Lietuvos Energijos Gamyba preliminary financial results for 6 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 6 months of 2019:
| 6 months of 2019 | 6 months of 2018 | Change | |
| Sales revenue | EUR 57.0 m | EUR 60.0 m | -5.0% |
| Adjusted EBITDA* | EUR 29.2 m | EUR 27.1 m | 7.7% |
Electricity produced in the power plants controlled by the Company:
| 6 months of 2019 | 6 months of 2018 | Change | |
| Elektrėnai Complex | 9.6 GWh | 7.8 GWh | 23.1% |
| Kruonis PSHP | 168.6 GWh | 203.9 GWh | -17.3% |
| Kaunas A. Brazauskas’ HPP | 172.5 GWh | 232.2 GWh | -25.7% |
Highly favorable difference between daily peak and night-time electricity prices improved the production results of Kruonis PSHP – higher sales margin compensated the lower production volumes. Due to better production results of Kruonis PSHP and positive results of the stocked fuel oil sales, the adjusted EBITDA of the Company increased during the first 6 months of 2019 if compared to the same period in 2018.
The total sales revenue of the Company was lower during the first 6 months of 2019 if compared with 2018 because of the lower production volumes in Kruonis PSHP and Kaunas A. Brazauskas’ HPP. Production volumes of Kruonis PSHP declined mainly due to maintenance works, whereas in case of Kaunas HPP it fell because of the hydrological drought, which resulted in a smaller inflow rate of the river Nemunas. Moreover, production in both power plants has been affected by a prolonged annual fish spawning period when the water level fluctuations of the Kaunas lagoon is limited due to environmental regulations.
Berta Jasiukenaite, Public relations project manager,
* 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
