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SOCIETATEA ENERGETICA ELECTRICA S.A. - EL

2017 Q3 financial results

Release Date: 11/15/2017 8:48:35 AM

IRIS Code: ACAB4

Electrica Group – 9 months 2017 Results

including interim condensed consolidated financial statement as of and for the period ended September 30, 2017

9M 2017 compared to 9M 2016

- Electrica Group distributed approximately 13.4 TWh (a 2.8% YoY increase) to approximately 3.69 million users, whereas the total supplied volumes decreased by 8.7%

- Electrica Group recorded an operating profit for the first nine months of 2017 amounting to RON 116 million, mainly due to the energy acquisition price

Catalin Stancu, General Manager Electrica SA: “I would like to note the significant improvement in the financial results of Electrica Group in the course of the first nine months of this year. Of course, the Q1-Q3 cumulative results are still highly affected by of the effects of major imbalances in the energy market, particularly from the first quarter and partly from the second quarter.

As a consequence, the third quarter in isolation has produced practically the total net and operational profit obtained during the first three quarters. During this third quarter, although supply problems continued, the distribution sector has reached reasonable profitability levels. Additionally, the mitigation measures adopted by the management have been effective. The limit situations from the first part of the year have prompted us to adopt a strategy in line with the new market conditions and to quickly start implementing programs for cost-cutting, optimization of processes and of administrative structures.

We assure all stakeholders that we have taken all necessary steps to improve performance by the end of the year and, at the same time, we repeat our appeal to the authorities regarding the need for measures related to the functioning of the existing energy market framework.”

Financial Results

9M 2017

(RON mn.)

9M 2016

(RON mn.)

Δ %

Operating revenues

4,170

4,192

-0.5%

Operating expenses

4,054

3,635

+11.5%

Operating profit

116

557

-79.2%

Net profit

95

466

-79.6%

The interim unaudited consolidated financial statements in accordance with IFRS-EU for the first nine months of 2017 are available, in Romanian and English, in electronic format, on Electrica’s website, under the following links:

http://www.electrica.ro/investitori/rezultate-si-raportari/raportari-interimare/,

respectively

http://www.electrica.ro/en/investors/results-and-reports/interim-results/.

As well as under the below link:



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