SOCIETATEA ENERGETICA ELECTRICA S.A.

SOCIETATEA ENERGETICA ELECTRICA S.A.

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.

 

President: CRISTIAN BUSU

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: -

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 0.730000 N/A 04/25/2019 06/07/2019 06/06/2019 03/05/2019 06/24/2019
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

H1 2019 report

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Investors and analysts web-conf H1 2019 - change connection details

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H1 2019 Report Availability and webconference details

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Change in the Management of the Company

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Report according art. 82 Law 24/2017 - Agreement concluded in H2 2019 with SDTS

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Auditor Report - art. 82 Law 24/2017 - Transactions concluded in H1 2019

To:                Bucharest Stock Exchange (BVB)                       London Stock Exchange (LSE)                       Romanian Financial Supervisory Authority (ASF)   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 Exc ...

Tariffs for distribution operators - applicable starting 1 July 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. 5/2018, and the Bucharest Stock Exc ...

Announcement - Clarification ref. Court decision on Oltchim

  ANNOUNCEMENT   Considering the recently available public information regarding the appeal against the bankruptcy decision concerning the debtor OLTCHIM SA, Societatea Energetica Electrica SA informs that it filed an appeal against the sentence no. 663 / 08.05.2019 only with regard to the interim designation of the consortium consistin ...

Litigation settlement (Electrica - EFSA)

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 ...

Litigations settlement

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 ...

H1 2019 report

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Q1 2019 report

Electrica Group – Results for the first quarter of 2019   The evolution of the main indicators for the first quarter of 2019:       EBITDA – RON 74 mn, decrease of RON 117 mn as compar ...

2018 Annual report

Electrica, release of 2018 Annual Report   Starting with April 30th, 2019, 8:30 o’clock (Romanian time), the 2018 Annual report is available, in Romanian and in English, in electronic format o ...

2018 Preliminary financial results

  Preliminary Unaudited Separate and Consolidated Financial Results - 2018   In 2018, Electrica S.A. recorded an individual net profit (preliminary unaudited) of RON 298 million, represent ...

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 ...

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

ANALYST REPORT May 31, 2017

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

EL - SOCIETATEA ENERGETICA ELECTRICA 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

EL - SOCIETATEA ENERGETICA ELECTRICA 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

EL - SOCIETATEA ENERGETICA ELECTRICA 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 January 30, 2017

Romanian Utilities. Diminishing marginal utility

EL - SOCIETATEA ENERGETICA ELECTRICA S.A.

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).

ANALYST REPORT November 16, 2016

9M results are fine but Q3 wasn’t great

EL - SOCIETATEA ENERGETICA ELECTRICA S.A.

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.

ANALYST REPORT October 07, 2016

Wait and hope that FP will be bought out sooner rather than latter.

EL - SOCIETATEA ENERGETICA ELECTRICA S.A.

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.

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