Lietuvos Energija Income Increased by 16 Percent due to High Gas and Electricity Demand
The first quarter of 2018 for Lietuvos Energija Group of companies was intensive in terms of new projects and plentiful in growing income. As compared to the same period last year, the income has grown by 16 percent and amounted to EUR 358.3 million. The Group’s adjusted profit before the interest, taxes, depreciation, and amortisation (EBITDA) was EUR 73.1 million; as compared with the first quarter of 2017, it grew by 2 percent. The net adjusted profit grew by 41 percent and up to EUR 51 million, whereas the return of equity (ROE) amounted to 10.9 percent.
Such results have been determined by cold winter and spring weather that persisted not only in Lithuania, but also in the entire continent. Due to their effect, the Group’s companies have sold more gas and electricity energy; the established market conditions enabled to generate electricity in a combined-cycle unit in Elektrėnai. Due to especially watery season, Kaunas Hydroelectric Power Plant and Kruonis Pumped Storage Plant operated at a greater capacity than usual. Lower than usual average weather temperature prevailing for a long time necessitated a greater demand for energy and, at the same time, growth in prices on the electricity market.
“The Group’s growing financial results have strengthened the capacity of Lietuvos Energija to step into a new period of operation. Having commenced the first quarter of 2018 with a new team of executive officers, we have set an objective for the forthcoming period to transform Lietuvos Energija into a smart, latest-generation commercial organisation capable of expanding the geographical scope of its activity. By building on the expertise accumulated in the Group, we plan to create innovative services and products for Lithuania and outside its borders by simultaneously preserving the interest of the State to ensure strategic generation and implementing the perspective of the green energy development,” told Lietuvos Energija CEO and Chairman of the Board Darius Maikštėnas.
Key indicators of the 1st quarter 2018 of Lietuvos Energija Group:
- the Group’s revenues increased by 16 percent up to EUR 358.3 million (during Q1 2017– EUR 309.6 million);
- operating costs increased by 5.6 percent, i.e., by EUR 1.7 million up to EUR 32.1 million (during Q1 2017 – EUR 30.4 million);
- the Group’s adjusted EBITDA grew by 2.1 percent, up to EUR 72.8 million (during Q1 2017 – EUR 71.3 million);
- return on equity (ROE) reached 10.9 percent (during Q1 2017 – 10.7 percent);
- the Group’s adjusted net profit grew by 41 percent, up to EUR 51 million (during Q1 2017 – EUR 36 million);
- investments grew by 124 percent, up to EUR 58 million (during Q1 2017 – EUR 26 million). The majority of investments was allocated for the renewal and expansion of electricity distribution grid, as well as the development of combined heat and power plants.
*The Group’s EBITDA and net profit result are adjusted by (1) eliminating the deviation of actual and regulated revenues whereby the Group’s future financial results will be adjusted; (2) eliminating costs of the discount on the gas price pertaining to preceding periods.
More information: Laura Šebekienė, Corporate Communications project manager of Lietuvos Energija +370 633 99940, email@example.com