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    TEL   ROTSELACNOR9

CNTEE TRANSELECTRICA SA

(TEL)
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CNTEE Transelectrica : Prezentarea rezultatelor financiare aferente semestrului I 2021

08/13/2021 | 03:51am EDT

Transelectrica SA

Transmission and System Operator

of the Romanian Electrical Power System

We lead the power

Financial results

1H2021

(01.01.2021 - 30.06.2021)

unconsolidated accounts

Results 1H2021

Purpose, disclaimer and other cautionary statements

DOCUMENT PURPOSE:

This presentation has been prepared with the sole intention to facilitate the understanding of Transelectrica's operational and financial results by the general investing public (shareholders. creditors. analysts. financial media). Therefore it is of a purely informative nature. This presentation is not an offer. invitation or a recommendation to trade in securities issued by the Company. The detailed financial statements and the full report prepared in accordance with capital market regulations are available online at www.transelectrica.ro.

FINANCIAL NUMBERS:

reporting period:

1st January 2021 - 30th June 2021

reporting standard:

International Financial Reporting Standards (IFRS)

basis/scope:

standalone (unconsolidated)

external audit:

not audited by external auditor

rounded numbers:

for the ease of reading. certain figures used in this presentation (tables and charts) are displayed in millions and rounded to such

unit or to one or two decimals. In some cases this led to minor differences between totals and the sum of the individual elements

thereof (rounding errors)

REGULATED TARIFFS:

For year-over-year comparability purposes, in this presentation the streams of income generated from two regulated tariffs in the year 2020 i.e. transmission tariff and dispatching tariff, are presented cumulatively as a single stream of income i.e. transmission. Starting 1-Jan-2021 the two regulated tariffs i.e. transmission tariff and dispatching tariff, merged into a single tariff i.e. transmission tariff.

LANGUAGE DISCLAIMER:

This document represents the English-language version of the original Romanian-language document. The English version has been created for English readers' convenience. Reasonable efforts have been made to provide an accurate translation. however. discrepancies may occur. The Romanian version of this document is the original official document. If any questions arise related to the accuracy of the information contained in the English version. please refer to the Romanian version of the document.

2

Results 1H2021

Agenda

Agenda:

1H2021 results

  • Key numbers
  • Operational results
  • Financial results
  • Investment

Q&A

3

Results 1H2021

Highlights

Financials

1H y/y

2Q y/y

1Q y/y

• Revenues [mil lei]

1,422

30%

695

43%

726

20%

• EBITDA [mil lei]

253

10%

94

21%

160

2%

• Net income [mil lei]

104

10%

22

42%

82

6%

Higher revenues (profit-allowed +9%, pass-through +55%)

Lower EBITDA (profit-allowed-9%,pass-through-13%)

Slightly lower after-tax profit

Operational

1H y/y

2Q y/y

1Q y/y

Consumption* [TWh]

29.21

7.5%

13.75

12.1%

15.43

3.5%

• Production* [TWh]

29.37

12.8%

14.18

22.2%

15.16

5.2%

Imp/Exp net [TWh]

-0.16

n/m

-0.43

n/m

+0.27

44.8%

Full post-Covid recovery of local electricity demand

Sizeable increase in electricity production

Back to net export

*consumption/generation numbers do not include power plants' own electricity consumption. Consumption includes (i) consumption for hydro pumped storage. and (ii) energy losses in transmission and distribution networks. Cross-border net flow is calculated based on physical flows (export-import) aggregated across borders

Regulatory framework

  • Profit-allowedsegment:

Starting 1-Jan-2021 the two regulated tariffs i.e. transmission tariff and dispatching tariff merged into a single tariff i.e. transmission tariff

  • Pass-throughsegment - balancing process with two sub-processes i.e. capacity (stand-by reserve) and energy:

Stand-by balancing back-up capacity services (balancing capacity services): lower y/y gain in 1H2021 driven by the tariff cut as of 1-March 2021

Energy balancing services: temporary gain in 1H2021 due to new settlement rules in place since 1-Feb-2021 (balancing financial neutrality to be achieved under a new cross-segment framework i.e. any balancing gains/losses to be offset over the next year(s) by adjustments to the transmission tariff)

4

Results 1H2021

Highlights | operational trends

Domestic demand - post-Covid19 full recovery in 1H2021 (+7.5% y.o.y.)

Domestic production - increase in 1H2021 (+12.8% y.o.y.)

PRODUCTION

2020

CONSUMPTION

2021

2020

2021

1H

+12.8%

1Q +5.4%

2Q +22.0%

1H

+7.5%

TWh

6,0

5,0

1Q +3.7% 2Q +12.1%

TWh

4,0

6,0

0,0

Jan

Feb

Mar

Apr May

Jun

Jul

Aug Sep

Oct

Nov Dec

5,5

2021/2020

+4%

+5%

+7%

5,0

2020

NET IMPORT

4,5

2021

TWh

4,0

1Q -45%

2Q n/a

IMPORT

3,5

1,0

0,5

(+)

() |

0,0

Jan Feb Mar

Apr May Jun

Jul

Aug

Sep

Oct

Nov

Dec

0,0

EXPORT

-0,5

2021/2020

+1.1% +0.9% +9.4% +21.6% +9.7% +5.5%

Jan

Feb

Mar

Apr May

Jun

Jul

Aug Sep

Oct Nov Dec

2021/2020

-63%-71% +787% +45% n/a

n/a

Consumption and generation numbers do not include power plants' own electricity consumption. Consumption includes (i) energy losses in transmission and distribution networks. and (ii) consumption for hydro pumped storage. Cross-border net flow is calculated based on physical flows (import-export).

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

TRANSELECTRICA - Compania Nationala de Transport al Energiei Electrice SA published this content on 13 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2021 07:50:03 UTC.


© Publicnow 2021
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Sales 2021 2 428 M 575 M 575 M
Net income 2021 47,9 M 11,3 M 11,3 M
Net cash 2021 317 M 74,9 M 74,9 M
P/E ratio 2021 38,8x
Yield 2021 2,20%
Capitalization 1 862 M 438 M 441 M
EV / Sales 2021 0,64x
EV / Sales 2022 0,62x
Nbr of Employees 2 820
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CNTEE Transelectrica SA Technical Analysis Chart | TEL | ROTSELACNOR9 | MarketScreener
Technical analysis trends CNTEE TRANSELECTRICA SA
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus SELL
Number of Analysts 3
Last Close Price 25,40 RON
Average target price 21,40 RON
Spread / Average Target -15,7%
EPS Revisions
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Claudia Gina Anastase Chairman-Executive Board
Mircea Gheorghe Dumitru Cosea Chairman-Supervisory Board
Mitrica Alin-Sorin Member-Supervisory Board
Adrian Mitroi Member-Supervisory Member
Constantin Dumitru Member-Supervisory Board
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