In the first nine\nmonths ended on September 2019, SNN registered a net profit of 415.946 Thousand\nlei, 29,6% higher than the same period of last year. EBIT increased by 36,3%, while\nEBITDA increased by 17,3% compared to the similar period of last year, mainly\nas a result of 15% higher operation revenues influenced by the 16,6% increase\nin sales.<\/p>\n\n\n\n
\u201cThe\nfinancial results for the first nine months of 2019 registered a 29,6% increase\ncompared to the same period of 2018 and a net profit of 415 million lei, result\nwhich will have a positive impact on the company\u2019s shareholders and investors\nalso. The investment completion degree has increased, for the same period, from\n47% in 2018 to 70% in 2019, which means that the schedule, the implementation\nstages and the budget related to the current investments, in nuclear security,\nand major, the refurbishment of Unit 1 and the tritium removal installation\nwere met. As for the nuclear security level, SNN is internationally rated with\nthe level of excellence due to the usage factor of the installed power of the\ntwo units and to the maintenance and investment programs. SNN\u2019s share price\nregistered an ascending trend, being the company with the highest BET\nperformance for a long period of time. SNN does its job responsibly.\u201d <\/em>\u2013 Cosmin\nGhita, General Manager.<\/p>\n\n\n\n *Electricity\nproduced and delivered by Cernavoda NPP in the National Energy System.\n**Including revenues from the sale of thermal energy, insignificant in the\ntotal revenues. *** Excerpted from the Interim Individual Simplified Unaudited\nFinancial Statements as at and for the nine month period ended on September 30,\n2019<\/p>\n\n\n\n The\nOperational profit (EBITDA) increased by 17.3% as compared to the same period\nof the previous year, mainly following the increase of operational revenues by\n15%, influenced by the increase by 16,6% of the revenues from the sale of\nelectricity. <\/p>\n\n\n\n The operating\nincome increased by 15%, determined by the 17% increase in the weighted average\nprice of the electricity sold during the period January 1 – September 30, 2019,\nas compared to the weighted average price in the same period of 2018,\nconsidering the sale of a total quantity of electricity during the period\nJanuary 1 – September 30, 2019 similar to the total quantity sold during the\nperiod January 1 – September 30, 2018 (only 1% decrease). As compared to the\nsame period of the previous year, the quantity of electricity sold on the\ncompetition market of bilateral contracts decreased by 2%, and benefited from\nan increase of the average sale price on this market by 16% (price without Tg),\nwhile the electricity quantity sold on the spot market (PZU) decreased by 33%,\nconsidering an average sale price on this market higher by 32% (price without\nTg) was registered.<\/p>\n\n\n\n Also, in the\n9-months period that ended on September 30, 2019, the Company sold\napproximately 7.4% of the energy on the regulated market (the Company did not\nsell energy on the regulated market in the 9-months period that ended as of\nSeptember 30, 2018), at regulated price. For the year 2019, in order to comply\nwith the provisions of the Government Emergency Ordinance no. 114\/28.12.2018,\nANRE issued Decision no. 326\/2019, by which it established a quantity of energy\nto be sold by SNN on regulated contracts of 1,377 GWh (out of which 558.9 GWh\nfor the period January 1 – September 30, 2019), and for the following years,\nthe sales obligations based on regulated contracts for SNN to be set at a\nmaximum level of 65% of the amount of electricity delivered. Also, ANRE\nestablished by said Decision the regulated price that must be used in 2019,\ni.e. 188.33 RON\/MWh, value which does not include the tariff for electric\nenergy transmission service paid to Transelectrica S.A. for the introduction of\nelectricity in the electricity transmission network.