Electrica recorded loss of 157.7 million RON in first quarter

Electrica recorded, at a consolidated level, a net loss of 157.7 million RON in the first quarter of this year, from a profit of 58 million RON in the first quarter of 2021.

The increase in energy prices is the main cause of the loss of the Electrica group, according to the the report with the financial results at three months, sent to the Bucharest Stock Exchange.

During the three-month period ended March 31, 2022, EBITDA decreased by 250 million RON compared to the similar period of 2021, registering a negative value of 50.7 million RON;

Capital expenditures in Q1 2022 were 115.6 million RON, increasing by approx. 26.6 percent compared to 91.3 million RON in Q1 2021, in line with the annual evolution of the approved investment plans and the allocation of the investment plan throughout the year;

The operating result recorded in Q1 2022 is worth -174.7 million RON, a decrease of 252.4 million RON compared to the same period last year, when the Group recorded an operating profit of 77.7 million RON. The decrease was mainly due to the performance of the electricity supply segment significantly influenced by the increase in energy costs, to which is added the increase in electricity costs to cover CPT for the distribution segment caused by the difference between the estimated average cost of energy acquisition. for own technological consumption (CPT) and the ex-ante price established by ANRE for the year 2022.

Expenditures on the purchase of electricity increased by RON 1,732.9 million, or 152.1 percent, to RON 2,872.5 million in the three-month period ended March 31, 2022, compared to RON 1,139.6 million in the period comparative, mainly as a result of the increase of the purchase price of the electricity on the supply segment, to which is added the increase of the electricity costs for the CPT coverage for the distribution segment;

In Q1 2022, revenues from the electricity supply segment increased by RON 818.3 million, or 58.9 percent, compared to the same period last year, to RON 2,207.5 million (of which 2,190.9 million RON revenues with customers outside the group), mainly due to the increase in sales prices; the contribution of the supply segment to the consolidated revenues of the Group is in proportion of 85 percent;

Revenues from the energy distribution segment increased by RON 97.5 million, or 14.7 percent, to RON 760 million (of which RON 378.5 million revenues with customers outside the group), compared to Q1 2021 ; the contribution of the electricity distribution segment to the Group’s consolidated revenues is 14.7 percent.