The Management Board of AB Kauno Energija (hereinafter – the Company) (code – 235014830) approved on 30 April, 2014 non audited interim financial statements of the I quarter of the year 2014, prepared according to the International financial reporting standards accredited to use in European Union.
The result of Company’s activities of I quarter of the year 2014 according to international accounting standards is profit (before taxes) in amount of LTL 10,705 thousand (EUR 3,100 thousand), turnover from sales is LTL 130,396 thousand (EUR 37,765 thousand). The result of activities of the Group which consists of AB Kauno Energija and of its subsidiaries UAB Pastatų Priežiūros Paslaugos (code – 300580563) and UAB Kauno Energija NT (code – 303042623) of I quarter of the year 2014 is profit (before taxes) in amount of LTL 10,739 thousand (EUR 3,110 thousand), turnover from sales is LTL 130,379 thousand (EUR 37,760 thousand).
EBITDA of I quarter of the year 2014 is: Company’s – LTL 15,842 thousand (EUR 4,588 thousand), Group’s – LTL 15,892 thousand, (EUR 4,603 thousand).
Company’s profit of the I quarter of the year 2014 before income taxes as compared to the same period of the year 2013 decreased, because the new constituents of heat price came into effect starting from 1 March 2013 which were decreased due to the decision of National Commission for Energy Control and Prices to reduce constant expenditures of heat supply price with LTL 10,014 thousand (EUR 2,900 thousand). Turnover from sales of I quarter of the year 2014 is lower as compared to the same period of the year 2013 due to the 14.3 percent lower quantity of the heat sold (sales of the heat in the I quarter of the year 2014 were MWh 506.8 thousand and in the I quarter of the year 2013 they were MWh 591.6 thousand) and due to the 9.2 percent reduced average heat price (January – March of the year 2014 – 25.48 ct/kWh, January – March of the year 2013 – 28.06 ct/kWh).
The comment of the management on the results of I quarter of the year 2014:
The Company started in the year 2013 and further implements in the year 2014 the program of increase of activities effectiveness in order to reduce heat price. A new Company’s management structure was approved in the year 2013. Part of the employees terminated their employment contracts in the way of bilateral settlement in the period of its implementation: as at 31 March, 2014 546 employees worked at the Company (as at 31 March, 2013 – 571 employees), in the Group – 552 employees (as at 31 March, 2013 – 594 employees).
In the year 2014 the Company successfully continues to implement main investment goals: to reduce heat production expenditures of existing heat production sources, to increase part of cheaper sort of fuel (biofuel) in fuel balance, to increase power of own sources up to fulfilling of needs of power assurance.
Comparable expenditures of heat production as at 31 March 2014 decreased by 8.2 percent in comparison with expenditures as at 31 March 2013. Part of biofuel in total fuel balance increased from 2.6 to 29.5 percent. Installed capacity of own heat production sources in Kaunas integrated heat supply network increased from 288.55 MW to 369.04 MW.
In January 2014 the Company decided to start consultations with UAB Fortum Heat Lietuva regarding offered strategic investment of UAB Fortum Heat Lietuva to AB Kauno Energija.
Loreta Miliauskienė, Head of the Economics and Planning Department, tel. +370 37 305 855