<\/p>\n\n\n\n Sales\n(quantities, price and values) during January 1-September 30, 2019<\/strong><\/p>\n\n\n\n The gross production of electricity\nof the two operational units of Cernavoda NPP was 8,214,746 MWh over the period\nJanuary 1 – September 30, 2019 (of which 2,846,955 MWh in the 3rd quarter of\n2019); from this gross production, the own technological consumption of the\nUnits during operation, and during the outages ensured from own production was\nof 691 thousand MWh over the period January 1 – September 30, 2019 (of which\n242 thousand MWh in the 3rd quarter of 2019).<\/p>\n\n\n\n Electric power sales\n(quantities, prices and values) over the period January 1 – September 30, 2019<\/strong><\/p>\n\n\n\n *) NB: RON 148,897\nof the value presented represents redistributed revenues resulted from the\nbalancing of the system, based on the application of ANRE Order no. 76\/2017 and\nANRE Order no. 31\/2018.<\/p>\n\n\n\n During the period January 1 –\nSeptember 30, 2019, the energy quantities sold based on contracts concluded on\nthe regulated market were compliant with ANRE Decision no. 326\/25.02.2019. ANRE\nestablished a regulated price for SNN of RON 188.33 \/MWh (without Tg).<\/p>\n\n\n\n The electricity quantities sold on\nthe competitive market of bilateral contracts represented over the period\nJanuary 1 – September 30, 2019, a percentage rate of 80.8% out of the total\nvolume of the sold electric power. The average sale price on bilateral\ncontracts over the period January 1 – September 30, 2019 was 230.14 RON\/MWh\n(with Tg included), recording an increase of 16.1% as compared to the average\nprice recorded over the same period of 2018, of 198.28 RON\/MWh (with included\nTg); given the fact that the values of the electric power input transport fee\nin the Tg network were the following: RON 1.05 \/MWh for the period July 1, 2017\n– June 30, 2018, according to ANRE Order no. 48\/22.06.2017 and RON 1.18 \/MWh for\nthe period July 1, 2018 – September 30, 2019, according to ANRE Order no.\n108\/20.06.2018.<\/p>\n\n\n\n On the spot market (PZU),\nover the period January 1 – September 30, 2019, a quantity of electricity\nrepresenting 11.8% of the total sales volume was sold, compared to the\npercentage share of 17.4% recorded over the same period of 2018. The energy\naverage selling price on the spot market (PZU) achieved by SNN over the period\nJanuary 1 – September 30, 2019 was of RON 228.62\/MWh (with Tg included), as\ncompared to RON 173.97\/MWh (with Tg included) recorded over the same period of\n2018.<\/p>\n\n\n\n The difference between the\nelectricity sold by the Company and the electricity produced and delivered by\nCNE Cernavoda (301 thousand MWh) is represented by the electricity purchased for\nthe full coverage of the contractual obligations, an electricity quantity that\nwas purchased 52% from the spot market, 36% from the Centralized Markets, and\nthe rest from PE.<\/p>\n\n\n\n The revenues obtained from the\nelectricity market related to electricity deliveries over the period January 1\n– September 30, 2019 are of RON 1,775,339,942 (of which RON 148,897 represent\nredistributed revenues resulted from balancing the system, based on the\napplication of ANRE Order no. 76\/2017, ANRE Order no. 31\/2018), 0.76% higher\nthan the budget revenues over the period January 1 – September 30, 2019, and\n16.5% higher than the revenues in the same period of the previous year,\nrespectively.<\/p>\n\n\n\n According to the sales strategy, 9\ncontracts for purchase on the Centralized Markets were concluded between August\n2018 and April 2019, for a constant power of 145 MWh, with delivery in May\n2019, at an average price of 210.93 RON\/MWh which partially covered the sale\nobligations assumed by the contracts whose average weighted price in May 2019\nwas 216.03 RON\/MWh.