Hello. Hi, everyone. This is Valentina Dinu. Thank you very much for joining us today. We are going to deliver as usual the presentation for the financial statements as at for the year ended on December 31st, 2022. I'm going to ask my colleague, CFO of the company, Dan Culai, to deliver the presentation, and then we can go ahead to questions and answers. Before that, please allow me to start recording so we can use the audio file later on. Dan, the floor is yours. Thank you.
Hello, everybody. Thank you. I'm going to present the individual financial statements as of 31st of December 2022. As you probably know, these are the financials which were approved yesterday by our shareholders. They are not materially different from the interim of financial statements that we presented some time ago. Basically, it shows the financial performance of the company in a strong performance of the company in 2022. Without any more comments, I'm going to enter into the presentations of the main financial results. As you see on the screen, the sales of the energy, electricity was in line with our budget with a small variation. We're talking about 10.5 megawatt-hours , million.
In terms of sales of energy, our revenue of 6.3 billion, which was almost identical with our budget. Operating expenses, you see 2.9 billion. EBITDA basically above our budgetary estimate. Because of this, our net profit is 32.9, higher than our rectify budget. On the next slide, you'll see a breakdown of why we ended up with this RON 166.8 increase in our net results compared with the previous year. You see that the main drivers for this exceptional performance was the increase in the sales of electricity. Our
On the plus side, of course, on the minus side, you are aware that we had to pay a huge windfall tax, which decreased significantly our profitability by increasing our expenses, of course. Other than that, we do not have significant changes. I think we can move to the next slide. In terms of the balance sheet, you see that the non-current assets have increased, but not materially or have decreased with 1% compared to last year. In terms of total assets, of course, there is a significant increase, which is mainly driven by the increase in cash and cash equivalents, in terms of monetary impact. In terms of long-term debts, you see that our long-term debts are decreasing.
We are slowly closing our external debts. Only one or several small loans from need to be repaid in 2024. Current liability, we have a higher current liability because it includes the solidarity contribution, the windfall tax due for December, but which is currently paid in January. The equity was increased as a result of the increased profit from the previous period. Now, in terms of detailed presentation of the income statement, as mentioned in the previous slide, we have a very good year in terms of revenue with 6.3 billion.
Operating expenses of RON 2.9, the largest expense being the contribution to the Energy Transition Fund of 1 billion, with a significant, almost double EBITDA compared to 2021. Net profit 2.6 billion, which is increased by 167% compared to our year. It's an increase by 395 million compared to our. Sorry, it's a little bit misleading. It's an increase with almost 500 million compared to our budget. Right. Next one, please. Okay. Here we have a even further presentation of our financial highlights. It's a comparison between the final versus preliminary income statement. The difference is it's pretty small, only 35 million.
As you can see in the right-hand side of our presentation, the difference comes from from the transposition in our financial statement of an impact of of a decision by court in relation with a litigation with one of our unions. We've been successful, therefore we need to reverse a provision of 35 million lei. The other elements, small impact, which does not affect the overall picture. Okay. In terms of the elements which drove this financial performance, as you can see, there is on the screen you see a presentation of why we've managed to sell in 2022 more than 2021, an increase by 104.7%.
Basically the drive was increasing the weighted average selling price, a small decrease in quantity of electricity sold as compared to 2021. In the competitive market, we have an increase of almost 110% in terms of price. On the spot market, almost 147%. In the balancing market, a significant increase of about more than 100%. You see here in this presentation a breakdown of our sales structure on the basically on the regulated market, the price. You see the curves, and you see that the quantities actually sold were almost identical with the one that we budgeted.
The spot market represents about 10.5% of the total sales value, while the competitive market sales represent almost 90% of the total volume of electricity. The average price for the competitive market was in the region of 530 lei, and the average price for the spot market was in the region of 1,205 lei. Okay. In terms of the OpEx, on the screen you see a very, very detailed analysis of what happened. As mentioned before, the largest impact was this import tax contribution to the Energy Transition Fund or the name of the contribution varied last year because of the various changes in the methodology and the way to compute it.
Now we have an increase in the depreciation amortization because we've performed a revaluation of our assets. Our personnel expenses increased because we hired more employees and always paid higher salaries to the existing salaries. Cost of uranium fuel roughly the same. Another contribution, roughly the same in terms of no notable variation. Technological and non-technological water and energy, basically, we follow the utility, higher utility prices. Cost of purchased electricity. Of course, we had to buy energy on the market and therefore we encounter a significant increase of the cost of purchased electricity. Electricity transmission expenses. The tariff has become more expensive, so therefore we had a significant increase as compared to 2021.
Of course, with powerhouse impact and maintenance, we also have an increase, it's not dramatic. In terms of CapEx, on the next slide. We've managed to invest RON 561 million, out of a total investment program of 699 million, we are happy with this level of investment. The targeted level of 60% of course, has been exceeded. In terms of the split of this investment, you see here a split between ongoing investment made on tangible assets and equipment. The largest bit was on ongoing investment, as you can see on the screen. The next slide. In terms of the status of our large CapEx program, you see that we are reviewing unit refurbishment. We are still in the second phase of the project.
We are working with our selected contractors, mainly Candu Energy and SNC-Lavalin, to advance the project, and we will basically sign several pre-project engineering contracts. With respect to the Unit three and Unit four project developed by our subsidiary EnergoNuclear. The main development here was the fact that we have successfully worked with our government to promote a law for the signing of a support agreement between the Romanian state and Nuclearelectrica for the development of this project. This law entails the support of the government financially with sovereign guarantees, implementation of Contract for Difference mechanism. A stable dividend structure going forward, and a lot of other administrative measures which are extremely valuable for the future.
On the third large project, the development of our first small modular reactor in Bihor, we are progressing with the first phases of the design. We call it the FEED with our selected partner, the U.S. company, NuScale Power LLC. We signed several memorandums of understanding with potential clients. We are progressing very well with this project. In terms of other KPIs, you know that we are following carefully our level of radioactive emissions. You see the variation during the year. Nothing to worry about. We are within our standards. The same with nuclear fuel burnup. It's important and we are very well within the limits. The capacity factor still it's one of the best in the world. As in accumulated 2022 Unit 1 plus one Unit 2 90.1%, which we are very proud.
We are continuing our excellence in delivering the energy. In terms of next step, in about third base, we'll hear each other again to present the first quarter report on 2023. It will be a good quarter. On 14th of August, we have the publication of our CSR report. Later on in November, the quarterly report, the third quarterly report for 2023. I think the presentation is completed. I finish the presentation. Please if there are any questions.
Any questions please? I don't think there are any questions, right? If you have any questions, you can always send them by... Yes? You can always send your questions by email to us. We are going to answer each and every one of them. Meanwhile, if there are no questions, thank you for taking part in this conference call. Thank you to my colleague Dan for delivering the presentation. As usual, I'm going to send you by email to those of you who have confirmed both the presentation and the audio file. For everybody else, you can always find them on our website Investor Relations page. Thank you very much. Have a great afternoon. Goodbye.
Thank you. Bye-bye.
Bye. Thank you. Bye.
Thank you. Thank you to everybody. Thank you. Bye-bye.