Q3 2024 Societatea Nationala Nuclearelectrica SA Earnings Call Transcript
Key Points
- Societatea Nationala Nuclearelectrica SA secured new loans amounting to 188 million RON for the financing of the small modular reactor project, indicating progress in their strategic initiatives.
- The company reported a significant reduction in windfall tax liabilities, decreasing from 2 billion RON to 110 million RON compared to 2023, positively impacting net profit.
- There was a 6.7% increase in EBITDA, amounting to 114 million RON, reflecting improved operational efficiency.
- The company has successfully completed the second phase of the unit refurbishment project, with a long-term framework agreement valued at EUR 240 million, marking a significant milestone.
- Societatea Nationala Nuclearelectrica SA has achieved 100% internal production of nuclear fuel bundles, reducing dependency on external suppliers and enhancing supply chain security.
- The company experienced a 35% reduction in net profit over the first nine months of 2024, primarily due to a 40.9% decrease in revenues from energy sales.
- There was a notable increase in electricity costs due to higher costs in the balancing market, resulting from plant outages, impacting financial performance.
- Personnel costs increased by 40 million RON due to higher salaries and employee incentives, adding pressure to operating expenses.
- The cost of uranium increased by almost 17%, and repairs and maintenance costs rose by 33%, contributing to higher operational costs.
- The company faced challenges in the sales mix due to regulatory changes, leading to a temporary shift towards short-term market sales, which affected revenue stability.
Okay, it's 4:00. Hi everyone again. My name is Valentina Dinu. I am IE at Nuclearelectrica and today investors call is actually for the financial results for the third quarter of 2024. We are going to proceed with the presentation of these financial results. And for this Mr. Daniel Adam, CFO of the company is here to provide you with the presentation and then you can ask whatever questions you find necessary. So Daniel de Floor is yours. Thank you.
Thank you very much. Hello everybody. I'm going to add them the CFO of the company, the new CFO of the company. And we will start with the financial highlights for the first nine months of 2024.
As you can see on no current assets.
We have a upper variation mainly due to the new loans for all of our nuclear 188 million. Run this loan was granted for the financing of the front end engineering and design
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