Q2 2024 Societatea Nationala Nuclearelectrica SA Earnings Call Transcript
Key Points
- Current liabilities decreased by 34% mainly due to the reduction of the windfall tax.
- Revenue is higher by 5% than the budgeted level, indicating better-than-expected performance.
- Operational costs are 8.5% lower than budgeted, contributing to a higher EBITDA by 90% and net profit by 30% than budgeted levels.
- The company completed a framework agreement for the refurbishment of Unit 1 with an estimated value of approximately EUR240 million.
- The European Commission issued a positive opinion on the Units 3 and 4 project, reflecting favorable assessment on technical and nuclear safety aspects.
- Net profit for the first six months of 2024 decreased by 35% compared to the same period in 2023.
- Revenue from energy sales decreased significantly, with a net impact on profit decreasing by RON229 million.
- There was an increase in other operating expenses by RON57.8 million due to higher technological water prices.
- Traded electricity costs increased due to negative prices on the balancing market, impacting costs by RON107.6 million.
- The average selling price of electricity decreased by 43%, significantly affecting revenue from the competitive market.
So the recording has started. Hello, everyone. My name is Valentina Dino. I am IRO with Nuclearelectrica. And today conference call address is the first half financial results of Nuclearelectrica. CFO of the company, my colleague, Vasile Dascalu, is going to deliver the presentation. And then you can go straight to questions and answers.
This being said, Vasile, the floor is yours. Thank you.
Thank you, Valentina. Hello, everybody. The today presentation will include the financial position of end of June 2024; the income statement for six months 2024 versus six months 2023; net result evolution, income statement, actual versus budgeted, information regarding OPEX, sales of electricity, sales structure analysis, information regarding CapEx, technical performance indicators.
Regarding the company's financial position at the end
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