LESTO AB (hereinafter – LESTO, The Company), identification code 302577612, registered office placed at Žvejų str. 14, Vilnius, Republic of Lithuania. The total number of registered ordinary shares issued by company is 603 944 593; ISIN code LT0000128449.
Lithuanian electricity distribution company LESTO, which is a part of the state-owned energy group “Lietuvos Energija”, UAB, last year continued to increase investments in network modernization and efficiency. On April 27 the Company's 2014 financial statements, annual report and the independent auditor's report was approved in LESTO general meeting of shareholders.
Aidas Ignatavičius, CEO of LESTO, said that the performance in 2014 - is a substantial step forward after the approval of business strategy for the period 2014-2020 last year
"By ensuring lower prices of electricity for our consumers we improved many operational indicators. Company increased investments in network, thus improved the quality of service. Our enhanced processes allowed to reduce the duration of new customer connection. A high level of customer satisfaction validates our efforts to ensure the interests of customers and increase of their perceived value" - said the head of LESTO.
During 2014, LESTO investments reached LTL 350.2 million (EUR 101.4 million), an increase by 17.3% compared to 2013. LESTO has invested LTL 177.7 million (EUR 51.5 million) in the distribution network maintenance and modernization, investments in the development of the network reached LTL 172.5 million (EUR 50 million).
LESTO group‘s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) amounted to LTL 466.297 million (EUR 135.049 million) – 1.2% more compared to 2013. EBITDA margin increased by 1.35 per cent points and to 20.3%.
Excluding electricity and related services costs, the operating expenses last year totalled to LTL 308.141 million (EUR 89.2 million) - 3.5% less than in 2013. Costs decreased due to lower employee benefits and related social security contributions and other operating costs.
LESTO group after valuation of assets incurred net loss, which amounted to LTL 565.5 million (EUR 163.8 million). This is a single negative effect; however it will allow evaluating company's performance more accurately. The consolidated net profit of LESTO group of 2013 amounted to LTL 47.6 million (EUR 13.8 million).
The value of LESTO group assets at the end of the reporting period made up LTL 2.943 million (EUR 852.4 million). Non-current assets share in total assets was equal to 90.8 %.
Purchase costs of electricity and other related services decreased by 9.2% to LTL 1.515 billion (EUR 438.8 million). This was influenced by lower prices of Public service obligations, the price of electricity transmission and system services. In addition, by purchasing less electricity from the combined heat and power plants, LESTO contributed in saving the funds of Public service obligations.
"Our actions will help to ensure more reasonable prices of electricity for our consumers in the future, because the savings will be assessed in the calculation of the 2016 Public service obligations price. In 2014 the demand for the funds of Public service obligations was LTL 97 million (EUR28 million) less than in 2013", - said A. Ignatavičius.
LESTO group revenues in 2014 amounted to LTL 2.297 billion (EUR 665.3 million) - 5.5% down compared to 2013. Revenues shrank due to the decrease of electricity prices to consumers. The volume of network service during 2014 increased by 2.3% and amounted to 8.394 billion kWh. Electricity sales amounted to 38.4% of the volume of network service. The remaining amount of electricity was distributed only.
In 2014, with the influence of natural disasters (“force majeure”) the system average interruption duration index (SAIDI) per customer amounted to 144.04 minutes, while in 2013 it was equal to 153.94 minutes. The system average interruption frequency index (SAIFI) per customer decreased from 1.43 to 1.29.
LESTO shares are quoted on the “Nasdaq OMX”. The state-owned energy company “Lietuvos Energija”, UAB owns 94.39% LESTO shares, remaining shares are traded on the stock exchange.
In 2014 LESTO investor relations practices were among the best Nasdaq Baltic listed companies.
Information is not confidential.
Representative for Public Relations Martynas Burba, Tel. No (8~5) 251 4516.
