The operating profit registered an increase of 22%, up to the value of RON 1.01 billion, due to the positive impact of RON 688.6 million generated by operational expenses, an impact diminished by the decrease in operating income by RON 506.4 million.
The net profit for 2023 registered an increase of RON 61.6 million lei (11%). The amount is generated mainly as a result of the performance of the distribution segment, in the context of the decrease in electricity costs for CPT coverage, as a result of the implementation of the MACEE centralized procurement mechanism.
According to it, the producers have the obligation to sell 80% of the available energy at a price of 450 lei/MWh, impact diminished by the increase in the volumes of electricity needed to cover losses in the network.
Alexandru Chirita, CEO of Electrica: "The Electrica Group has maintained a positive trajectory of its financial performance in 2023, with an EBITDA increase of over 27% and 11% higher net profit compared to the previous year. It is a team effort and I thank all my colleagues for their sustained effort. Last year also brought us other important events, such as the acceleration of initiatives in the renewable energy production segment and the launch of the corporate strategy for 2024-2030. By adopting the new strategic directions, aligned with those at the national and European level, we will play an important role in the energy transition and contribute significantly to achieving the objectives of sustainability, efficiency and innovation in the field. At the same time, we aim to ensure solid prospects for the development of the companies in the Group and to meet both the needs of our customers and the expectations of our investors and shareholders."
In the distribution segment, revenues increased by approximately RON 1.01 billion lei (or 29.9%), to RON 4.41 billion, from RON 3.39 billion in 2022, mainly from the effect generated by the increase revenues recognized in accordance with IFRIC 12 (recognized based on the stage of execution of works, according to the accounting policy regarding the recognition of revenues from construction contracts), to which the increase in distribution tariffs and the decrease in the volumes of distributed electricity were added.
Regarding the supply segment, revenues decreased in 2023 by approximately RON 905.8 million (or 11.1%), to RON 7.28 billion, from RON 8.18 billion in 2022, the variation being generated, mainly, by the decrease in the amount of electricity supplied by approximately 9.1%, as a result of the decrease in the customer portfolio, as well as the decrease in consumption at the national level (effect of electricity price increases, but also implemented energy efficiency measures).
For the supply segment, both in 2023 and 2022, the effect of retail electricity prices was covered by subsidies received from the state authorities, as a result of the application of the electricity and natural gas price ceiling mechanism, in following the application of Ordinance 27/2022, with subsequent amendments and additions. On December 31, 2023, the estimated amount for subsidies, which was to be received from the Ministry of Energy, amounted to RON 2.59 billion (December 31, 2022 - RON 1.28 billion lei), and from the County Payments Agency and Social Inspection was RON 19.0 million.
Of the amount of subsidies to be collected, the amount of RON 1.52 billion represents uncollected claims submitted to the state authorities. Worth noting for the evolution in terms of financial performance 2023 vs. 2022 is the fact that, in 2023, the capitalized CPT was approximately RON 18.6 million compared to 2022,
when a value of RON 989.3 million was recorded, the Electrica Group managing to reduce the additional costs regarding the purchase of electricity for CPT on the distribution segment.
