Transelectrica SA
Transmission and System Operator
of the Romanian Electrical Power System
We lead the power
Financial results
9M2021
(01.01.2021 - 30.09.2021)
unconsolidated accounts
Results 1H2021
Purpose, disclaimer and other cautionary statements
DOCUMENT PURPOSE:
This presentation has been prepared with the sole intention to facilitate the understanding of Transelectrica's operational and financial results by the general investing public (shareholders. creditors. analysts. financial media). Therefore it is of a purely informative nature. This presentation is not an offer. invitation or a recommendation to trade in securities issued by the Company. The detailed financial statements and the full report prepared in accordance with capital market regulations are available online at www.transelectrica.ro.
FINANCIAL NUMBERS:
reporting period: | 1st January 2021 - 30th September 2021 |
reporting standard: | International Financial Reporting Standards (IFRS) |
basis/scope: | standalone (unconsolidated) |
external audit: | not audited by external auditor |
rounded numbers: | for the ease of reading, certain figures used in this presentation (tables and charts) are displayed in millions and rounded to such |
unit or to one or two decimals. In some cases this led to minor differences between totals and the sum of the individual elements | |
thereof (rounding errors) |
REGULATED TARIFFS:
For year-over-year comparability purposes, in this presentation the streams of income generated from two regulated tariffs in the year 2020 i.e. transmission tariff and dispatching tariff, are presented cumulatively as a single stream of income i.e. transmission. Starting 1-Jan-2021 the two regulated tariffs i.e. transmission tariff and dispatching tariff, merged into a single tariff i.e. transmission tariff.
LANGUAGE DISCLAIMER:
This document represents the English-language version of the original Romanian-language document. The English version has been created for English readers' convenience. Reasonable efforts have been made to provide an accurate translation. however. discrepancies may occur. The Romanian version of this document is the original official document. If any questions arise related to the accuracy of the information contained in the English version. please refer to the Romanian version of the document.
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Results 1H2021 | Agenda |
Agenda:
92021 results
- Key numbers
- Operational results
- Financial results
- Investment
Q&A
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Results 1H2021 | Highlights |
Financials | 9M y/y | 3Q y/y | 2Q y/y | 1Q y/y | |||
• Revenues [mil lei] | 2,282 ▲ | 37% | 860 ▲ 50% | 695 ▲ 43% | 726 | ▲ 20% | |
• EBITDA [mil lei] | 296 ▼ | 26% | 43 ▼ 65% | 94 ▼ 21% | 160 | ▼ | 2% |
• Net income [mil lei] | 81 ▼ 47% | 24 ▼ n/m | 22 ▼ 42% | 82 | ▲ | 6% |
Higher revenues (profit-allowed +9%, pass-through +69%)
Lower EBITDA (profit-allowed-18%,pass-through - 61%)
Lower after-tax profit
Operational | 9M y/y | 3Q y/y | 2Q y/y | 1Q y/y | ||
• | Consumption* [TWh] | 43.37▲6.0% | 14.10▲2.6% | 13.81▲12.5% | 15.46▲3.7% | |
• Production* [TWh] | 42.41▲8,2% | 12.98▼1.2% | 14.24▲22.4% | 15.19▲5.4% | ||
• | Imp/Exp net [TWh] | +0.96▼ 45% | +1.12 85% | -0.43 | n/m | +0.27▼ 44.8% |
Full post-Covid recovery of local electricity demand
Sizeable increase in electricity production
Net import
*consumption/generation numbers do not include power plants' own electricity consumption. Consumption includes (i) consumption for hydro pumped storage. and (ii) energy losses in transmission and distribution networks. Cross-border net flow is calculated based on physical flows (export-import) aggregated across borders
Regulatory framework
- Profit-allowedsegment:
Starting 1-Jan-2021 the two regulated tariffs i.e. transmission tariff and dispatching tariff merged into a single tariff i.e. transmission tariff
- Pass-throughsegment - balancing process with two sub-processes i.e. capacity (stand-by reserve) and energy:
Stand-by balancing back-up capacity services (balancing capacity services): lower y/y gain in 9M2021 driven by the tariff cut as of 1-March 2021
Energy balancing services: temporary gain in 9M2021 (Feb-Jun) due to new settlement rules in place since 1-Feb-2021 (balancing financial neutrality to be achieved under a new cross-segment framework i.e. any balancing gains/losses to be offset over the next year(s) by adjustments to the transmission tariff)
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Results 1H2021 | Highlights | operational trends |
Domestic demand - post-Covid19 full recovery in 9M2021 (+6% y.o.y.)
Domestic production - increase in 9M2021 (+8.2% y.o.y.)
CONSUMPTION | 2020 | 2021 | |||||||
9M | +6.0% | ||||||||
TWh | 1Q +3.7% 2Q +12.5% 3Q +2.6% | ||||||||
6,0 | |||||||||
5,5 |
5,0
4,5
4,0
3,5
0,0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021/2020 +1,1% +0,9% +9,4% +21,6% +9,7% +6,9% +6,5% +2,7% -1,5%
PRODUCTION | 2020 | |||||||||||
2021 | ||||||||||||
9M | +8.2% | |||||||||||
TWh | 1Q +5.4% | 2Q +22.4% 3Q -1.2% | ||||||||||
6,0 | ||||||||||||
5,0 | ||||||||||||
4,0 | ||||||||||||
0,0 | Jan | Feb | Mar | Apr May | Jun | Jul | Aug | Sep | Oct | Nov Dec | ||
2021/2020 | +4% | +5% | +7% +21% +26% +21% +7% | -5% | -6% | |||||||
NET IMPORT | 2020 | |||||||||||
2021 | ||||||||||||
IMPORT | ||||||||||||
TWh | 1,0 | 1Q -45% | 2Q n/a | 3Q 85% | ||||||||
0,5 | (+) | |||||||||||
(−) | | ||||||||||||
0,0 | ||||||||||||
2021/2020 | -63% | -71% | n/a | +45% n/a | n/a -8% n/a +90% | EXPORT | ||||||
-0,5 | ||||||||||||
Jan Feb Mar | Apr May | Jun | Jul | Aug | Sep | Oct | Nov Dec |
Consumption and generation numbers do not include power plants' own electricity consumption. Consumption includes (i) energy losses in transmission and distribution networks. and (ii) consumption for hydro pumped storage. Cross-border net flow is calculated based on physical flows (import-export).
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Disclaimer
TRANSELECTRICA - Compania Nationala de Transport al Energiei Electrice SA published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 09:36:05 UTC.