In the 9M of 2019, Electrica recorded an increase in sales of 15%, a decrease in EBITDA of 22% and a decrease in net profit of 48.9%.
In the first nine months of 2019, Electrica recorded revenue of RON 4.6bn, representing an increase of 14.9% YoY. Of that, electricity distribution and supply observed an increase of 16.3% and now accounts for 86.7% of the operating revenues. Such an increase of revenues could be attributed mostly to increase of RON 599.6m on the supply segment, which was partially offset by lower external revenue, as the electricity and gas sales towards third parties decreased by RON 65.5 m.
When observing operating expenses, in the first 9M of 2019, Electrica witnessed an increase of 21% YoY, amounting to RON 4.53bn. Of that, when looking at electricity purchased, one can notice a sharp increase of 31.8%, amounting to RON 2.45bn. Such a result could be attributed mainly to the rise in the electricity purchase prices in 9M 2019, compared with the same period of the previous year, being the effect of the electricity market evolution – experienced both in the supply and distribution segment, but also by the increase of the quantity of electricity purchased on the supply segment.
The cost of Green certificates amounted to RON 384.97m, which represents an increase of 48.9%. The increase was mainly influenced by higher supplied volumes (for which there is an obligation to purchase green certificates), 1.27% increase in the average purchase price to RON 136.5/GC. In the same period, the costs related to concession agreements increased by RON 22.7m (+4.6%), to RON 515.2m. This increase is attributable to the realized investments related to the Regulated Asset Base.
As a result of the above mentioned, EBITDA recorded a decrease of 22.1%, amounting to 549.4%. Such a result puts the EBITDA margin at 12% (-6 p.p. YoY). The operating profit as of 9M 2019 is of RON 193.7m, posting a significant decrease of 46.9% YoY, mainly due to the electricity prices recorded in 2019 increasing, as above-mentioned.
In the first nine months of 2019, Electrica recorded a net profit of RON 160.9m, representing a decrease of 48.9%.
Turning our attention to CAPEX, in 9M 2019, the 3 distribution companies of Electrica Group realized and commissioned investments amounting to RON 381.8 m, representing 56.9% of the commissioning program value planned for 2019. The values achieved in 9M 2019 show a 3.8% YoY increase.
