Societatea Energetica Electrica S.a. · BVB:EL
Societatea Energetica Electrica — H1 2024 Earnings Presentation
77 slides from Societatea Energetica Electrica's earnings presentation, Aug 30, 2024
Slide 1: Presentation of Q2 2024 / H1 2024 Financial Results
Presentation of Q2 2024 / H1 2024 Financial Results (Acc. IFRS-EU) Bucharest, 30 August 2024 Public
Slide 2: Content
Content 1 Electrica Group’s overview 2 Q2 2024 / H1 2024 Group’s Financial Results 3 Main Corporate Events 4 Group Strategy Implementation 5 Shareholdings’ Structure and Evolution of the Shares & GDRs 6 Appendices ➢ Regulatory Aspects - Distribution ➢ Regulatory Aspects - Supply 2 Public
Slide 3: Disclaimer
DISCLAIMER The results presented are based on the consolidated financial statements prepared in accordance with the International Financial Reporting Standards (IFRS-EU). This document was prepared by Electrica for the presentation of Q2 2024/ H1 2024 financial results and has an informative nature.
Slide 4: Electrica Group overview
1 Electrica Group overview 4 Public
Slide 5: Electrica is the most important national distribution operator and electricity supplier
Electrica Group overview Electrica is the most important national distribution operator and the electricity supplier with the largest places of consumption Electricity Supply Geographical presence ~3.5 millions Total market share Energy supplied on % places of 16.18% (Jan-Apr 2024) retail market con
Slide 6: Group structure
Group structure Electrica Group overview Electrica Group is the only Romanian group listed on the BSE & LSE which operates within energy production, distribution, supply & energy service segments 1) Filiala de Intretinere si Servicii Energetice (Maintenance and energy services) 2) The existence of a
Slide 7: Leading Player in Distribution and Supply
Leading Player in Distribution and Supply Electrica Group overview Distribution Supply Volumes Distributed in 2023 Volumes Supplied in 2023 Volumes Supplied in 2024 (Jan-Apr) 13.0% DEER_MN 16.77% 16.18% DEER_TN ELECTRICA FURNIZARE 12.8% DEER_TS Others 43.37 TWh 46.1 TWh 15.8 TWh Others 60.7% 13.4% E
Slide 8: Remarkable performance in 10 years since 2014 dual listing
Electrica Group overview Electrica showcases remarkable performance in 10 years since its 2014 dual listing ➢ Electrica is the only listed Romanian company active in electricity distribution, supply and production in Romania. Its listing in July 2014 on was the largest primary initial public offerin
Slide 9: Corporate Governance Bodies
Corporate Governance Bodies Electrica Group overview • Mr. Dumitru Chirita – Chair Board of • Mr. Dragos-Valentin Neacsu – Vice Chair (independent) Directors • Mr. Adrian-Florin Lotrean – Vice Chair (independent) Current • Mr. Ion-Cosmin Petrescu Composition (since 26 January • Ms. Georgiana Bogasie
Slide 10: Corporate Governance Bodies - Non-Executive Management
Prezentare generala a Grupului Corporate Governance Bodies - Non-Executive Management Board of Directors - Current composition – with mandates until 26 January 2028omposition Mr. Dumitru Chirita Chair of the Board of Directors Non-executive Director appointed on 26 January 2024 Mr. Dragos Neacsu Mem
Slide 11: Corporate Governance Bodies – Executive Management
Prezentare generala a Grupului Corporate Governance Bodies – Executive Management Executive Management Mr. Alexandru-Aurelian Chirita CEO 17 May 2022 – 31 December 2024 2017 2018 Ms. Livioara Sujdea Mr. Stefan Frangulea Ms. Andreea Lambru CDO CFO CBDO 1 February 2017 – 31 January 2025 04 January 202
Slide 12: Group's financial results Q2 2024 / H1 2024
2 Group’s financial results Q2 2024 / H1 2024 (acc. IFRS-EU) 12 Public
Slide 13: Summary Consolidated Financials (IFRS-EU)
Summary Consolidated Financials (IFRS-EU) Group’s financial results Revenues EBITDA Growth and Margin Performance (RON mn.) EBITDA (RON mn.) and EBITDA Margin (%) 10,010 9,817 1,80 0 17.5% 20. 0% 609 543 1,60 0 18. 0% 16. 0% 1,40 0 14.7% 14. 0% 1,20 0 12. 0% 4,807 1,00 0 12.1% 1,714 10. 0% 4,195 800
