In Q1, the company recorded a decrease in operating revenues of 6.1%, a decrease in EBITDA of 10% and a decrease in net profit of 1.9%.

In the first quarter of 2020 Nuclearelectrica recorded a decrease in income from electricity of 6.1%, amounting to RON 636.8m. Meanwhile operating income amounted to RON 636.8m (-6.1%). Such a result came on the back of the 9.3% decrease in the weighted average price of the electricity sold in the Q1 of 2020, considering the sale of a total quantity of electricity that was higher by 3.7%. During Q1, the Company sold approximately 24.6% of energy on the regulated market at a regulated price.

According to the ANRE Decision no. 2213/23.12.2019, the quantity assigned to SNN for the first semester of 2020 on regulated contracts is 1,087 GWh, out of which 701.4 GWh for the Q1 of 2020. For the Q1 of 2020, ANRE established for SNN a regulated price of 188.47 lei/MWh (without Tg), and for the first quarter of 2019 a regulated price of 188.33 lei/MWh (without Tg).

Operating expenses in Q1 amounted to RON 394.2m, representing a slight decrease of 0.6% YoY. The increase came on the back of nuclear fuel expenses, repair and maintenance expenses, electricity transport expenses and other operating expenses.

As a result of the lower sales, EBITDA witnessed a decrease of 10% YoY, amounting to RON 380.2m. Such a result puts the EBITDA margin at 59.7% (-2.6 p.p. YoY).  Meanwhile, operating profit amounted to RON 242.6m, representing a decrease of 15.3%.

Going further down the P&L, the company recorded a net financial result of RON 16.87m compared to RON -17.5m, which boosted the bottom line to a certain extent. Such a result came on the back of a net FX gain in Q1.

In Q1, Nuclearelectrica recorded a net profit of RON 215.1m, representing a decrease of 1.9% YoY. Such a result puts the profit margin at 33.8% (+1.4 p.p. YoY).