In H1 2023, Nuclearelectrica recorded revenue growth of 19% YoY, EBITDA growth of 16%, and a net income of RON 1.29bn, an increase of 6% YoY.
In terms of revenue, revenue from the sale of electricity increased by 19% YoY and amounted to RON 3.67bn, supported by the 21.5% increase in the weighted average price of electricity (including Tg), while the quantity of electricity sold decreased by 1.3%. In terms of production, Nuclearelectrica managed to produce 4,920 GWh of electricity, an increase of 3% YoY.
Breaking the electricity sales further, the Company sold 2,107,985 MWh at the price of RON 450/MWh (the upper limit after which 100% tax is applied) to MACEE (“Centralized Electricity Acquisition Mechanism), representing 42.52% of the total electricity sold. Meanwhile, the amount of electricity sold on the competitive market of bilateral contracts decreased by 48.7% YoY, accounting for 43.32% of the total sold quantity, while the average sale price on this market increased by 108.5% YoY. Lastly, the amount of electricity sold by the Company on the spot market decreased by 16.4% YoY, accounting for 13.8% of the total sold quantity, while the avg. sale price on this market decreased by 48.5%.
Moving on to op. expenses, they amounted to RON 2.47bn, an increase of 42% YoY. The main contribution to the OPEX growth came from the contribution to the Energy Transition Fund, which pertains to the aforementioned 100% tax on revenue above RON 450/MWh. This category grew by 149.5% YoY and amounted to RON 1.46bn. In terms of the EBITDA, the Company recorded an EBITDA of RON 1.63bn, representing a decrease of 4.7% YoY, mainly as a result of strong OPEX growth. This would also imply an EBITDA margin of 44.3%, a decrease of 1.15 p.p. YoY. Moving on to the net financial result, it amounted to RON 209.5m, an increase of 316.7% YoY, supported by higher financial income (RON 222.8m, +241.6% YoY), and slightly lower financial expenses (RON 13.3m, -11.3% YoY). All of this combined led to a net profit of RON 1.29bn, an increase of 5.6% YoY, implying a net profit margin of 35.1%, a decrease of 4.4 p.p. YoY, mainly as a result of faster cost than revenue growth.
Nuclearelectrica key financials (H1 2023 vs. H1 2022, RONm)
Source: Nuclearelectrica, InterCapital Research
In terms of investments, the Company plans on investing app. RON 1.35bn during 2023, an increase of 91% YoY. This includes investments into Cernavoda NPP Branch, NFP Pitesti Branch and the Central Headquarters estimated to be completed by the end of the year, as well as investment objectives to be completed in the following years.
