Lietuvos Energijos Gamyba preliminary financial results for 12 months of 2018
Lietuvos Energijos Gamyba, AB, company code 302648707, registered office at Elektrines st. 21, Elektrenai (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 12 months of 2018:
| 12 months of 2018 | 12 months of 2017 | Change | |
| Sales revenue | EUR 125.9 m | EUR 147.2 m | -14.5% |
| Adjusted EBITDA* | EUR 46.3 m | EUR 53.7 m | -13.8% |
Electricity produced at power plants controlled by the Company:
| 12 months of 2018 | 12 months of 2017 | Change | |
| Elektrėnai Complex | 67.0 GWh | 138.7 GWh | -51.7% |
| Kruonis PSHP | 469.9 GWh | 549.1 GWh | -14.4% |
| Kaunas A. Brazauskas HPP | 346.3 GWh | 458.7 GWh | -24.5% |
As a result of higher wholesale electricity prices in January-December 2018 (as compared to the same period in 2017) and higher sales of regulated electricity, the revenue of both Kruonis PSHP and Kaunas A. Brazauskas’ HPP has increased. Nevertheless, the total sales revenue of the Company decreased slightly due to lower income from regulated activities (public interest services and tertiary power reserve) and production in Elektrenai Complex.
The adjusted EBITDA of the Company in January – December 2018 decreased if compared to the same period in 2017 due to the lower EBITDA rate of the Elektrenai Complex, which was determined by the decreased scope of the provided regulated services as well as lower income received from these activities. It was partly compensated by higher sales revenue of Kaunas A. Brazauskas’ HPP, better commercial results of Kruonis PSHP, and lower costs of the dismantling projects at Elektrenai Complex.
* The Company’s preliminary adjusted EBITDA for 2018 and actual adjusted EBITDA for 2017 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.
Berta Jasiukenaite, public relations project manager, ,
