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2013-05-31 08:56:03 CEST 2013-05-31 08:57:04 CEST REGULATED INFORMATION LESTO AB - Interim informationPreliminary unaudited operating results of LESTO AB company group for three months of 2013Vilnius, Lithuania, 2013-05-31 08:56 CEST (GLOBE NEWSWIRE) -- More effective activities and formerly investments let LESTO AB significantly reduce operating costs and earn profit in the first quarter of 2013 despite 3 % lower electricity distribution tariffs. LESTO group‘s consolidated net profit in the first quarter of 2013 amounted to 14.41 million LTL, while LESTO group‘s net loss amounted to 6.45 million LTL in the same period of 2012. From the beginning of the year 2013 tariffs of LESTO services - the distribution of electricity in low and medium voltage networks - were reduced about 3 %. During the three months of 2013 the amount of LESTO network service decreased by 0.2 % comparing with the same period of 2012 and reached 2,210 million kWh. During the first quarter of 2013 LESTO group earned 647.35 million LTL and comparing with the three months of 2012 sales revenue increased by 3.45 % (625.78 million LTL). Such revenue change was influenced by the increase of electricity prices for consumers that were enhanced due to higher Public Service Obligations (PSO) fee and other services, that are provided in the sector, prices. The increase in effectiveness of LESTO group shows growing EBITDA margin (Earnings Before Interest, Taxes, Depreciation and Amortization) - in the first quarter of 2013 it was 19.21 % when in the same period of 2012 - 15.96%. EBITDA of the roup increased by 24.5 % comparing with the three months of 2012 and reached 124.33 million LTL. The company‘s net operating results are reduced due to peculiarities of regulation. Depreciation and amortization costs in financial statements are higher than those which are calculated in distribution tariffs and set by regulator. In the first quarter of 2013 LESTO group‘s operating expenditure amounted to 70.35 million LTL and decreased by 9.9 % comparing with the three months of 2012. LESTO group‘s operating expenditure declined in all expenditure groups. „LESTO continuously improves the efficiency of its operations, invests into the electricity grid - these were the main reasons why LESTO has earned the first quarterly net profit since the establishment of the company. The costs are reduced by the increasing efficiency of business processes, therefore customer service quality is consistently improving. The assessment of the reliability of the electricity supply, customer satisfaction and other indicators shows that LESTO is ahead of the averages of the Europian Union utility companies“ - says Arvydas Tarasevičius, CEO of LESTO AB. During the first quarter of 2013 LESTO has connected 3,194 objects of new customers. The permissible power for new customers connected amounted to 57,927 kW, which is 7.6 % more than in the three months of 2012. Regardless of the influence of natural disasters („force majeure“) the system average interruption duration index (SAIDI) per customer was equal to 12.12 minutes in the three months of 2013 (in the first quarter of 2012 SAIDI amounted to 15.35 minutes), the system average interruption frequency index (SAIFI) per customer reached 0.17 times (in the first quarter of 2012 SAIFI was equal to 0.23 times). „LESTO purposefully plans investments in the network and, regardless of prolonged winter, the company continues the modernization and development of grids. Former investments were the reason why the quality indicators of the electricity distribution network improved by a half, technological losses in the distribution network reduced. According the approved long-term strategy, LESTO will continue to improve its operations efficiency. The new technologies will let the company to achieve even better results in the future“ - states Arvydas Tarasevičius, CEO of LESTO AB. This notice is deemed non-confidential. Finance department, Artūras Paipolas Representative for Public Relations Ernestas Naprys, Tel. No (8~5) 251 4516. |
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