In 2019, the company recorded an increase in sales of 11.7% YoY, increase in EBITDA of 9.4% and an increase in net profit of 31.7%.
Nuclearelectrica published their preliminary 2019 results on the Bucharest Stock Exchange. According to the report, the company recorded an increase in sales of electricity of 11.7% YoY, amounting to RON 2.37bn. Of that, sales of electricity on free market accounts for 89%, while Nuclearelectrica also recorded RON 259.3m of sales of electricity on the regulated market which was not present in 2018. Meanwhile, total revenues amounted to RON 2.38bn, representing an increase of 11.7%.
When observing operating expenses, they amounted to RON 1.78bn, noting an increase of 8.4%. Such an increase came mostly on the back of higher other operating expenses by 19.6% or RON 84.66m. To be specific, most of the increase of other operating expenses could be attributed to Expenses on the ANRE contribution of RON 42.5m. Besides that, operating expenses were affected by higher personnel expenses by 9.5% or RON 37.77m.
As a result of the above mentioned, EBITDA amounted to RON 1.19bn, representing an increase of 9.4%. Such a result puts the EBITDA margin at 49.3% (-0.7 p.p. YoY).
Going further down the P&L, operating profit stood at RON 636.5m, representing a solid increase of 18.6% YoY. Meanwhile, operating profit margin stood at 26.3% (+1.7% YoY).
In 2019, Nuclearelectrica recorded a net financial gain of RON 1.84m, comparing to RON 36.08m in 2018. The lower gain could be mainly attributed to a decrease in foreign exchange gains.
Net profit for 2019 amounted to 540.9m, representing an increase of 31.7%. Such a result puts the net profit margin at 22.4% (+3.5 p.p. YoY).