SOCIETATEA ENERGETICA ELECTRICA S.A.
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About SOCIETATEA ENERGETICA ELECTRICA S.A.
With an experience of more than 120 years on the Romanian energy market, Electrica SA is the leader on both energy distribution and supply segments, taking into account the volumes as well as the number of customes.
The main activities of the Group include operation and development of electricity distribution networks and activities related to electricity supply to final consumers. The Group is the electricity distribution operator and the main electricity supplier in North Transylvania, South Transylvania
and North Muntenia, operating with transformation stations and power lines ranging from 0.4 kV to 110 kV.
The three electricity distribution companies part of Electrica Group delivered electricity in 2016 to about 3.67 million customers (or a volume of more than 17 TWh). Electrica’s DSOs distributed about 40.3% of the total electricity distributed on a national level in 2015. The Group has exclusive distribution licenses for the regions on which it activates, valid until 2027 with extension clause.
Electrica Furnizare is the market leader in both the regulated and competitive markets, with a market share of 38.87% and, respectively, 15.89% in 2016 (ANRE report, September 2016). The Group has two supply licenses covering the whole of Romania’s territory valid until 2021 and 2022, respectively, and extendable afterwards.
The company has unitary sistem administration, with a Board of Directors of seven members (non-executive), appointed for a four-year mandate by OGMS (Ordinary General Meeting of Shareholders). At 30 March 2016, the company has a five executive managers team.
Starting 4 July 2014 the Company’s shares are listed on Bucharest Stock Exchange (BSE), and the GDRs are listed on London Stock Exchange (LSE). Following the IPO, Electrica became one of the top six most liquid companies on BSE taking into account the transaction value.
Shareholder structure
Shareholder | Shares | Percent |
---|---|---|
STATUL ROMAN PRIN MINISTERUL ENERGIEI loc. BUCURESTI, SECTOR 6 | 168,751,185 | 48.78% |
Pers. Juridice / Legal Persons | 121,798,376 | 35.21% |
BANCA EUROPEANA PT. RECONSTRUCTIE SI DEZVOLTARE loc. LONDRA GBR | 23,955,272 | 6.92% |
BNY MELLON DRS, loc. NEW YORK, USA | 15,709,028 | 4.54% |
Pers. Fizice / Individual Persons | 15,726,068 | 4.55% |
STATUL ROMAN PRIN MINISTERUL ENERGIEI loc. BUCURESTI | 168,751,185 | 48.78% |
Pers. Juridice | 136,803,366 | 39.55% |
BANCA EUROPEANA PT. RECONSTRUCTIE SI DEZVOLTARE loc. LONDRA GBR | 23,955,272 | 6.92% |
Pers. Fizice | 16,430,106 | 4.75% |
Total | 691,879,858 | 200% |
Info provided by: DEPOZITARUL CENTRAL Date: -
Latest news
- February 12, 2019 - The investment plans of the concessionaire distribution operators for 2019
- February 7, 2019 - 7 February 2019 OGSM resolutions
- February 5, 2019 - Auditor Report - art. 82 Law 24/2017 for transactions concluded in H2 2018
- January 30, 2019 - Litigations- Application for Annulment of ANRE Orders 197, 198 and 199 from 2018
- January 25, 2019 - Appointment of the Human Resources Executive Manager
- More news
Upcoming events
- February 28, 2019 Preliminary results 2018
- March 07, 2019 Conference call – Annual financial results
- April 25, 2019 Annual General Meeting 2019
- April 30, 2019 Annual report 2018
- May 15, 2019 1st quarter results 2019
- May 15, 2019 Conference call – Q1 financial results
- August 14, 2019 Half-yearly financial statements 2019
- August 14, 2019 Conference call – H1 financial results
- November 15, 2019 3rd quarter results 2019
- November 15, 2019 Conference call - Q3 financial results
- More Events
Market statistics
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Dividends
Year | Dividend | Reference date for GMS | GMS date (dividend) | Record Date | Ex-dividend Date | Announcement Date | Payment date |
---|---|---|---|---|---|---|---|
2017 | 0.723700 | N/A | 04/27/2018 | 06/07/2018 | 06/08/2018 | 03/07/2018 | 06/22/2018 |
2016 | 0.741500 | 03/30/2017 | 04/27/2017 | 06/08/2017 | 06/07/2017 | 03/10/2017 | 06/22/2017 |
2015 | 0.860000 | 04/03/2016 | 04/27/2016 | 07/12/2016 | 07/11/2016 | 03/15/2016 | 07/18/2016 |
2014 | 0.721700 | 03/31/2015 | 04/27/2015 | 07/10/2015 | 07/09/2015 | 03/27/2015 | 07/15/2015 |
The investment plans of the concessionaire distribution operators for 2019
To: Bucharest Stock Exchange (BVB) Romanian Financial Supervisory Authority (ASF) London Stock Exchange (LSE) Current report in compliance with the Law 24/2017 on issuers of financial instruments and market operations, ASF Re ...
