Lietuvos Energijos Gamyba, AB, preliminary financial results for 12 months of 2017

| Source: Lietuvos energijos gamyba, AB

Elektrėnai, Lithuania, 2018-01-31 15:36 CET (GLOBE NEWSWIRE) -- Lietuvos Energijos Gamyba, AB, company code 302648707, registered office at Elektrinės st. 21, Elektrėnai (hereinafter referred to as the Company). The total number of registered ordinary shares issued by the Company is 635 083 615, ISIN code – LT0000128571.

The Company announces preliminary financial results for 12 months of 2017:

  12 months of 2017 12 months of 2016 Change
Sales revenue EUR 147.2 mln EUR 151.8 mln -3.0%
Adjusted EBITDA* EUR 53.8 mln EUR 63.7 mln -15.6%

Electricity produced at power plants controlled by the Company:

  12 months of 2017 12 months of 2016 Change
Elektrėnai Complex 138.7 GWh 491.0 GWh -71.8%
Kruonis PSHP 549.1 GWh 516.9 GWh +6.2%
Kaunas A. Brazauskas HPP 458.7 GWh 363.0 GWh +26.4%

Year 2017 can be characterized by extremely heavy rainfall leading to much more water in the Nemunas River compared to the previous year, which improved production conditions in Kaunas Algirdas Brazauskas’ Hydroelectric Power Plant. In 2017, the power plant produced 26.4% more electricity than in 2016. Revenue generated by the power plant partially compensated the loss of sales income of the Company incurred as a result of decreased production in the Elektrėnai complex compared to 2016.

The adjusted EBITDA of the Company changed mainly due to the costs of works of dismantling of units 5 and 6 of the Elektrėnai Complex, which started in 2017, and decreased sales of activated secondary power reserve of Kruonis PSHP, also due to lower EBITDA from regulated activities of the Elektrėnai Complex.


* The Company’s preliminary adjusted EBITDA for 2017 and actual adjusted EBITDA for 2016 are reported after the adjustments made by management by eliminating the impact of one-off factors. These adjustments are made aiming to disclose the results of the Company’s operating activities after the elimination of the impact of non-typical, one-off factors or factors that are not directly related to the current reporting period. All adjustments made by management are disclosed in the Company’s interim and annual reports.

         Valentas Neviera, Lietuvos Energijos Gamyba, AB, Head of Communication Division, mobile +370 670 25997, e-mail