<\/p>\n\n\n\n The average weighted sale price,\nfor the electricity quantities sold (without the resulted market and PE),\nresulted over the period January 1 – September 30, 2019, is of 229.95 RON\/MWh\n(including Tg). For comparison, the weighted average price of all the\ntransactions performed on the markets on which SNN operated over the period\nJanuary 1 – September 30, 2019 (PCCB – 5 LE, PCCB – NC, PCSU and PZU),\ncalculated based on the values published by OPCOM in the monthly market\nreports, is of RON 240.29\/MWh. Over the same period of 2018, the average\nweighted sale price, for the energy quantities sold (without PE) was RON\n194.07\/MWh (including Tg).<\/p>\n\n\n\n Investments\nexecution on September 30, 2019<\/strong><\/p>\n\n\n\n The total value of the investment\nprogram of SNN for 2019 is 256,548 thousand RON (without the component\nallocated to the payment of the debt service related to long-term loans), a\nprogram approved by Resolution no. 6\/20.05.2019 of the Ordinary General\nAssembly of Shareholders of SNN, as part of the Revenues and Expenses Budget\n(“BVC”) of SNN for 2019.<\/p>\n\n\n\n As in the previous years,\nNuclearelectrica S.A. structured its investment development program on\nobjectives defined in relation to the needs of the production branches\n(Cernavoda NPP and Pitesti NFF), so as to achieve a high level of utilization\nof the production capacity (EAF Energy Availability Factor) in compliance with\nthe nuclear safety norms and the long-term maintenance of the level of\nexcellence in the operation of the plant. At the same time, the goal of the\ndevelopment program is to cover the necessity to upgrade\/refurbish certain\nsystems, for economic reasons (specific consumption reductions, improvement of\ncertain parameters related to served processes, with a positive impact on\nefficiency), and legal ones \u2013 the need to implement upgrades associated with\nnuclear security, environment protection and labor security, representing\nimperative requirements from the regulatory authorities in the field.<\/strong><\/p>\n\n\n\n The investment program of SNN for\n2019 annexed to BVC was value-sized by considering the ongoing contractual\ncommitments, the estimates regarding the investment objectives to be made,\nincluding amounts allocated to investment projects for which the fulfillment of\ncertain requirements outside the control of SNN is anticipated (e.g. prior\napprovals of regulation authorities, legal terms regarding the completion of\npublic tender procedures, including appeals, obtaining the necessary approvals\nfrom SNN corporate bodies, etc.), in order to allow the implementation of these\nprojects by fitting into the approved budget values.<\/p>\n\n\n\n The comparative situation of the\ninvestment accomplishments (value and percentage) for January 1 – September 30,\n2019 compared to the same period of 2018 is presented in the table below:<\/p>\n\n\n\n Cosmin Ghita <\/strong><\/p>\n\n\n\n Chief Executive Officer <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" In the first nine months ended on September 2019, SNN registered a net profit of 415.946 Thousand lei, 29,6% higher than the same period of last year.<\/p>\n","protected":false},"author":2,"featured_media":30294,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[260,262],"tags":[],"class_list":["post-30355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media-en","category-press-releases"],"_links":{"self":[{"href":"https:\/\/nuclearelectrica.ro\/snn\/wp-json\/wp\/v2\/posts\/30355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nuclearelectrica.ro\/snn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nuclearelectrica.ro\/snn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nuclearelectrica.ro\/snn\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nuclearelectrica.