7 February 2019 OGSM resolutions
To: Bucharest Stock Exchange (BVB) Romanian Financial Supervisory Authority (ASF) London Stock Exchange (LSE) Current report in compliance with the Law 24/2017 on issuers of financial instruments and market operations, ASF Regulati ...
Auditor Report - art. 82 Law 24/2017 for transactions concluded in H2 2018
To: Romanian Financial Supervisory Authority (ASF) Bucharest Stock Exchange (BVB) London Stock Exchange (LSE) Current report in compliance with the Law 24/2017 on issuers of financial instruments and market operations, ASF Regulation no. 5/2018, and the Bucharest Sto ...
Litigations- Application for Annulment of ANRE Orders 197, 198 and 199 from 2018
To: Bucharest Stock Exchange (BVB) Romanian Financial Supervisory Authority (ASF) London Stock Exchange (LSE) Current report in compliance with the Law 24/2017 on issuers of financial instruments and market operations, ASF Regulation no. 5/2018, and the Bucharest Stock Ex ...
Appointment of the Human Resources Executive Manager
To: Romanian Financial Supervisory Authority (ASF) Bucharest Stock Exchange (BVB) London Stock Exchange (LSE) Current report in compliance with the Law 24/2017 on issuers of financial instruments and market operations, ASF Regula ...
Appointment of the CEO
To: Romanian Financial Supervisory Authority (ASF) Bucharest Stock Exchange (BVB) London Stock Exchange (LSE) Current report in compliance with the Law 24/2017 on issuers of financial instruments and market operations, ASF Regulation ...
2019 Financial calendar
FINANCIAL CALENDAR FOR 2019 Event Proposed date Annual preliminary financial results¹ - 2018 February 2 ...
Report according art. 82 Law 24/2017 - agreement concluded in H1 2019
To: Romanian Financial Supervisory Authority (ASF) Bucharest Stock Exchange (BVB) London Stock Exchange (LSE) Current report in compliance with the Law 24/2017 on issuers of financial instruments and market operations, ASF Regulation no. 5/201 ...
Correction of clerical error in the amended convening notice - OGMS 7/8 Feb 2019
Societatea Energetica Electrica S.A. 9, Grigore Alexandrescu str. 010621 District 1, Bucharest, Romania Phone: 021-208 59 99; Fax: 021-208 59 98 Fiscal Registration Certificate RO 13267221 J40/7425/2000 Share capital: 3.459.399.290 RON www.electrica.ro To: Romanian Financial Supe ...
Prolongation of period of submitting candidates for OGMS dated 7/8 February 2019
Societatea Energetica Electrica S.A. 9, Grigore Alexandrescu str. 010621 District 1, Bucharest, Romania Phone: 021-208 59 99; Fax: 021-208 59 98 Fiscal Registration Certificate RO 13267221 J40/7425/2000 Share capital: 3.459.399.290 RON www.electrica.ro To: Romanian Financial Supe ...
2018 Q3 report
Electrica Group – Results for the third quarter of 2018 The evolution of the main indicators for the third quarter of 2018: EBITDA – RON 706 mil., increase of RON 297 mil. as compared to ...
H1 2018 report
Electrica Group – Results for the 1st Half-year of 2018 The evolution of the main indicators for the 1st Semester of 2018: EBITDA – RON 477 mil., increase of RON 263 mil. as compared to ...
2018 Q1 report
Electrica Group – Results for 1st Quarter of 2018 The evolution of the main indicators Q1 2018 as compared with Q1 2017: EBITDA – RON 191 mil., increase of RON 141 mil. as compared to th ...
2017 Annual report
Electrica, release of 2017 Annual Report On April 30th 2018, Electrica’s 2017 Annual Report was published, in Romanian and English, in electronic format, on the company’s website, under the follow ...
