Operating income dropped by 3.7% to RON13.3 billion, while expenses reached RON12.3 billion, down 5.3%. At RON1 billion, operating profit rose by 22% year-on-year, while EBITDA climbed by 27.1% to RON1.73 billion.
The company’s shares have added 31.5% in the past year amid RON292.6 million deals and RON4.1 billion capitalization.
The 2023 profit was generated mainly by the performance of of the distribution segment in the context of decreasing electricity costs to cover NL, as a result of the implementation of the MACEE centralized purchase mechanism, according to which the producers have the obligation to sell 80% of the available energy at a price of 450 RON/MWh, impact diminished by the increase in the volumes of electricity needed to cover losses in the network.
On distribution segment, revenues increased by approximately RON1,014.8 million, or 29.9%, to RON4,411.5 million, from RON3,396.6 million in 2022 mainly due to the increase in revenues recognized under IFRIC 12 (recognized based on the stage of execution of the works, according to the accounting policy regarding the recognition of income from construction contracts), to which was added the increase in distribution tariffs as well as the decrease in volumes of electricity distributed.
(English version by Catalina Apostoiu)