Preliminary ESO results for 2016: net profit up by 8.6% to EUR 92.86 million
Energijos Skirstymo Operatorius AB (hereinafter – ESO or the Company), identification code 304151376, registered office placed at Aguonu str. 24, Vilnius, Republic of Lithuania. The total number of registered ordinary shares issued by company is 894 630 333; ISIN code LT0000130023.
Electricity and natural gas distribution company ESO, which started it operations since January 1, 2016 after a reorganization merging LESTO AB (hereinafter - LESTO) and joint-stock company Lietuvos Dujos (hereinafter – Lietuvos Dujos), during 2016, based on preliminary unaudited financial statements, earned EUR 92.86 million net profit.
Compared with 2015 LESTO and Lietuvos Dujos consolidated net profit, which amounted to EUR 85.48 million, this is 8.6% more. Net profit increased due to increased revenue and reduced operating costs. ESO revenue during January-December of 2016 amounted to EUR 650.06 million and, compared to 2015, increased by 1.9%, when LESTO and Lietuvos Dujos consolidated revenue was EUR 637.87 million. Revenues increased due to higher electricity and natural gas distribution volumes.
ESO operating expenses during 2016 amounted to EUR 98.56 million – 11.54% less compared to the same period of 2015, when LESTO and Lietuvos Dujos consolidated operating expenses comprised EUR 111.31 million.
During January-December of 2016 ESO EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) amounted to EUR 163.79 million – 10% more compared to 2015, when LESTO and Lietuvos Dujos consolidated EBITDA was equal to EUR 148.91 million.
"First year of ESO operation has exceeded our expectations. The concentration of two operators – electricity and natural gas – gave us a significant increase in operational efficiency, reduced operating costs and directly contributed to the favorable prices of services. We are glad that the gas distribution service price fell for the first time in five years, while the public electricity prices fell for the fourth year in a row. We have even more ambitious targets for the next year: we will set the operational efficiency bar higher, enhance network modernization investment and will offer new services for our customers, "- said Chief Executive Officer of ESO Mrs. Dalia Andrulionienė.
The Company’s audited financial statements of 2016, the annual audited report is due to be published on 28 February.
Representative for Public Relations Martynas Burba, tel. (8~5) 2514516.
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