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SOCIETATEA ENERGETICA ELECTRICA S.A. - EL

Consolidated financial statements and Report for H1 2017

Release Date: 8/11/2017 6:49:04 PM

IRIS Code: CA266

Electrica Group – H1 2017 Results

including interim condensed consolidated financial statement as of and for the period ended June 30, 2017

H1 2017 compared to H1 2016

-    Electrica Group distributed approximately 9 TWh (a 4% YoY increase) to approximately 3.69 million users, whereas the total supplied volumes decreased by 7%

-    Electrica Group recorded an operating profit for the first semester of 2017 amounting to RON 8 million, mainly due to the energy acquisition price

Catalin Stancu, General Manager Electrica SA: The financial results for the first semester of 2017 are impacted, as anticipated, by the effects of the major imbalances on the energy market, as a consequence of the results recorded in Q1 2017.

This impact was at least partly attenuated up to this moment. The management team continues to put substantial efforts in this sense, continuing, at a fast pace, the cost reduction and operational improvement programs, the optimization of the support structures, the voluntary leave programs and customer portfolio review (including stop-loss application), based on a revised strategy under the current market conditions.

We continue to take full responsibility towards all of our customers and shareholders and we consider we took the necessary measures to limit the impact on their side. However, we appreciate that the need for improving the functioning of the existing energy market framework has become pressing, in order to avoid potentially similar situations.

Financial Results

H1 2017

(RON mn.)

H1 2016

 (RON mn.)

Δ %

Operating revenues

2,766

2,844

-2.8%

Operating expenses

2,748

2,444

+12.5%

Operating profit

18

400

-95.6%

Net profit

8

336

-97.6%

 

The interim unaudited consolidated financial statements in accordance with IFRS-EU for the first six months of 2017 are available, in Romanian and English, in electronic format, on Electrica’s website, under the following links:

http://www.electrica.ro/investitori/rezultate-si-raportari/raportari-interimare/,

respectively

http://www.electrica.ro/en/investors/results-and-reports/interim-results/.

 

As well as under the below link:



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