S.N. NUCLEARELECTRICA S.A.

S.N. NUCLEARELECTRICA S.A.

About S.N. NUCLEARELECTRICA S.A.

Societatea Nationala Nuclearelectrica S.A. (“SNN”) is the sole producer of nuclear power and nuclear fuel using CANDU 6 type technology in Romania, established in 1998.

In October 2013, SNN listed a package of 25.368.236 nominative shares in dematerialized form, ordinary, indivisible and freely negotiable, on the Bucharest Stock Exchange, with a nominal value of 10 ron/share, representing 10% of the share capital of SNN. The shares issued by SNN were admitted for trading at Tier 1 on the Bucharest Stock Exchange on 04.11.2013, with the symbol « SNN ».

The company has its headquarters in Bucharest and it owns two subsidiaries:

-          Cernavoda Nuclear Power Plant that operates Units 1 and 2 and which produces electricity and thermal power. The two units have an installed capacity of 700 MWe each and use natural uranium as fuel and heavy water as moderator and cooling agent, which are both produced in Romania.

-          Pitesti Nuclear Fuel Plant that is the qualified producer of CANDU 6 type nuclear fuel which covers entirely the supply of Cernavoda NPP Units 1 and 2.

With the two nuclear units in operation, SNN covers approximately 20% of the total production, with dispatchable units, of Romania.

The operating performance of the units within SNN’s portfolio can be objectively appreciated taking into consideration the statistical data presented by rating agencies and specialized international publications.

In accordance with the analysis of the data published by « Nuclear Engineering International » (May 2013), the capacity factor since in service of Cernavoda NPP Units 1 and 2,  places the two units within the first 20 nuclear reactors out of the total 436 reactors operating worldwide (Unit 1 – capacity factor 92,9% and Unit 2 – capacity factor of 88,5%). Thus, the capacity factor of the two units since commissioning places Romania on the highest position at the international level.

Also based on this indicator, Romania occupies the first position worldwide with a capacity factor since in service of 90,7% for the two units at Cernavoda NPP.

As a result of the technology used by the nuclear power plant (base load production), the yearly quantity of energy produced and delivered by SNN does not fluctuate significantly, reaching 11 TWh/year. In compliance with the 2017 market liberalization calendar of the National Authority for Energy, the quantity of energy that SNN sells on the regulated market is decreasing, which offers the premises for profit increase from the sale of electricity on the competitive market.

Considering the application of the corporate governance standards as well as the listing on the capital market, the company achieved significant steps towards modernization and efficiency increase, basing its activity on SMART long term objectives and related implementation plans, within a solid vertical and horizontal structure, built on responsibility, integrity and transparency.

The company is focusing its efforts on increasing the performance indicators, as part of the progressive strategy for growth and investment portfolio diversification, attracting new investors, maintaining the current ones and ensuring the safety of its nuclear installations.

President: ALEXANDRU SANDULESCU

Shareholder structure

Shareholder Shares Percent
STATUL ROMAN PRIN MINISTERUL ENERGIEI loc. BUCURESTI jud. SECTOR 6 248,736,619 82.50%
alti actionari / others 52,777,232 17.50%
Total 301,513,851 100%

Info provided by: DEPOZITARUL CENTRAL Date: 06/14/2017

Market statistics

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Volume

Dividends

Year Dividend Reference date for GMS GMS date (dividend) Record Date Ex-dividend Date Announcement Date Payment date
2018 1.256706 N/A 04/23/2019 06/12/2019 06/11/2019 03/20/2019 06/28/2019
2017 0.900000 N/A 04/25/2018 06/08/2018 06/07/2018 03/22/2018 06/28/2018
2016 0.330000 04/13/2017 04/24/2017 06/09/2017 06/08/2017 03/22/2017 06/28/2017
2015 0.330000 04/15/2016 04/25/2016 06/08/2016 06/07/2016 03/24/2016 06/28/2016
2014 0.300000 04/20/2015 04/29/2015 06/08/2015 06/05/2015 03/26/2015 06/26/2015

H1 2019 report

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H1 2019 Report availability

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OGSM & EGSM resolutions 29.07.2019

      Current report in compliance with art. 234 paragraph (1), letter c) of ASF Regulation no. 5/2018 regarding issuers of financial instruments and market operations and art. 99 of BVB Code, Title II, Issuers and Financial Instruments.   Reporting date: 29.07.2019 Name of the issuing entity: Societatea Nationala NUCLEARELECT ...