ro\/snn\/wp-json\/wp\/v2\/comments?post=30355"}],"version-history":[{"count":1,"href":"https:\/\/nuclearelectrica.ro\/snn\/wp-json\/wp\/v2\/posts\/30355\/revisions"}],"predecessor-version":[{"id":43833,"href":"https:\/\/nuclearelectrica.ro\/snn\/wp-json\/wp\/v2\/posts\/30355\/revisions\/43833"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nuclearelectrica.ro\/snn\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/nuclearelectrica.ro\/snn\/wp-json\/wp\/v2\/media?parent=30355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nuclearelectrica.ro\/snn\/wp-json\/wp\/v2\/categories?post=30355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nuclearelectrica.ro\/snn\/wp-json\/wp\/v2\/tags?post=30355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n Indicator <\/strong>\n [thousand RON]<\/strong>\n <\/td> \n 9-month\n period ended on September 30, 2019 (unaudited)<\/strong>\n <\/td> \n 9-month\n period ended on September 30, 2018 (unaudited)<\/strong>\n <\/td> \n Variation<\/strong>\n <\/td><\/tr> \n Production\n (GWh)*\n <\/td> \n 7.524\n <\/td> \n 7.640\n <\/td> \n (1,5%)\n <\/td><\/tr> \n Operating\n income, out of which:\n <\/td> \n 1.810.218\n <\/td> \n 1.574.294\n <\/td> \n 15,0%\n <\/td><\/tr> \n Income\n from electricity sales**\n <\/td> \n 1.771.356<\/em>\n <\/td> \n 1.519.372<\/em>\n <\/td> \n 16,6%<\/em>\n <\/td><\/tr> \n Operating\n expenses, minus impairment and depreciation\n <\/td> \n (873.954)\n <\/td> \n (776.293)\n <\/td> \n 12,6%\n <\/td><\/tr> \n EBITDA<\/strong>\n <\/td> \n 936.264<\/strong>\n <\/td> \n 798.001<\/strong>\n <\/td> \n 17,3%<\/strong>\n <\/td><\/tr> \n Impairment\n and depreciation\n <\/td> \n (415.582)\n <\/td> \n (416.129)\n <\/td> \n (0,1%)\n <\/td><\/tr> \n EBIT<\/strong>\n <\/td> \n 520.682<\/strong>\n <\/td> \n 381.872<\/strong>\n <\/td> \n 36,3%<\/strong>\n <\/td><\/tr> \n Net\n financial result\n <\/td> \n (4.704)\n <\/td> \n 17.996\n <\/td> \n n\/a\n <\/td><\/tr> \n Net\n corporate tax expense\n <\/td> \n (100.032)\n <\/td> \n (78.872)\n <\/td> \n 26,8%\n <\/td><\/tr> \n Net\n profit\n <\/td> \n 415.946<\/strong>\n <\/td> \n 320.996<\/strong>\n <\/td> \n 29,6%<\/strong>\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n \n Sales\n by types<\/strong>\n <\/td> \n Quantities\n in MWh<\/strong>\n <\/td> \n %\n of total sales<\/strong>\n <\/td> \n Average\n price [Ron\/MWh with Tg included]<\/strong>\n <\/td> \n Revenues\n from sales [Ron]<\/strong>\n <\/td><\/tr> \n Sales\n on the regulated market\n <\/td> \n 558.540\n <\/td> \n 7,1%\n <\/td> \n 189,51\n <\/td> \n 105.848.909\n <\/td><\/tr> \n Sales\n on the free market (bilateral contracts and PZU sales), out of which:\n <\/td> \n 7.244.206\n <\/td> \n 92,6%\n <\/td> \n 229,25\n <\/td> \n 1.665.804.607\n <\/td><\/tr> \n –\n Sales on PCCB – LE, PCCB – NC, PCSU, PC – OTC contracts and supply contracts\n <\/td> \n 6.323.345\n <\/td> \n 80,8%\n <\/td> \n 230,14\n <\/td> \n 1.455.274.403\n <\/td><\/tr> \n –\n PZU sales\n <\/td> \n 920.861\n <\/td> \n 11,8%\n <\/td> \n 228,62\n <\/td> \n 210.530.204\n <\/td><\/tr> \n PE\n positive imbalances*)\n <\/td> \n 21.750\n <\/td> \n 0,3%\n <\/td> \n 169,49\n <\/td> \n 3.686.426\n <\/td><\/tr> \n Total\n sales January 1 – September 30, 2019\n <\/td> \n 7.824.496<\/strong>\n <\/td> \n 100%<\/strong>\n <\/td> \n 226,90<\/strong>\n <\/td> \n 1.775.339.942<\/strong>\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n \n Year<\/strong><\/strong>\n <\/td> \n Value\n of the investment program [thousand RON]<\/strong><\/strong>\n <\/td> \n Performed\n (01.01 – 30.09) [thousand RON]<\/strong><\/strong>\n <\/td> \n Achievement\n level (01.01 – 30.09) (%)<\/strong><\/strong>\n <\/td><\/tr> \n 2019\n <\/td> \n 256.548\n <\/td> \n 178.370\n <\/td> \n 69,5%\n <\/td><\/tr> \n 2018\n <\/td> \n 244.867\n <\/td> \n 116.626\n <\/td> \n 47,6%\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n