Elektrėnai, Lithuania, 2015-05-15 15:01 CEST (GLOBE NEWSWIRE) -- “Lietuvos energijos gamyba”, AB (company code 302648707, registered office at Elektrinės st. 21, Elektrėnai, hereinafter – the Company) announces preliminary unaudited financial indicators for the period of January-March 2015.
- Under preliminary unaudited information, in January-March 2015 the Company's sales revenue was EUR 37.23 million and has decreased by 10.9% in comparison to January-March 2014 (EUR 41.79 million).
- Company’s preliminary unaudited earnings before interest, taxes, depreciation and amortization (EBITDA) in January-March 2015 was EUR 18.41 million and has increased by 14.5% in comparison to January-March 2014 (EUR 16.08 million).
- Company’s preliminary unaudited net profit in January-March 2015 has increased more than one and a half times and was EUR 14.82 million or 59.5% bigger than in January-March 2014 (EUR 9.29 million).
According to Ms Eglė Čiužaitė, Director of the Company‘s Finance and Administration Department, in the first quarter of 2015 the Company‘s operations were stable, its operating efficiency was increasing, and its market operations were successful.
The decrease in the revenues of the Company resulted from the fact that trading in power derivatives (mainly contracts for price difference) rather than trading in physical electricity has had an increasing share of the Company‘s electricity trading portfolio. The revenues were also negatively affected by a nearly 15% decrease in the electricity generation volume (compared with the period of January-March 2014) at the Kaunas Algirdas Brazauskas’ Hydroelectric Power Plant. No subsidized electricity was generated in the period of January-March 2015 at the Elektrėnai Complex, just as in the same period of last year: according to a plan agreed with the transmission system operator, in order to ensure an efficient use of the public interest service funds allotted, the units of the Elektrėnai Complex operate during the warm period of the year. Electricity generation volumes at the Kruonis Pumped Storage Hydroelectric Plant increased almost 15%.
Good results of trading in power derivatives have made a considerable contribution to the increase in the Company‘s EBITDA in January-March 2015. The growth in net profit was largely influenced by the overall result of sale of the Company’s shareholding in Energijos tiekimas UAB and Kauno energetikos remontas UAB in the first quarter of 2015.
Consolidated and Company’s interim financial statements for January-March 2015 will be published on 29 May, 2015.
Valentas Neviera, Head of Corporate Communication Division, tel. +370 5 278 2908, e-mail. valentas.neviera@le.lt