Nuclearelectrica 2018 Preliminary Results

In 2018, Nuclearelectrica observed an increase in total revenues of 12.7% YoY, an increase in EBITDA of 17.9% and an increase in net income 27.4%

As Nuclearelctrica published their 2018 preliminary results, we are bringing you some key takes from the report. According to it, in 2018, Nuclearelectrica observed total revenues of RON 2.2bn, which represents an increase of 12.7% YoY. When observing solely electricity sales (which continue to account for almost all of the total sales) in Q4 2018, they increased by 15% YoY, amounting to RON 597.6m. Such an increase could be attributed to both higher sold quantities and a rise in selling prices (on widespread increases in wholesale electricity prices and due to market liberalization).

Total operating expenses amounted to RON 1.6bn, which represents an increase of 5.7%. The increase could partially be attributed to higher personnel expenses, which increased by 20% (+ RON 64m).

Operating performance lead to an increase in EBITDA of 17.9%, which amounted to RON 1.1bn.

Furthermore, when observing Nuclearelectrica’s net financial result, it went from RON -18.5m to RON 36.2m.  The positive net financial result was reflected in an increase in EBT of 59%, amounting to RON 571.4m.

Meanwhile, net income increased by 27.4%, which amounts to RON 309.5m. Note that the company paid RON 180.8m of taxes, which represents an increase of RON 127.9m (+241%).

Nuclearelectrica Performance (2015 – 2018) (RON m)

Turning our attention to dividends, in 2018, the company paid out a dividend of RON 0.9 per share and an additional dividend of RON 1.61 per share. These dividends translate into a dividend yield of 30.9%, which is an increase of 21.7 p.p. Note that one of the reasons why the dividend yield was so high in 2018 was that the Romanian Government required a higher dividend. This was done, as the government had issues with filling the budget gap.

Dividend Yield (2014 – 2018) (%)

*compared to the share price a day before the dividend proposa

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