that our strengths include the positioning as a leader in the electricity distribution, as well as in the electricity supply in Romania, both in terms of volume of electricity distributed and supplied, respectively and by the number of users and consumers, respectively. The stable regulatory environment under which the Group conducts its business has also assured the improvement of operating profit and maintaining a stable and predictable level of revenues and cash generated from operations during the past two years”, said Ioan Rosca, CEO of Electrica.

 

The Group Electrica has been recently reorganized and, following this process, the minority interests of the Group have been transferred to a newly established company having the purpose of managing these assets, with the state being its only shareholder.

Starting on May 30, 2014 the above mentioned financial statements may be accessed, in Romanian and English, in electronic format, on the company’s website http://www.electrica.ro/anunturi-electrica/.

 

The Group’s distribution segment operates through Electrica Distributie Muntenia Nord S.A., Electrica Distributie Transilvania Sud S.A., Electrica Distributie Transilvania Nord S.A. and the maintenance services company Electrica Serv and is geographically limited to the regions of Northern Muntenia, Northern Transylvania and Southern Transylvania. The distribution segment operates under long-term concession arrangements granted by the Ministry of Economy, valid until 2054, based on licenses issued by ANRE, valid until 2027, which have a renewal option for another 25 years. As part of its distribution business, Electrica provides equipment maintenance, repair and other ancillary services to its network and, to a smaller degree, to third parties through its energy services subsidiary, Electrica Serv.

 

On the supply segment, the Group holds two licences issued by ANRE, one for Electrica Furnizare and the other for Electrica S.A., which are valid for seven and eight years, respectively. The Group’s supply segment operates through Electrica Furnizare and supplies electricity to consumers both on the regulated electricity market (in the regions where the distribution subsidiaries of the Group operate) and the competitive electricity market (throughout Romania). Electrica S.A. is a Balance Responsible Party on the Romanian electricity market.

 

According to ANRE, in 2013 the Group distributed 16.1 TWh electricity to approximately 3.6 million users, representing 39% of the volume of electricity distributed in Romania. Also, according to ANRE, in 2013 the Group supplied 9.7 TWh of electricity to approximately 3.56 million end consumers, representing 22.1% of the volume of electricity supplied in Romania.

 

The Group operates in highly populated and industrialised areas of Romania. As at 31 March 2014, Electrica’s distribution business operated 8,389 km of high voltage lines, 45,643 km of medium voltage lines and 134,834 km of low voltage lines.

 

For further information:

 

Andrada Busuioc, Manager – Corporate Division, GolinHarris Bucharest,

 

ABusuioc@golinharris.com, (+40) 745.974.785.

 

Raluca Bulumacu – Investor Relations, Electrica,

 

Raluca.bulumacu@electrica.ro, (+40) 731 796 111