Auditor Report semester I 2019 - art. 82 Law 24/2017

Current Report as per art. 82 under Law 24/2017 on concluding certain legal documents with persons involved with the shareholders controlling the company and the provisions of ASF Regulation no. 5/2018 Reporting date: 25.07.2019 Name of the issuing entity: Societatea Nationala NUCLEARELECTRICA S.A. Registered office: Strada Polona nr. 65, Se ...

Notice of OGSM Update 29.07.2019

    Current report according to: article 234 paragraph (1) letter b) of the ASF Regulation no. 5/2018 on issuers and transactions with securities Report date: 15.07.2019 Name of issuing entity: NUCLEARELECTRICA S.A. National Company Social headquarters: 65 Polona St., district 1, Bucharest Telephone/Fax Number: 021-203.82.00 / ...

Completion of GSM 29 July 2019 agenda request

Current report according to: 234 paragraph (1) letter b) of the ASF Regulation no. 5/2018 on issuers of and operations with securities Report date: 11.07.2019 Name of the issuing entity: Societatea Nationala NUCLEARELECTRICA S.A. Registered office: 65 Polona St., district 1, Bucharest Telephone/Fax Number: 021-203.82.00 / 021 – 316. ...

Notice of O&EGSM for 29.07.2019

  Current report according to: article 234 paragraph (1) letter a) of the ASF Regulation o no. 5/2018 on issuers of securities and market operations and the provisions of art. 99 of Bucharest Stock Exchange Code, Title II, Issuers and Financial Instruments Report date: 24.06.2019 Name of issuing entity: NUCLEARELECTRICA S.A. National Co ...

The completion of the planned outage program at U2

Current report in compliance with the Law number 24/2017 regarding the issuers of financial instruments and market operations and the ASF Regulations no. 5/2018 regarding the issuers of securities and market operations and wit the Bucharest Stock Exchange Code Report date: 10.06.2019 Name of the issuing entity: Societatea Nationala NUCLEARE ...

2018 Dividend payment

Current report according to the provisions of Law no. 24/2017 regarding the issuers of financial instruments and market operations, the ASF Regulation no. 5/2018 regarding issuers of financial instruments and market operations Report date: 29.05.2019 Name of issuing entity: NUCLEARELECTRICA S.A. National Company Registered office: 65 Polona S ...

OGSM & EGSM resolutions of 20.05.2019

Current report according to: article 234 paragraph (1) letters a) and b) of the ASF Regulation no. 5/2018 regarding issuers and securities operations and the provisions of art. 99 of Bucharest Stock Exchange Code, Title II, Issuers and Financial Instruments Report date: 20.05.2019 Name of issuing entity: NUCLEARELECTRICA S.A. National Compa ...

H1 2019 report

Correction of the Romanian version only.

H1 2019 report

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Q1 financial results 2019

  Current report in accordance with provisions of Law no. 24/2017 on the issuers of financial instruments and market operations and ASF Regulations no. 5/2018 regarding the issuers of financial in ...

Annual report 2018

Current report in compliance with the Law no. 24/2017 and ASF Regulation no. 5/2018 Report date: 24.04.2019 Name of the issuing entity: Societatea Nationala NUCLEARELECTRICA S.A. Register ...

Preliminary financial results 2018

Report date: 25.02.2018 Name of the issuing entity: Societatea Nationala NUCLEARELECTRICA S.A. Registered office: 65, Polona street, District 1, Bucharest Phone/fax number: 021-203.82.00 / 021 – ...

Q3 financial results

Current report in accordance with provisions of Law no. 24/2017 on issuers of financial instruments and market operations and ASF Regulations no. 5/2018 regarding issuers of financial instruments and ...

H1 2018 report

Current Report according to the provisions of art. 65 of Law no. 24/2017 on the issuers of financial instruments and market operations and Regulation no. 5/2018 regarding issuers of financial instrume ...

2018 Q1 report

Report date: 11.05.2018 Name of the issuing entity: Societatea Nationala NUCLEARELECTRICA S.A. Registered office: 65, Polona street, District 1, Bucharest Phone/fax number: 021-203.82.00 ...

2017 Annual report

  Report date: 26.04.2018 Name of issuing entity: NUCLEARELECTRICA S.A. National Company Social headquarters: 65 Polona St., district 1, Bucharest Telephone/Fax: 021.203.82.00 / 021 ...

Annual Preliminary financial results 2017

  Report date: 15.02.2018 Name of the issuing entity: Societatea Nationala NUCLEARELECTRICA S.A. Registered office: 65, Polona street, District 1, Bucharest Phone/fax number: 021-203.82.00 / ...