Slide 14: Consolidated EBITDA and Net Result Evolution (IFRS-EU)
Consolidated EBITDA and Net Result Evolution (IFRS-EU) Group’s financial results Comments The consolidated EBITDA variation H1 2024 vs. H1 2023 is RON +35 mn., being mostly the cumulated effect of the EBITDA (RON mn.) factors below: ❑ The positive variation of the energy margin RON +170 mn., thereof
Slide 15: Distribution Segment – Highlights (IFRS-EU)
Distribution Segment – Highlights (IFRS-EU) Group’s financial results Key figures H1 2024 Financial results EBITDA increased by RON 367 mn., mainly due to the evolution of: ~3.93 million ▲ increase in energy margins by RON 377 mn., as an effect of: users ➢ increase in energy revenues by RON +267 mn.
Slide 16: Distribution segment – main aspects (IFRS-EU)
Group’s financial results Distribution segment – main aspects (IFRS-EU) Distributed energy margin Distribution tariffs [RON/MWh] Relevant regulatory information: (RON mn.) 34,72 31,23 • The positive regulated result for H1 2024 of 74,69 29,09 31,22 RON 530 mn. does not include the effect of the 69,4
Slide 17: RRAB Analysis for distribution segment for 2024
RRAB Analysis for distribution segment for 2024 (RON mn.) Group’s financial results 17 Public
Slide 18: Analysis of regulated profit – budgeted result for distribution 2024
Analysis of regulated profit – (IFRS-EU) budgeted result for the distribution Group’s financial results segment for the year 2024 18 Public
Slide 19: Analysis of Regulated Net Result 2024 for the Distribution Segment
Analysis of Regulated Net Result 2024 – OMFP 1802/2014 – IFRS-EU for Group’s financial results the Distribution Segment 19 Public
Slide 20: DEER
DEER Group’s financial results Key figures H1 2024 Network losses cost Network losses (RON mn) (GWh) ~3.93 mn users 1,862 1,883 1,886 203,815 km 97.196 km2 voltage lines coverage 987 1,125 area 978 582 491 RAB: RON 7.4 bn (est.) 8.68 TWh (+4.9%) 2022 6M 2023 2023 6M 2024 2022 6M 2023 2023 6M 2024 di
Slide 21: DEER - TN
DEER - TN Group’s financial results Key figures H1 2024 Network losses cost Network losses (RON mn) (GWh) ~1.37 mn 649 users 595 639 71,645 km 34,162 km2 voltage lines coverage 322 309 area 312 RAB: RON 2.5 bn (est.) 167 156 2.8 TWh (+2.6%) distributed energy 2022 6M 2023 2023 6M 2024 2022 6M 2023 2
Slide 22: DEER - TS
Group’s financial results DEER - TS Key figures H1 2024 Network losses Network losses cost (RON mn) (GWh) ~1.22 mn users 548 549 573 59,699 km 34,072 km2 354 voltage lines coverage area 300 284 183 RAB: RON 2.3 bn (est.) 141 3.04 TWh (+6,9%) distributed energy 2022 6M 2023 2023 6M 2024 2022 6M 2023
Slide 23: DEER - MN
DEER - MN Group’s financial results Key figures H1 2024 Network losses cost Network losses (RON mn) (GWh) ~1.35 mn users 684 719 675 72,415 km 28,962 km2 448 voltage lines coverage 386 376 area 232 193 RAB: RON 2.6 bn (est.) 2.85 TWh (+5.2%) 2022 6M 2023 2023 6M 2024 2022 6M 2023 2023 6M 2024 distri
Slide 24: Financial impact of electricity market perspectives - distribution
Group’s financial results The financial impact of the electricity market perspectives evolution - distribution Evolution of the cost of electricity needed to cover NL (net with income) Network losses ❑ In H1 2024, the cost of electricity purchased for NL (net with income) coverage decreased by RON 9
Slide 25: Supply segment – Electrica Furnizare (IFRS-EU)
Supply segment – Electrica Furnizare (IFRS-EU) Group’s financial results Key figures H1 2024 Financial results EBITDA decreased by RON 340 mn. compared to H1 2023, mainly following the evolution of the factors below: ➢ the decrease in revenues from the supply of electricity and natural gas by RON 75
Slide 26: Electrica Furnizare largest share on supply market
