12th May 2017 17:12
Electrica Group - Q1 2017 Results
including interim condensed consolidated financial statement as of and for the period ended March 31, 2017
Q1 2017 compared to Q1 2016
- The total volume of electricity distributed by Electrica's distribution companies increased by 3.9% as a consequence of demand growth
- The total volume of electricity sold by Electrica Furnizare decreased by 4.7% driven by market liberalization
- Electrica Group recorded an operating loss for the first quarter of 2017 amounting to RON 46,9 million, mostly due to a steep increase of the electricity market price during the quarter
Catalin Stancu, General Manager Electrica SA: "As publicly reported since January, the extreme weather conditions have pushed up electricity demand and at the same time hit several energy producing tehnologies and determined major imbalances in the energy market earlier this year. The imbalances affected, as expected, the electricity sourcing costs and, thereby, the financial results for Q1 2017. The record high energy trading prices on centralized markets, as well as the notices of early termination issued by suppliers for the contracts concluded on centralized platforms, in the absence of adequate market regulation mechanisms, have affected both distribution operators and last resort suppliers.
In a responsible manner, throughout this difficult period, we honored our commitments and we have taken all the measures to mitigate the impact on household and non-household customers of the last resort supplier, incurring the higher costs for electricity procurement. We consider that clear and efficient mechanisms to prevent potential similar situations are needed to protect both the last resort consumers and the companies within the regulated environment.
We are prepared and we actively take all measures for this exceptional circumstance to have a minimum impact on the Group financial results, by speeding-up cost reducing programs and by adjusting to market conditions our optimization strategy, in order to have full year financial results approaching investors' expectations."
Financial Results | Q1 2017 (RON mn.) | Q1 2016 (RON mn.) | Δ % |
Operational revenues | 1,444 | 1,517 | -4.9% |
Operational expenses | 1,491 | 1,347 | +10.6% |
EBITDA | 50 | 258 | -80.7% |
EBIT | -47 | 170 | - |
Group net profit | -51 | 142 | - |
Net profit attributable to Electrica's shareholders | -41 | 118 | - |
The interim unaudited consolidated financial statements in accordance with IFRS-EU for the first three months of 2017 are available, in Romanian and English, in electronic format, on Electrica's website, under the following links:
https://www.electrica.ro/investitori/rezultate-si-raportari/raportari-interimare/,
respectively
https://www.electrica.ro/en/investors/results-and-reports/interim-results/
http://www.rns-pdf.londonstockexchange.com/rns/0584F_-2017-5-12.pdf
Related Shares:
Electrica Regs