Annual financial information

2016 2017
Total Revenues 1,949,776,011 1,743,971,072
Deferred Income 158,014,432 143,711,664
Total Financial Income 169,030,593 89,990,560
Operating Income 1,780,745,418 1,653,980,544
Interest Income 20,161,848 14,435,309
Total assets 9,168,159,898 8,972,397,568
Inventories 323,721,936 331,997,248
Profit for the year 112,449,451 112,449,448
Financial Results 18,187,510 -29,004,160
Operating Result 160,136,453 159,368,528
Profit before tax 178,323,963 130,364,360
Employees 2,034 2,008
Shortterm Financial Investments 1,103,841,528 1,245,073,280
Total Capital Assets 7,474,555,552 7,108,487,168
Total Current Liabilities 389,101,215 372,223,104
Shortterm Financial Liabilities 202,048,304 220,929,520
Longterm Financial Liabilities 1,279,606,054 1,087,961,856
Trade Payables 132,334,142 105,170,832
Total Longterm Liabilities 1,453,102,072 1,251,064,832
Total Receivables 168,182,087 164,940,032
Sales 1,749,911,276 1,648,408,448
Total Expenses 1,771,452,048 1,613,606,656
Interest expense 11,009,676 7,383,707
Prepaid Expenses 8,134,374 8,348,645
Total Financial Expenses 150,843,083 118,994,720
Operating expenses 1,620,608,965 1,494,611,968
Cash and cash equivalents 257,376,819 263,714,384
Total equity 7,488,268,547 7,501,158,400
Subscribed Capital 3,015,138,510 3,015,138,560
Amortization 478,470,683 474,779,552
Total Non-current Assets 7,696,227,524 7,330,812,416
Net Current Assets / Net Current Liabilities 1,471,932,374 1,641,585,408
Total Current Assets 1,853,122,370 2,005,724,928
Minority Interest 100 100

Financial indicators

Year Financial statements Key financials Ministry of Finance format (excerpt)*
2016 Q3 2016 Download -
2016 Q1 2016 Download -
2016 H1 2016 Download -
2016 Financial preliminary results 2016 Download -
2015 Q1 2015 Download -
2015 H1 2015 Download -
2015 Q3 2015 Download -
2015 Financial preliminary results 2015 Download -
2014 H1 2014 Download -
2014 Q1 2014 Download -
2014 Q3 2014 Download -
2014 Financial preliminary results 2014 Download -
2013 Q3 2013 Download -
2013 Financial preliminary results 2013 Download -
2013 H1 2013 Download -
2012 Annual Report 2012 Download -

ANALYST ESTIMATES

ANALYST REPORT May 31, 2017

What dividends can the companies distribute after Government Ordinance No 29/2017

SNN - S.N. NUCLEARELECTRICA S.A.

May 31, 2017 - Government Ordinance 29/2017 created a new possibility for the State-owned companies listed on Bucharest Stock Exchange. They can now distribute dividends from the profit accumulated in previous years. Conpet wanted to do this a year ago, but for all the others this is uncharted territory.

ANALYST REPORT May 22, 2017

Analysis report - financial reports for Q1 2017

SNN - S.N. NUCLEARELECTRICA S.A.

May 22, 2017 - 2017 started well for most of the companies listed on BSE, and in some cases we've seen major profit increases.

ANALYST REPORT April 11, 2017

The biggest dividends of the BSE companies

SNN - S.N. NUCLEARELECTRICA S.A.

April 11, 2017 - The biggest dividends of this year come from the energy companies, following a decision by the Government to increase the payout ratio to 90% for all the State-owned companies.

ANALYST REPORT November 28, 2016

Cheer up, at least on short-term.

SNN - S.N. NUCLEARELECTRICA S.A.

November 28, 2016 - Valuation We update our view on Nuclearelectrica with a BUY recommendation and a target price of RON 6.1 per share revealing an upside potential of 24%. As in our last report, we did not price in our model Units 1 & 2 refurbishment projects (EUR 2.8b) and Units 3 & 4 construction project (EUR 6.5b). We still believe these investment projects are impossible to be financed without a kind of power price support. We used a DCF model with a 22-year explicitly forecasted period (until 2037), as company’s management stated that the lifetime of the two reactors could be prolonged from 26 to 30 years. As such, Unit 1 and 2 would shut down at the end of 2026 and 2037, respectively. Our target price includes the NPV of Units 1&2 residual value that we computed by adding an 80% discount to the two Units refurbishment costs of EUR 2.8b.

ANALYST ESTIMATES