Group’s financial results Electrica Furnizare had the largest share on the supply market in Romania, in the first four months of 2024 The supply market consists of the competitive segment, the universal service segment (US) and the supplier of last resort (SoLR) segment. The competitive segment comp
Slide 27: Supply - key aspects – H1 2024
Supply - key aspects – H1 2024 Group’s financial results Volume of Electricity Supplied on Retail Volume of Electricity Supplied on Number of consumption places at Number of consumption places Market 6M 2024 (TWh) split by segment Retail Market 6M 2024 (TWh) 30 June 2024 (mn.) split by segment at 30
Slide 28: Electricity market perspectives – supply (1/3)
Group’s financial results The financial impact of the electricity market perspectives evolution – supply – H1 2024 (1/3) Throughout January – June 2024 the gross margin achieved was RON 71 mn., RON 211 mn. less than the level achieved in H1 2023 ( RON 282 mn.), and in terms of quantities there was a
Slide 29: Electricity market perspectives – supply (2/3)
Group’s financial results The Financial Impact of the Electricity Market Perspectives Evolution – Supply (2/3) Purchase prices evolution ❑ Starting 1 April 2024, according to GEO 32/2024, the selling price in MACEE is reduced from 450 lei/MWh to 400 lei/MWh, and MACEE becomes a voluntary market for
Slide 30: Electricity market perspectives – supply (3/3) receivables
Group’s financial results The Financial Impact of the Electricity Market Perspectives Evolution – Supply (3/3) Receivables’ analysis (acc. OMFP 1802/2014) ❑ The balance of receivables increased by 19% (RON +511 mn.) at the end of H1 2024 compared to December 2024 and amounted to RON 3.2 mn. ❑ Outsta
Slide 31: Electrica Serv (SERV) (IFRS-EU)
Electrica Serv (SERV) (IFRS-EU) Group’s financial results General overview Revenues (RON mn.) SERV provides repair and other energy-related services to third parties, as well as several services to the companies within the group (vehicles rental, building rental etc.). SERV will multiply its efforts
Slide 32: Production Segment (IFRS-EU)
Production Segment (IFRS-EU) Group’s financial results General overview Starting with the year 2020, the Electrica Group proposed the development of a portfolio of Production Segment – Structure at 30 June 2024 electricity production capacities from renewable sources (wind and photovoltaic). At the
Slide 33: Group Liquidity
Group’s financial results Group Liquidity Total liquidity (RON mn.) ❑ At Group level, the total liquidity available in cash and overdraft limits as of 1,301 30 June 2024 was RON 1,076 mn., mainly due to the lower level of use of the overdraft limits in the distribution and supply segments. The level
Slide 34: Distribution of dividends
Group’s financial results Distribution of dividends Distributed gross dividends (FY 2014 – 2023) (RON mn.) Gross dividend per share (RON) and Dividend Yield(1) (%) 291.6 6.9% 7.3% 6.9% 251.4 245.4 247.5 246.1 247.9 6.8% 6.0% 244.7 5.2% 5.2% 6.1% 0.8600 0.7217 0.7415 0.7237 0.7300 0.7248 0.7300 152.8
Slide 35: Main Corporate Events
3 Main Corporate Events 35 Public
Slide 36: Relevant Corporate Events in H1 2024 (1/4)
Relevant Corporate Events in H1 2024 and up to date (1/4) Main Corporate Events ❑ On 26 January 2024, the OGMS took place, physically and online, through the voting platform https://electrica.voting.ro/, with a quorum of approx. 90% of the total voting rights, which approved the election of the foll
Slide 37: Relevant Corporate Events in H1 2024 (2/4)
Relevant Corporate Events in H1 2024 and up to date (2/4) Main Corporate Events ▪ On 22 January 2024, ELSA’s Board of Directors decided to extend the duration of the mandate of Mr. Alexandru-Aurelian Chirita, as interim CEO, under the same conditions, until 31 March 2024 (inclusively). ▪ On 12 Febru
Slide 38: Relevant Corporate Events in H1 2024 (3/4)
