Nuclearelectrica posted net profit of 385 million RON, up by 12.3 percent in first half of 2021

During the period of 6 months that ended on June 30, 2021, Nuclearelectrica recorded a net profit of 385 million RON, 12.3 percent higher than in the similar period of last year. The operation result (EBIT) has registered an increase of 17.1 percent, and EBITDA an increase of 9.9 percent compared to the same period of last year.

Operating profit (EBITDA) increased by 9.9 percent as compared to the same period of the previous year, mainly following the increase of operating revenues by 16.9 percent, influenced by the increase by 15.7 percent of the revenues from the sale of electricity.

Operating revenues increased by 16.9 percent. This increase was driven by the increase by 21.2 percent of the weighted average price of the electricity sold in the 1st half-year of 2021, as compared to the weighted average price from the same period of 2020, considering the sale of a total quantity of electricity that was lower by 4.6 percent.

The financial result (net financial revenues) decreased by 62.1 percent, and negatively influenced the net result. The main currencies to which there are exposures are EUR and CAD.

The increase of net profit tax expense decreased the positive influence of the other elements. This increase was caused by the increase of the taxable profit calculated for the first half-year of 2021 compared to the one calculated for the first half-year of 2020.

The electricity quantity sold on the regulated market, based on contracts, on the spot market (PZU and PI) and on PE is 5,292,212 MWh, 8.4 percent higher than the sales program, of 4,881,951 MWh (sized on the production estimate, without estimating unplanned outages) and 4.6 percent less than the electricity quantity sold in the first half-year of 2020.

The difference between the electricity sold by the Company and the electricity produced and delivered by CNE Cernavoda (402.5 thousand MWh) is represented by the electricity purchased for the full coverage of the contractual obligations, an electricity quantity that was purchased 92 percent from the spot market, 6 percent on PE and the rest by term contracts.

The revenues obtained from the electricity market related to electricity deliveries in the first halfyear of 2021 are 1,341,431,753 lei (out of which 43,857 lei represents redistributed revenues resulted from balancing the system), 5.4 percent higher than the budget revenues for the first half-year of 2021, and 15.6 percent higher than the results from the first half-year of 2020.

The total value of the investment program of SNN for 2021 is 433,860 thousand RON (without the component allocated to the payment of the debt service related to long-term loans), a program approved by Resolution no. 7/06.05.2021 of the Ordinary General Meeting of Shareholders of SNN, as part of the Income and Expense Budget (“BVC”) of SNN for 2021.