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14 May 2020 07:00
Electrica Group - Results for Q1 2020
The evolution of the main indicators for the first quarter of 2020:
§ EBITDA - RON 224 mn, increase of RON 150 mn as compared to Q1 2019
§ Net result - profit of RON 80 mn, up by RON 121 mn compared with the Q1 2019 loss
§ Increase of retail supplied electricity quantity by 2%, whereas the total distributed quantity decreased by 1% 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 31 March 2020:
| Financial results
| Q1 2020 | Q1 2019 | Q1 2020 vs Q1 2019 |
(RON mn) | (RON mn) | ||
Operating revenues | 1,695 | 1,626 | 69 |
Operating expenses | (1,595) | (1,673) | 79 |
EBITDA | 224 | 74 | 150 |
Operating profit/(loss) | 100 | (47) | 147 |
Net profit | 80 | (41) | 121 |
Georgeta Corina Popescu, CEO Electrica S.A.:
"The results recorded by Electrica Group in the first three months of this year are above expectations in the current context. Since the end of the first quarter, we have experienced a unique situation, but which we have succeeded to manage well, reacting promptly and facing unprecedented operational challenges.
In this difficult period of constraints and shortcomings, we tried to be alongside the communities where we operate, providing support to frontline medical units, in order to purchase equipment and hygienic and sanitary materials vital in managing the COVID-19 crisis.
Also during this period Electrica proved that it remains one of the pillars of the economy, a strategic Group, consisting of solid companies both from an operational point of view as well as from a financial one, with stable cash flow and potential of maintaining the assumed investments.
The increase by over 200 percent in EBITDA compared to the same period of 2019 is remarkable. Also, the growth in revenues and the expenses' decrease are already the effects of the new strategy's implementation, of the transformation and efficiency processes at Group level.
We are confident and maintain our ambitious investment plans for this year, of course, subject to the limitations imposed by the evolution of the epidemiological context and, implicitly, by the availability of contractors and partners involved in carrying out investment works or delivering equipment and materials.
Electrica remains one of the companies that investors continue to trust, observing in recent months even a consolidation of the positions held by institutional investors, those with a medium and long-term investment strategy in line with our plans. We are pleased by this, and it shows us that we are on the right track."
Starting with 14 May 2020, 8:30 a.m. (Romanian time), the condensed consolidated interim financial statements as at and for the three-month period ended 31 March 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 Q1 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.
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