Relevant Corporate Events in H1 2024 and up to date (3/4) Main Corporate Events ▪ On 19 January 2024, Electrica announced that the company received a notification from EBRD according to which on 15 January 2024 EBRD has sold 205,505 shares of Electrica, thus reaching a holding below the 5% threshold
Slide 39: Relevant Corporate Events in H1 2024 (4/4)
Relevant Corporate Events in H1 2024 and up to date (4/4) Main Corporate Events ▪ On 30 April 2024, Electrica published a current report regarding the final settlement of DEER case no. 375/1285/2021. ▪ On 30 April 2024, Electrica published the preliminary key operational indicators for Q1 2024. ▪ On
Slide 40: Group Strategy implementation
4 Group Strategy implementation 40 Public
Slide 41: Corporate Strategic Objectives (updated December 2023)
Electrica Group – Corporate Strategic Objectives (updated December 2023) Group Strategy Implementation o Renewable energy production (potentially complemented by in-band production) Diversification of renewable o Energy storage energy sources o Optimization of investment financing mechanisms and pro
Slide 42: Sustainalytics' ESG Scores for Electrica
Group Strategy Implementation Sustainability is one of the Values of Electrica The elements of novelty that we can identify concern the strategic orientation at the company level to ensure that we align ourselves with the highest environmental and social standards. From the energy solutions we offer
Slide 43: Shareholdings' structure and evolution of the shares and GDRs
5 Shareholdings’ structure and evolution of the shares and GDRs 43 Public
Slide 44: Monthly Volume and Average Price of Shares and GDRs
Shareholdings’ structure and evolution of the shares and GDRs Monthly Volume and Average Price of Electrica’s Shares and GDRs (1 Jan 2024 – 23 August 2024) 14,000,000 15.74 16.00 12,000,000 11,603,624 13.78 14.00 10,000,000 12.00 11.53 10.30 10.00 8,000,000 8.00 6,000,000 4,407,763 6.00 4,087,754 4,
Slide 45: Electrica's adjusted closing price vs BET-TR
Shareholdings’ structure and evolution of the shares and GDRs Electrica’s adjusted closing price vs BET-TR (1 January – 23 August 2024) 40.05 40.00 EL: +40.05% BET-TR: +27.91% 30.00 27.91 20.00 10.00 -2.96 0.00 -0.91 -10.00 BET-TR Electrica adjusted price with dividends Source: Company’s data, BSE 4
Slide 46: Median monthly volume vs FTSE Russell liquidity threshold
Electrica’s Median monthly volume vs FTSE Russell liquidity threshold Shareholdings’ structure and (admission and maintenance) - 1 January 2023 – 31 July 2024 evolution of the shares and GDRs 250,000 250,000 200,000 200,000 150,000 150,000 271,539 247,766 100,000 100,000 76,734 130,317 124,081 114,4
Slide 47: Shareholder Structure at 30 June 2024
Shareholder Structure at 30 June 2024 Shareholdings’ structure and evolution of the shares and GDRs 47 Public
Slide 48: Shareholder Structure at 22 July 2024
Shareholder Structure at 22 July 2024 Shareholdings’ structure and evolution of the shares and GDRs (after the registration of the share capital decrease) 48 Public
Slide 49: Appendices
6 Appendices Regulatory Aspects – Distribution Regulatory Aspects – Supply 49 Public
Slide 50: Important Regulatory Changes – Distribution Activity (1/3)
Appendices - Regulatory Aspects - Distribution Important Regulatory Changes – Distribution Activity (1/3) ❑ RP4 and RP5 Regulations on Distribution tariffs • RRR: ANRE approved Order no. 75 of 6 May 2020, which established a regulated rate of return (RRR) for electricity and gas, distribution and tr
Slide 51: Important Regulatory Changes – Distribution Activity (2/3)
Appendices - Regulatory Aspects - Distribution Important Regulatory Changes – Distribution Activity (2/3) ❑ The methodology for establishing distribution tariffs for PR5 – phase II - public consultation II. RAB / CAPEX ▪ RAB RP5 will be inflated with the annual IR used to calculate the RRR, the IR w
Slide 52: Important Regulatory Changes – Distribution Activity (3/3)
