Published: 2019-09-05 18:54:33 CEST
Ignitis grupė
Interim information

Results of Lietuvos Energija Group for the first half of 2019: adjusted EBITDA by 9,8 percent., Group’s revenues abroad increased four times to EUR 175.7 million

Lietuvos Energija, UAB, (hereinafter – the Company) identification code 301844044, registered office placed at Žvejų str. 14, Vilnius, Republic of Lithuania. The total nominal value of issued bonds 600 000 000 EUR; ISIN codes XS1646530565; XS1853999313.

In the 1st  half of 2019, as compared to same period of 2018, Lietuvos Energija Group’s revenues abroad increased four times and reached EUR 175.7 million (during 1st half of 2018– EUR 43 million).

Group’s adjusted profit before the interest, taxes, depreciation, and amortisation (adjusted EBITDA) increased 9.8 percent and totalled EUR 135.7 million. The result was mainly affected by growing investments in the modernization and development of electricity and gas networks and an increase in the portfolio of wind farms.

“We further expand our wind energy capacities and plan to invest in even stronger security and reliability of the electricity distribution grid, smart decisions as well as smart energy startups. This is the result of a successful implementation of the group‘s LE 2030  strategy which already today generates added value,” said Darius Maikštėnas, Chairman of the Board and CEO of Lietuvos Energija.

According to him, consolidation of brands owned by Lietuvos energija and other group companies in the second half of 2019 will contribute to further transformation into a modern, green energy-focused company which will be ready to operate in a competitive market.

 Group‘s adjusted net profit was EUR 37.5 million (EUR 60 million in the 1st half of 2018). The main reason for this was a change in the market value of derivative instruments used in supply activities. At the end of 1st half of 2019, negative interim market value was recorded, but it may change in the future until the transactions close.   

Adjusted return on equity (12 months) was 5.7 percent.

Key indicators of the 1st quarter 2019 of Lietuvos Energija Group:

  • the Group’s revenues increased by 22,1 percent up to EUR 767.3 million (during 1st half of 2018– EUR 628.5 million);
  • operating costs increased by 15.3 percent and reached EUR 70.9 million (during 1st half of 2018– EUR 61.5 million);
  • the Group’s adjusted EBITDA grew by 9.8 percent, up to EUR 135.7 million (during 1st half of 2018 – EUR 123.6 million);
  • adjusted return on equity (ROE) reached 5.7 percent (during 1st half of 2018 – 8.7 percent);
  • the Group’s net profit was EUR 37.5 million, 37.5 percent smaller  (during 1st half of 2018 – EUR 60 million);
  • investments grew by 42.1 percent, up to EUR 212.5 million (during 1st half of 2018 – EUR 149.5 million). The majority of investments was allocated for the development of combined heat and power plants in Vilnius and Kaunas, renewal and expansion of electricity distribution grid and wind farm projects.

 
* The Group’s EBITDA result is adjusted by (1) eliminating the deviation of actual and regulated revenues whereby the Group’s future financial results will be adjusted; (2) eliminating the results of atypical, one-off factors and factors, which have no direct relation with the reporting period. All adjustments made by management are disclosed in interim and annual reports of the Group.

More information: Artūras Ketlerius, Head of Public Relations of Lietuvos Energija +370 620 76076, arturas.ketlerius@le.lt

Attachments


LE condensed interim financial information 2019 H1.pdf
LE certification statement 2019 H1.pdf
LE interim report 2019 H1.pdf