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Energy – SOCIETATEA DE PRODUCERE A ENERGIEI ELECTRICE IN HIDROCENTRALE “HIDROELECTRICA” S.A. Announces Admission to Trading and First Day of Dealings – Brief

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SOCIETATEA DE PRODUCERE A ENERGIEI ELECTRICE IN HIDROCENTRALE “HIDROELECTRICA” S.A. (“Hidroelectrica” or the “Company”), Romania’s leading electricity producer with a 100% renewable portfolio and one of the largest hydropower companies in Europe, announces the admission to trading (“Admission”) of its shares (the “Shares”) on the Premium tier of the regulated market of the Bucharest Stock Exchange (the “BSE”)...

SOCIETATEA DE PRODUCERE A ENERGIEI ELECTRICE IN HIDROCENTRALE “HIDROELECTRICA” S.A. Announces Admission to Trading and First Day of Dealings

SOCIETATEA DE PRODUCERE A ENERGIEI ELECTRICE IN HIDROCENTRALE “HIDROELECTRICA” S.A. (“Hidroelectrica” or the “Company”), Romania’s leading electricity producer with a 100% renewable portfolio and one of the largest hydropower companies in Europe, announces the admission to trading (“Admission”) of its shares (the “.s”) on the Premium tier of the regulated market of the Bucharest Stock Exchange (the “BSE”). Trading will commence at 10:00 AM EEST under the symbol “H2O”.
As announced on 5 July 2023, the initial public offering by Fondul Proprietatea S.A., an alternative
investment fund managed by Franklin Templeton International Services S.À R.L, of 78,007,110
.s was priced at RON 104 per ., implying a market capitalisation of RON 46.8 billion (€9.4
billion) at Admission.
Bogdan Badea, Chief Executive Officer of Hidroelectrica, commented:
“We are delighted that Hidroelectrica’s shares are now listed and trading on the Bucharest Stock
Exchange. This represents the final stage of an intense and lengthy process which has delivered the
results we witness today. The success of the IPO is, on one hand, a historic achievement for the Company and, on the other hand, evidence of the immense potential that the Romanian capital market has to contribute to our growth as an economy, as a country, and as a nation. I would like to thank everyone who has made this landmark listing possible, for their commitment, consistency, care, and diligent work in realising this project. The significant interest in the IPO from both domestic and international investors is testament to both the quality of our business and its future prospects, and the listing on the Premium tier of the BSE’s regulated market will underpin Hidroelectrica’s long-term growth. On behalf of the Company, I extend a warm welcome to all our new shareholders. We look forward to sharing the future successes of the business with you, as we drive value creation while contributing towards Romania’s energy transition goals.”

Company overview:
Hidroelectrica is the leading electricity producer in Romania in terms of electricity produced and one
of the largest hydro players in Europe. It owns and operates 182 hydropower plants, five pumping
stations and one wind farm, which are strategically positioned in eight geographical branches across
Romania. The total installed capacity of the Company’s hydro assets is divided into storage
hydropower plants, run-of-river hydropower plants and pumping stations.
Hidroelectrica has a 100% renewable portfolio with an installed hydropower production capacity of
approximately 6.3 GW and an installed onshore wind capacity of 108 MW from the Crucea wind
farm.
Between 2018 and 2022, the Company had an average market share of approx. 29% in terms of total
electricity delivered to the grid (as per the Romanian Energy Regulatory Authority (“ANRE”) annual
reports).
Hidroelectrica is one of the largest hydropower producers in Europe, generating 13.6 TWh of
electricity from hydro sources in 2022, 16.9 TWh in 2021 and 15 TWh in 2020 (all representing gross
production). The 2022 production level reflects less favourable hydrological conditions, due to a
severe drought.
In addition to the production of electricity, Hidroelectrica supplies electricity to the Romanian
wholesale and retail electricity markets. The Company’s market share in electricity supplied to retail
customers has grown from 1.3% in 2020 to approximately 8% as at December 2022, according to
ANRE. The number of Hidroelectrica’s retail customers has increased from 2,465 in 2020 to more
than 482,000 in 2022. The Company supplied approximately 3.7 TWh of electricity to final
consumers in 2022, according to ANRE.
In the years ended 31 December 2022, 2021 and 2020, the Company generated consolidated revenue
of RON 9,452.0 million, RON 6,489.3 million and RON 3,841.4 million, respectively. In the same
period, the Company reported profits for the year of RON 4,464.0 million, RON 3,116.1 million and
RON 1,558.0 million, respectively.
In the first quarter of 2023, the Company generated consolidated revenues of RON 3,272.1 million,
driven by higher total energy sold (4.8 TWh GWh in 1Q23) on all markets, including wholesale, retail
and balancing markets. This translated into a total Adjusted EBITDA of RON 2,184.2 million and
profit for the period of RON 1,723.4 million for 1Q2023, compared to total Adjusted EBITDA of
RON 1,702.7 million and reported profit for the period of RON 1,287.9 million for 1Q2022.
Immediately prior to the IPO, the .s are owned by the Romanian Ministry of Energy (80.06%) as
well as Fondul Proprietatea (19.94%). Fondul Proprietatea held a minority shareholding in
Hidroelectrica since the fund was established in 2005.

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12.07.2023 / Andreea Dragan, Deputy-Editor-in-Chief

 

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