Appendices - Regulatory Aspects - Distribution Important Regulatory Changes – Distribution Activity (3/3) Draft Order regarding the modification and completion of the Framework Conditions for the realization of the implementation calendar of the smart electricity metering systems at the national lev
Slide 53: Changes in Distribution Regulation - RP4
Appendices Changes in Distribution Regulation - RP4 Regulated Revenue and tariff calculation 1 2 3 4 5 6 7 8 7 Regulated Revenue Reactive en. Regulated Contr. Non- Tariff NL Cost Depreciation RRR2 & 95% profit Revenue OPEX1 controllable other activ. 9 Forecasted Volume OPEX 1 • The starting point is
Slide 54: Changes in Distribution Regulation
Appendices - Regulatory Aspects - Distribution Changes in Distribution Regulation Methodology for determining distribution tariffs - Summary RP4 vs RP3 RP3 RP4 1 RRR January 2019: 5.66% existing RAB & 1% incentive RP4 network invest.(acc. ANRE) Return RRR (7.7%) applied to RAB 29 March 2019–30 April
Slide 55: Distribution tariffs methodology – RP4 vs RP3 (RAB & Investment)
Appendices - Regulatory Aspects - Distribution Changes in Distribution Regulation Methodology for determining distribution tariffs – Comparative elements RP4 vs RP3 RAB & Investment RP3 methodology RP4 methodology 1. RAB includes: assets used for the distribution service, which are recorded into the
Slide 56: Distribution tariffs methodology – RP4 vs RP3 (Opex & NL)
Appendices - Regulatory Aspects - Distribution Changes in Distribution Regulation Methodology for determining distribution tariffs – Comparative elements RP4 vs RP3 Opex & NL RP3 methodology RP4 methodology Controlable OPEX 1. OpexC 2019 is established based on formula (approved 1. OpexC 2019 is not
Slide 57: Regulatory Developments – Supply (1/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (1/17) GEO no. 27/2022 on the measures enforceable for the end consumers of the electricity and natural gas market from 1 April 2022 until 31 March 2023, amending and completing some
Slide 58: Regulatory Developments – Supply (2/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (2/17) Law No. 206/2022 to approve Government Emergency Ordinance No. 27/2022 regarding the measures applicable to final customers on the electrical energy and natural gas market dur
Slide 59: Regulatory Developments – Supply (3/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (3/17) GEO no. 119/2022 - to amend and supplement the GEO n98xo. 27/2022 on the measures applicable to final customers on the electrical energy and natural gas market during 1 April
Slide 60: Regulatory Developments – Supply (4/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (4/17) Law no. 357/2022 - Law on the approval of Government Emergency Ordinance no. 119/2022 for the modification and completion of Government Emergency Ordinance no. 27/2022 on the
Slide 61: Regulatory Developments – Supply (5/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (5/17) • maximum 1 leu/kWh, for the full consumption of public and private hospitals, public and private education units, nurseries and public and private providers of social service
Slide 62: Regulatory Developments – Supply (6/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (6/17) Law no. 5/2023 - Law on the modification and completion of Law no. 220/2008 on the establishment of the system for the promotion of energy production from renewable energy sou
Slide 63: Regulatory Developments – Supply (7/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (7/17) GEO no. 30/2023 — Ordinance for the establishment of certain budgetary measures concerning the use of the solidarity contribution established by Government Emergency Ordinance
Slide 64: Regulatory Developments – Supply (8/17)
Appendices - Regulatory Aspects – Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (8/17) GEO no. 32/2024 — Emergency Ordinance for the amendment and completion of the Government's Emergency Ordinance no. 27/2022 regarding the measures applicable to end customers i
