ESO preliminary financial results for 10 months of 2021

2021 November 30

Preliminary ESO financial data for 10 months of 2021:

 

10 months of 2021

(restated**)

10 months of 2020

(restated**)

Change
Revenue EUR 435.3million EUR 393.6million 10.6 %
Adjusted EBITDA* EUR 141.4million EUR 121.3 million 16.6 %

Positive impact on the Company’s revenue compared to the previous reporting period had cooler weather conditions – distributed natural gas volumes increased by 23,8 per cent, electricity – by 8,4 per cent compared to the respective period of 2020.Revenue of the electricity and natural gas distribution company ESO preliminary totalled EUR 435.3 million in 10 months of 2021 and increased by 10.6 percent compared to the same period of 2020, when it was EUR 393.6 million.

During 10 months of 2021, ESO generated EUR 141.4 million in adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA*), which were 16.6 percent higher compared to the same period of 2020, when this indicator totalled EUR 121.3 million. This indicator was influenced mainly as a result of higher distributed volumes compared to respective period of 2020. This effect will level off over the course of the year as annual ROI and compensated D&A are fixed for the year but allocated between the months based on distributed volumes.


*The Company’s preliminary EBITDA are reported after the adjustments made by the management by eliminating deviations in actual and regulated income and the impact of one-off factors. These adjustments are made aiming to disclose the results of the Company’s operating activities after the elimination of the impact of atypical, one-off factors or factors that are not directly related to the current reporting period. All adjustments made by the management are disclosed in the Company’s interim and annual reports.

 ** Information regarding restatement: Pursuant to the Networks Methodology update, RAB calculation method was changed from LRAIC to similar to historical cost model. Thus, ROI and D&A for 2018-2021 were recalculated based on actual historical investments (instead of the original LRAIC model, which was applied for the period 2016-2021). Recalculated difference approximately amounts to EUR 160 million which is due to be returned. According to preliminary estimate by the Group, from this amount, EUR 48 million is related to 2020 and EUR 44 million is related to 2021. From the date of the Resolution these amounts are treated as temporary regulatory differences and will have to be returned to the consumers (96 % of payable to be returned over 2032-2036), therefore Adjusted EBITDA has been recalculated retrospectively. Negative impact for Adjusted EBITDA for the period of January – October 2021 amounts to EUR 39.0 million and for the respective period of 2020 – EUR 39.3 million. The Group’s preliminary (January – October 2021) and actual (January – October 2020) result of adjusted EBITDA disclosed in this announcement is presented after assessing the impact of the factors described.

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