Published: 2019-05-31 15:01:05 CEST
Lietuvos energijos gamyba, AB
Interim information

Lietuvos Energijos Gamyba preliminary financial results for 4 months of 2019

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 648 002 629, ISIN code – LT0000128571.

The Company announces preliminary financial results for 4 months of 2019:

 4 months of 20194 months of 2018Change
Sales revenueEUR 37.0 mEUR 41.5 m-10.8%
Adjusted EBITDA*EUR 18.3 mEUR 18.9 m-3.2%

Electricity produced in the power plants controlled by the Company:

 4 months of 20194 months of 2018Change
Elektrėnai Complex7.7 GWh7.8 GWh-1.0%
Kruonis PSHP79.1 GWh122.1 GWh-35.2%
Kaunas A. Brazauskas’ HPP133.5 GWh186.9 GWh-28.6%

Due to lower production volumes in Kruonis PSHP and Kaunas A. Brazauskas’ HPP as well as decreased sales of secondary reserve services and reactive power management services in Kruonis PSHP, the total sales revenue of the Company was lower during the first 4 months of 2019 if compared to the same period in 2018.

The production volumes of Kruonis PSHP dropped due to a smaller difference between daily peak and night-time electricity prices in the market and scheduled maintenance works of one of its hydro-units, conducted in April. The availability of the hydro-unit has been limited during this time. The production volumes of Kaunas HPP fell due to the hydrological drought, which resulted in a smaller inflow rate of the river Nemunas.

Due to unfavorable conditions for electricity production in Kruonis PSHP and Kaunas A. Brazauskas’ HPP, the adjusted EBITDA of the Company decreased during the first 4 months of 2019 if compared to the same period in 2018. The effect of lower production and sales of reactive power management services and secondary reserve services has been partly compensated by the positive results of the stocked fuel oil sales and higher volumes of the regulated services provided in Elektrėnai complex.

Berta Jasiukenaite, Public relations project manager, +370 694 60771, berta.jasiukenaite@le.lt

* The Company’s preliminary adjusted EBITDA for 2019 and actual adjusted EBITDA for 2018 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.