2017 Preliminary financial results
Preliminary Unaudited Separate Financial Results - 2017 Based on the preliminary unaudited separate financial statements prepared in accordance with IFRS-EU, Electrica SA recorded a net prof ...
2017 Q3 financial results
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 - Elec ...
Consolidated financial statements and Report for H1 2017
Electrica Group – H1 2017 Results including interim condensed consolidated financial statement as of and for the period ended June 30, 2017 H1 2017 compared to H1 2016 - Electrica Group ...
2017 Q1 financial results
Electrica Group – Q1 2017 Results including interim condensed consolidated financial statement as of and for the period ended March 31, 2017 Q1 2017 compared to Q1 2016 ...
2016 Annual Report
Electrica, release of 2016 Annual Report On April 28th 2017, Electrica’s 2016 Annual Report was published, in Romanian and in English, in electronic format, on the company’s website, under t ...
2016 Preliminary financial results
SOCIETATEA ENERGETICA ELECTRICA S.A. Separate preliminary unaudited results 31 December 2016 (free translation) ...
Annual financial information
2016 | 2017 | |
---|---|---|
Total Revenues | 763,983,513 | 754,281,024 |
Deferred Income | 497,085 | 540,944 |
Total Financial Income | 378,738,659 | 390,183,296 |
Operating Income | 385,244,854 | 364,097,728 |
Interest Income | 26,379,877 | 14,784,494 |
Total assets | 3,959,295,938 | 3,903,685,888 |
Inventories | 116,595 | 161,206 |
Profit for the year | 265,026,109 | 265,026,112 |
Financial Results | 372,736,735 | 387,943,936 |
Operating Result | -72,028,826 | -115,684,200 |
Profit before tax | 300,707,909 | 272,259,712 |
Employees | 138 | 132 |
Shortterm Financial Investments | 1,900,395,388 | 1,867,115,392 |
Total Capital Assets | 293,375,461 | 275,008,416 |
Total Current Liabilities | 70,806,026 | 82,167,576 |
Trade Payables | 56,844,076 | 64,193,152 |
Total Receivables | 120,967,417 | 79,052,976 |
Sales | 383,830,906 | 362,449,120 |
Total Expenses | 463,275,604 | 482,021,280 |
Interest expense | 38 | 1,676 |
Prepaid Expenses | 56,033 | 48,926 |
Total Financial Expenses | 6,001,924 | 2,239,362 |
Operating expenses | 457,273,680 | 479,781,920 |
Cash and cash equivalents | 283,370,035 | 197,648,048 |
Total equity | 3,925,905,118 | 3,901,715,456 |
Subscribed Capital | 3,459,399,290 | 3,459,399,168 |
Amortization | 20,241,737 | 23,506,828 |
Total Non-current Assets | 1,725,693,581 | 1,842,156,288 |
Net Current Assets / Net Current Liabilities | 2,233,602,357 | 2,061,529,472 |
Total Current Assets | 2,304,849,435 | 2,143,977,600 |
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 | H1 2015 | Download | - |
2015 | Financial preliminary results 2015 | Download | - |
2015 | Q1 2015 | Download | - |
2015 | Q3 2015 | Download | - |
2014 | H1 2014 | Download | - |
2014 | Financial preliminary results 2014 | Download | - |
2014 | Q3 2014 | Download | - |
2013 | Annual Report 2013 | Download | - |
ANALYST ESTIMATES
What dividends can the companies distribute after Government Ordinance No 29/2017
SOCIETATEA ENERGETICA ELECTRICA S.A.
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10.6800 RON 02/15/2019 5:50:00 PM
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-0.19%
Low: 10.6800
High: 10.7600
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Bid / Ask: 10.6800 / 10.7400Bid / Ask Vol.: 2801 / 777
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.
Analysis report - financial reports for Q1 2017
SOCIETATEA ENERGETICA ELECTRICA S.A.
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10.6800 RON 02/15/2019 5:50:00 PM
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-0.19%
Low: 10.6800
High: 10.7600
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Bid / Ask: 10.6800 / 10.7400Bid / Ask Vol.: 2801 / 777
May 22, 2017 - 2017 started well for most of the companies listed on BSE, and in some cases we've seen major profit increases.
The biggest dividends of the BSE companies
SOCIETATEA ENERGETICA ELECTRICA S.A.
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10.6800 RON 02/15/2019 5:50:00 PM
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-0.19%
Low: 10.6800
High: 10.7600
-
Bid / Ask: 10.6800 / 10.7400Bid / Ask Vol.: 2801 / 777
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.
