The Preliminary Unaudited Individual Financial Statements as at and for the financial year ended at 31 December 2016

15 Feb
relatia-investitorii

The Preliminary Unaudited Individual Financial Statements as at and for the financial year ended at 31 December 2016

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The Preliminary Unaudited Individual Financial Statements as at and for the financial year ended at 31 December 2016

 

Societatea Nationala Nuclearelectrica S.A. (“SNN”) informs the shareholders and investors on the availability of the Preliminary Unaudited  Individual Financial Statements as at and for the financial year ended at 31 December 2016, starting with February 15th, 2017, as follows:

 

– At S.N. Nuclearelectrica S.A. Headquarters, 65 Polona Street, District 1, Bucharest;

– Electronically on the company’s website, in the “Investor Relations – 2016 Financial Results” section (www.nuclearelectrica.ro).

 

Main results

 

Indicators (thousand. lei)*) 2016 2015 Var %
Operating revenues, out of which: 1.680.216 1.782.998 -6%
   Revenues from the sale of electricity 1.620.765 1.673.422 -3%
Operating expenses (1.047.409) (1.129.096) -7%
EBITDA 632.807 653.902 -3%
Depreciation and amortization (474.780) (493.762) -4%
EBIT 158.027 160.139 -1%
Net finance Revenues/(Expenses) (28.990) 18.185 n/a
Income tax expense (20.369) (29.180) -30%
Net profit 108.668 149.144 -27%

 

*) extract from the preliminary unaudited individual financial statements as at and for the financial year ended at 31 December 2016

 

In the first semester of 2016, SNN’s management decided to implement a series of complex investment works at Cernavoda NPP Unit 1, which are performed only once in the initial lifetime of a nuclear unit with the estimated result of at least maintaining the high capacity factor and an increase in production on the average term of 1,5-2%. The preliminary analysis of these investments took into consideration the maintenance and even, the increase of the production capacity in the context of the low energy price for 2016. In order to perform these investment works, the duration of the planned outage of Cernavoda NPP Unit 1 was extended from the normal duration of approximately 30 days to 50 days, which determined a decrease of 3% in the quantity of sold electricity and implicitly, a decrease in revenues of 3%. The decrease by 3% of the revenues from the sale of electricity, due to the extended outage period, corroborated with the decrease of the energy transport tariff (Tg) as per ANRE decisions, determined a decrease in operating revenues of 6% compared to 2015.

Even in this context, the operating profit for 2016 was of 158.027 thousand lei, similar to 2015 (160.139 thousand lei), registering a decrease of only 1%.

Thus, the difference between the net profit for 2016 and for 2015 is determined by the negative influence of the variations of the foreign exchange rates (EUR, USD, CAD mainly), thus in 2016 a negative financial result was registered, compared to 2015, when a positive financial result was recorded.

The net profit registered in 2016 is of 108.668 thousand lei, decreasing with 27% compared to 2015, mainly due to the impact of the negative financial result.

The company’s available cash  (bank deposits and bank accounts) at 31 December 2016 is of 1.508.788 thousand lei, registering an increase of 11% compared to the level registered at 31 December 2015 (1.361.218 thousand lei), while the borrowings balance (long term and current portion of long term borrowings) is of 1.308.891 thousand lei at 31 December 2016 compared to 1.481.654 thousand lei at 31 December 2015, thus the net cash position at 31 December 2016 is of 199.896 thousand lei, increasing compared to the  2015 position of minus 120.436 thousand lei.

 

Click here to view the preliminary unaudited individual financial statements.

 

 

Daniela Lulache                                                                                             

 

CEO                                                                                                                                       

 

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