Transelectrica published their FY 2021 results yesterday, demonstrating a 58% growth in revenue, a decrease in EBITDA of -40%, and a net loss of RON 6m.

Transelectrica sales revenue in FY 2021 amounted to RON 3.75bn, which is an increase of 58% YoY, due to the increase in the amount of electricity delivered to consumers, the increase of average transmission tariff and greater revenues achieved on the balancing market. This means that during the year, the total quantity of electricity charged for services on the electrical market increased by 5%, amounting to 56.35 TWh.

The segment of profit allowed activities had a 12% increase in revenue, and amounted to RON 1.35bn, mainly driven by an increase in transmission revenues and other revenues on the energy market (which increased to RON 1.25bn from RON 1.04bn YoY). This growth was driven by higher electricity quantity supplied to consumers when the ANRE-approved average transmission tariff increased, as well as the implementation of the new package of European regulations.

EBITDA decreased by 40% YoY, ending the year at RON 271m. The main drivers for this decrease were the operating expenses, which increased by 71% YoY and amounted to RON 3.75bn. This increase was driven by the increase in wholesale electricity prices. Operating profit of profit allowed activities also decreased by 148% YoY, ending the year at negative RON 34m, also due to the aforementioned electricity prices.

The Company also posted a net financial loss of RON -5m, which is at the same level as the previous year. Finally, net result was down amounting to RON -6m.

Looking over to the balance sheet, the Company increased its total assets by 41%, amounting to RON 7.21bn. This increase was driven by the increase in current assets, which increased by 129% YoY, amounting to RON 3.3bn. Delving into this further, the increase in current assets was driven by an increase in trade and other receivables, which increased by 252% (amounting to RON 2.99bn). At the same time, the Company’s non-current assets increased by 6%, amounting to RON 3.91bn.

It should also be noted that the Company’s liabilities had a significant increase during the year, increasing by 123% YoY and amounting to 3.87bn. This increase was mainly driven by the increase in current liabilities, which grew by 197% and ended the year at RON 3.14bn. The most significant impact of this increase came from the higher value of suppliers on the energy market, which increased from RON 468m in 2020 to RON 1.89bn in 2021.

Transelectrica Key Financials in RONm