Romanian Utilities. Diminishing marginal utility
SOCIETATEA ENERGETICA ELECTRICA S.A.
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10.6800 RON 02/15/2019 5:50:00 PM
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-0.19%
Low: 10.6800
High: 10.7600
-
Bid / Ask: 10.6800 / 10.7400Bid / Ask Vol.: 2801 / 777
January 30, 2017 - With earnings on a downward trend as the regulator is cutting tariffs, investment projects that are running behind schedule and are only going to contribute to the Regulated Assets Base (RAB) after 2020E and increased risks of a potential cut in the Regulated Rate of Return (RRR) as the new regulatory periods start, we do not really see any positive triggers for the regulated utilities in Romania. On a relative basis, however, they continue to trade at discounts to their peers and to provide decent dividend yields, even if these are smaller than in past years. As such, we are neutral on our valuation of the three companies. We note that eventual acquisitions (such as Electrica buying the minorities held by Fondul Proprietatea (FP) within its subsidiaries) could generate a rerating of the stock prices but we have not included these in our valuation. We maintain our HOLD recommendations on Transelectrica (new PT: RON 31.5, 4.1% upside) and Transgaz (new PT: RON 339, 10.3% upside) and also downgrade Electrica to HOLD (new PT: RON 15.4, 12.9% upside).
9M results are fine but Q3 wasn’t great
SOCIETATEA ENERGETICA ELECTRICA S.A.
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10.6800 RON 02/15/2019 5:50:00 PM
-
-0.19%
Low: 10.6800
High: 10.7600
-
Bid / Ask: 10.6800 / 10.7400Bid / Ask Vol.: 2801 / 777
November 16, 2016 - Electrica reported its Q3 results yesterday after market. Generally, 9M results are increasing despite the poor Q3 earnings. Cumulated earnings increased in the first nine months by 9.7% y-o-y in case of EBITDA and 12% in case of the EBIT. Net profit of the group is around RON 357 million, or RON 1.03 per share. We see the RON 400 million after minority profit reachable thus the current DPS level is sustainable and might increase further. Furthermore, we assume that the company should pay out special dividend to the shareholders to reduce the cash level in the company, which is around RON 8 per share. The positive impact in the first 9M was mainly due to the reversal of the provision related to the compensatory indemnities in respect of Electrica Serv restructuring programme. In this quarter supply revenue decreased by 8.1% y-o-y, while the distribution revenue fell by 2.4%. EBITDA of the supply segment reached RON 30 million vs. RON 12 million in the past year, however distribution EBITDA decreased by 9.8% y-o-y to RON 240 million due to the negative price effect generated by the lower regulated distribution tariffs partly compensated by a positive volume effect. Net profit after minority was at RON 99 million down by 14% y-o-y in Q3. We hope Electrica and Fondul will reopen the negotiations after the election in December. In the current regulatory environment we see the transaction the main growth potential for Electrica. We maintain our target price and recommendation. Electrica will hold conference call on the 21th of November at 15:00 CET time.
Wait and hope that FP will be bought out sooner rather than latter.
SOCIETATEA ENERGETICA ELECTRICA S.A.
-
10.6800 RON 02/15/2019 5:50:00 PM
-
-0.19%
Low: 10.6800
High: 10.7600
-
Bid / Ask: 10.6800 / 10.7400Bid / Ask Vol.: 2801 / 777
October 07, 2016 - Valuation We update our view on Electrica with a NEUTRAL recommendation and a target price of RON 13.97 per share revealing an upside potential of 2.7% against last close. We used a DCF model with a 5-year explicitly forecasted period after which a terminal free cash flow with a perpetual growth of 1.5% is employed. We raised our target price from RON 11.66 previously mainly because we reduced the distribution CAPEX from what has been planned by the company (that included Non - RAB CAPEX) to the levels regulated by ANRE. We also increased our net profit estimates as Electrica’s expenses are declining more than expected and because the supply business is performing better-than-budgeted. We continue to not see any reason to discount the cash that includes the IPO proceeds of RON 1.9b as for the 3rd regulatory period, the company’s approved RAB-CAPEX stands at RON 3,126m and the price offered for buying out Fondul Proprietatea (FP) that holds 22% in Electrica’s distribution and supply subsidiaries stands at RON 790m.
ANALYST ESTIMATES
Investor Information
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