2013-11-29 08:00:02 CET

2013-11-29 08:00:07 CET


REGULATED INFORMATION

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Lietuvos energijos gamyba, AB - Interim information

Operating results of "Lietuvos energijos gamyba", AB Group for the nine-month period of 2013 


Elektrėnai, Lithuania, 2013-11-29 08:00 CET (GLOBE NEWSWIRE) -- “Lietuvos
energijos gamyba” helped to ensure a reliable operation of the electricity
system in QIII 2013 

The third quarter of this year was tense for the national electricity producer
“Lietuvos energijos gamyba”, yet the company fulfilled its function; it ensured
power supply when electricity shortage was observed and helped to stabilise
high prices that formed in the exchange. 

In January-September 2013, “Lietuvos energijos gamyba” produced almost the
entire electricity production quota in the Elektrėnai complex (a reserve power
plant and a combined cycle unit). The major share of electricity produced in
Elektrėnai, i.e. 0.67 TWh, or three quarters of quota, was produced over the
third quarter. During the given period, when the possibilities of electricity
import in Lithuania were largely restricted, “Lietuvos energijos gamyba” helped
to ensure a reliable operation of the electricity system. "Our experts ensured generation of the required electricity quantity, but the
situation that emerged in summer continued till autumn. Combined cycle unit was
not switched off until 24 October, when the quota established for electricity
generation in Elektrėnai was reached in the very beginning of October. The
impact of that complicated situation on the market on the Group's results can
be summarised when talking about the last quarter's and all year's results",
said Juozas Bartlingas, Chief Executive Officer of “Lietuvos Energijos Gamyba”. 

In nine months 2013 “Lietuvos energijos gamyba” Group of Companies (hereinafter
the Group) earned net profit of LTL 87.9 million.  In January - September 2012,
the net profit amounted to LTL 36.1 million. "Throughout nine months of this year, the Group was providing quality services
to its customers, was increasing its operating efficiency. During this period,
we successfully carried out both regulated and commercial activities", said Mr.
Bartlingas. 

In 9 months of 2013, the Group earned LTL 932 million incomes. Smaller volumes
of subsidised electricity production (in 2012, the quota for electricity
production in Elektrėnai was 1.53 TWh; in 2013 - 0.9 TWh) and extremely severe
competition on the free market resulted in the decrease of the Group's incomes
by LTL 147.2 million (13.6 %) if compared with the same period of 9 months in
2012. Nevertheless, the properly-balanced electricity generation and
acquisitions portfolio, rational use of operating resources guaranteed
successful operation of the Group. 

In 9 months 2013, the margin of the Group's profit before interest, taxes,
depreciation and amortisation margin (EBITDA) was 21.5 %. If compared with the
same period in 2012, EBITDA margin jumped up by more than two times (it was 9.6
%). EBITDA accordingly increased from LTL 103.1 million up to LTL 200.6
million. The net profitability of the Group improved by 6.1 %: the net
profitability rate in 9 months 2012 was 3.3%, while during the same period in
2013 it was 9.4%. 

Production rates

Power plants under the control of the “Lietuvos Energijos Gamyba” during the 9
months 2013 generated 1.55 TWh, while during the same period last year 1.78 TWh
electricity was produced, i.e. 13% more. 

Elektrėnai plant (standby power plant and combined cycle unit) in total
generated 0.88 GWh electricity in 9 months 2013. 

Kaunas Hydroelectric Power Plant generated 0.32 TWh in 9 months of 2013.
Because of the bigger than average debit of the Nemunas River, the plant
generated one third more electricity than during 9 months in 2012. Kaunas
Hydroelectric Power Plant generated 33% of the total electricity produced in
the country in 9 months 2013 from the renewable energy resources and supplied
to the grids. Certified "Green Lithuanian Energy" sold by Energy Supply company
belonging to the Group was used by 37 companies and 6 households by the end of
September 2013. 

The generation volumes of Kruonis Pumped Storage Plant during 9 months of this
year, if compared with the production volumes of the same period last year,
have not changed - the power plant produced 0.35 TWh electricity. 

Regulated and commercial activities

Regulated activities of the Group include electricity production in standby
power plant in Elektrėnai, heat production and capacity reservation services
provided by the standby power plant and Kruonis Pumped Storage Plant. During 9
months in 2013, the Group earned LTL 478.6 million incomes from the regulated
activities, which is 7.1 % more than during the same period in 2012. 

Commercial activities of the Company include electricity generation in Kruonis
Pumped Storage Plant and Kaunas Hydroelectric Power Plant, as well as wholesale
and retail trade in electricity on the free market and other commercial
services. Incomes from the commercial activities in the period of 9 months 2013
amounted to LTL 453.3 million and because of severe competition on the free
market the incomes were 28.3 % lower than during the same period last year.
Nevertheless, the successfully chosen electricity trade strategy of the Group
determined the rise in the profit before taxes (EBT) from the commercial
activities by 40 % (from LTL 51.3 million during 9 months in 2012 up to LTL 72
million during 9 months in 2013). 



“Lietuvos energijos gamyba”, AB (eng. Lithuanian Electricity Production)
belongs to the Group of “Lietuvos energija”, UAB (Lithuanian Energy). “Lietuvos energijos gamyba” Group of Companies consists of the controlling
company, i.e. “Lietuvos energijos gamyba”, AB (it was Lietuvos energija, AB
until 5 August 2013) controlling the standby power plant and combined cycle
unit in Elektrėnai, Kruonis Pumped Storage Plant and Kaunas Hydroelectric Power
Plant, as well as Energijos tiekimas UAB, UAB “Kauno energetikos remontas”, UAB
Technologijų ir inovacijų centras (since 4 November 2013 it was renamed into
UAB Duomenų logistikos centras ). 

For more information, please contact:

Valentas Neviera, Head of Corporate Communication Division of “Lietuvos
energijos gamyba”, AB 

Phone +370 5 278 2908, email: valentas.neviera@le.lt