Annual Financial Report
JSC "Latvijas Gāze": Audited “Latvijas Gāze” Group consolidated and JSC "Latvijas Gāze" annual report for year 2018 including consolidated Non-financial report
According to the audited consolidated annual report for the last year, the Latvijas Gāze group’s net turnover in 2018 of 344.9 million EUR was 8.9% higher than a year before, while EBITDA* increased by 2.6% in comparison to 2017, reaching 37.4 million EUR. The net profit of the Latvijas Gāze group in 2018 amounted to 25.2 million EUR.
In 2018, the Latvijas Gāze group supplied natural gas to more than 400 thousand customers in Latvia and further expanded its presence in the natural gas wholesale segment and natural gas trading abroad. The total natural gas sales in 2018 amounted to 1 231 million m3 (12 969 GWh). As in the previous year, during August and September the JSC “Latvijas Gāze” injected significant volumes of natural gas into the IUGS in order to ensure security of supply for its customers during the winter season 2018/2019. In 2018 the Latvijas Gāze group invested 10.34 million EUR in the maintenance and security of the distribution system and IT systems. That is a 14.6% increase compared to last year.
The year 2018 was the first full year with the new Latvijas Gāze group structure in place. The JSC “Gaso” was founded on November 22, 2017 by spinning off the distribution system operations from the Joint Stock Company “Latvijas Gāze” to meet the European Union and national requirements for the independence of the natural gas distribution system. Hence, the Latvijas Gāze group currently consists of two segments: the natural gas sales & trading segment operated by the JSC “Latvijas Gāze” and the distribution segment operated by the 100% subsidiary of the JSC “Latvijas Gāze” – the JSC ”Gaso”.
*More detailed information on the alternative performance measures can be found on page 12 of the annual report.
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