The Electrica Group recorded in 2016 an operating profit of 586 million lei, which represents an increase of 3% compared to 2015, according to a press release issued to energynomics.ro.

Electrica Group’s total operating revenues in 2016, amounting to 5.761 million lei, increased by 47 million lei compared to 2015. “This increase in revenue is due, mainly, of the gain resulting from the deconsolidation of Servicii Energetice Moldova as a result of the restructuring measures of the unprofitable activities within the group”, reads the release.

On the supply segment, the net revenues decreased by 2.7% as a result of the decrease by 4.7% of the average selling price. Regarding the distribution segment, even amid the increasing by 2.6% in the quantities distributed, the revenues decreased by 4.4%, given the decrease in the average tariffs of the three operators within the group.

The cost of purchasing electricity was the major cost at group level, representing 49.9% from revenue in 2016, and 49.4% in 2015. The expenditure for acquiring electricity at group level increased by 37 million lei or 1.4%, at 2.756 million lei in 2016, from 2.719 million lei in 2015. The increase is resulting mainly from the increased quantities supplied, respectively distributed. In the same period, the salaries and employee benefits expenses decreased by 9 million lei or 1.3%, to 654 million lei, as a result of the measures to optimize the Group’s activities.

According to the audited consolidated financial statements, prepared in accordance with international accounting standards (IFRS-EU) in 2016 Electrica Group achieved a consolidated net profit of 469 million lei, down by 13 million lei, or 2.8%, compared the same period last year.

The Board of Directors of Electrica S.A. also announced that it has approved and submitted for approval to the Ordinary General Meeting of Shareholders on April 27th, 2017, the proposal to distribute a gross dividend of 0.7415 lei worth per share for the year ended at December 31st, 2016. The total gross value of the dividends is 251.4 million lei, representing 100% of the distributable net profit, established based on the individual annual financial statements of Electrica SA (70.5% of the Group’s consolidated net profit attributable to the shareholders of Electrica SA).