Slide 65: Regulatory Developments – Supply (9/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (9/17) GD no. 318/2024 — Decision on the approval of the general framework for the implementation and operation of the support mechanism through contracts for the difference for tech
Slide 66: Regulatory Developments – Supply (10/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (10/17) ME order no. 353/2024 — Order of the Minister of Energy for the approval of the State Aid Scheme regarding the support of investments in new electricity production capacities
Slide 67: Regulatory Developments – Supply (11/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (11/17) GEO no. 68/2024 — Emergency Ordinance for the amendment and completion of the Government's Emergency Ordinance no. 166/2022 regarding some measures to provide support to cate
Slide 68: Regulatory Developments – Supply (12/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (12/17) ANRE order no. 1/2024 — Order for the approval of the Methodology regarding the determination of the level of the minimum stock of natural gas that must be established in the
Slide 69: Regulatory Developments – Supply (13/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (13/17) ANRE order no. 6/2024 — Order for the amendment and completion of the Regulation for the supply of electricity to final customers, approved by the Order of the president of t
Slide 70: Regulatory Developments – Supply (14/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (14/17) ANRE order no. 9/2024 — Order for the modification of the Order of the president of the National Energy Regulatory Authority no. 124/2022 regarding the approval of the Rules
Slide 71: Regulatory Developments – Supply (15/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (15/17) ANRE Order no. 14/2024 — Order regarding the approval of the Procedure for confirming the right to participate in the electricity/natural gas markets in Romania of foreign le
Slide 72: Regulatory Developments – Supply (16/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (16/17) ANRE Order no. 48/2024 — Order amending the Order of the President of the National Energy Regulatory Authority no. 123/2017 on the approval of the contribution for high-effic
Slide 73: Regulatory Developments – Supply (17/17)
Appendices - Regulatory Aspects - Supply Regulatory-related Developments entered in force until 31 July 2024 – Supply (17/17) ANRE Order no. 54/2024 — Order for the modification and completion of the Commercial Rules regarding the collection, processing and transmission of the measured values of el
Slide 74: Glossary
Glossary ANRE Romanian Energy Regulatory Authority IFRS International Financial Reporting Standard B2B Business to Business IMS Integrated Management System BET-TR Bucharest Exchange Trading - Total Return Index IPO Initial Public Offering BM Balancing Market LSE London Stock Exchange BoD Board of D
Slide 75: 2024 Financial Calendar
2024 Financial Calendar • 29 February Publication of the Preliminary Financial Results for FY 2023 • 6 March Publication of the 2023 financial annual results - documents for the Ordinary General Meeting of Shareholders on 25 April 2024 • 11 March Investor and analyst teleconference for presentation
Slide 76: Investor Relations & Disclaimer
Investor Relations & Disclaimer • Email: ir@electrica.ro • Web: https://www.electrica.ro/en/investors/ Investor Relations • Tel: +40 (0)21.208.50.35; +40 731 796 111 • Address: 9 Grigore Alexandrescu Str., 1st District, Bucharest, 010621 This document has been prepared by Electrica and is for inform
Slide 77: Q & A
Q&A Executive Management Mr. Alexandru-Aurelian Chirita CEO 2017 2018 Ms. Livioara Sujdea Mr. Stefan Frangulea Ms. Andreea Lambru CDO CFO CBDO 77 Public
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