“Exploitation revenues decreased slightly to RON3.2 billion in 2017 from RON3.3 billion in 2016, due to fluctuating energy prices, and the company’s EBITDA grew significantly, from 67% to 69%, and we turned a net profit of RON1.36 billion – an all-time high,” said Hidroelectrica general manager Bogdan Badea.
“The first quarter of 2018 was really good as well, with EBITDA at 74% and a profit margin of 50%, with a net profit of RON485 million,” Badea told a news conference Monday.
He said results were due to better resource management and more efficient maintenance schedules.
Also, starting 2018, Hidroelectrica no longer sells electricity at regulated prices after delivering 1.13 TWh of electricity in 2017 at regulated prices. The company has secured deliveries for 2019 and even 2020, in line with its strategy to sell more electricity in advance to ensure price stability.
Hidroelectrica decided to distribute 90% of its 2017 profit as dividends.
The company plans to invest EUR109.19 million this year.
Hidroelectrica is 80.06% owned by the Romanian state and investment fund Fondul Proprietatea owns the remaining 19.94%. The government had planned to float the company on the stock exchange but the company went insolvent and no action has been taken in view of listing since it exited insolvency in 2016.