Kauno Energija - Interim information

Activity results of the 1 quarter of the year 2016

The Board of AB Kauno Energija (hereinafter – the Company) (code – 235014830)
assessed results of Company’s business activity of the I quarter of the year
2016 and financial state as at 31 March 2016 and approved AB Kauno Energija
consolidated and Company’s non-audited results of the I quarter of the year
2016. 

The result of Company’s activities of the 1 quarter of the year 2016 according
to the International Financial Reporting Standards is profit (before taxes) in
amount of EUR 9,403 thousand (result of the 1 quarter of the year 2015 was
amounted to EUR 4,948 thousand), turnover from sales is EUR 30,394 thousand (in
the 1 quarter of the year 2015 it was amounted to EUR 29,732 thousand). The
result of activities of the Group which consists of AB Kauno Energija and its’
subsidiary UAB Kauno Energija NT (code – 303042623) of the 1 quarter of the
year 2016 is profit (before taxes) in amount of EUR 9,395 thousand (the result
of the 1 quarter of the year 2015 – EUR 4,942 thousand), turnover from sales is
amounted to EUR 30,390 thousand (turnover from sales of the 1 quarter of the
year 2015 is amounted to EUR 29,727 thousand). 

As at the end of reporting period (31 March 2016) the rate of critical
liquidity of the Company that makes comparison between short term assets
without stocks and short term liabilities, increased from 1.08 to 2.16 during
the period from the end of 2015 (the rate of the Group increased from 1.07 to
2.15). The EBITDA of the Company of the 1 quarter of the year 2016 is EUR
11,161 thousand (EBITDA of the 1 quarter of the year 2015 was EUR 6,489
thousand), and EBITDA of the Group is EUR 11,157 thousand (EBITDA of the 1
quarter of the year 2015 was EUR 6,487 thousand. 

The main Company’s revenue and profit is generated in 1 and 4 quarters of the
year. Company’s profit of the 1 quarter of the year 2016 in comparison with the
profit of the same period of the year 2015 increased due to the effective
Company’s activities and increase in heat production in own facilities using
biofuel (191 thousand MWh of heat were produced in the 1 quarter of the year
2016, i.e. 134 thousand MWh were produced using biofuel; 122 thousand MWh of
heat were produced in the 1 quarter of the year 2015, i.e. 85 thousand MWh were
produced using biofuel). Company’s turnover from sales of the 1 quarter of the
year 2016 in comparison with the turnover from sales of the same period of the
year 2015 is at 2.23 per cent higher due to the 15.01 percent higher amount of
heat sold: the amount of heat sold consisted of 542.2 thousand MWh in the 1
quarter of the year 2016, and the amount of heat sold consisted of 471.4
thousand MWh in the 1 quarter of the year 2015. The average heat price for
consumers decreased in 11.09 per cent (in January – March of the year 2016 it
was 5.53 ct/kWh, and in January – March of the year 2015 – 6.22 ct/kWh). The
profit of the 1 quarter of the year 2016 is also increased by the compensation
in amount of EUR 1.8 million received from UAB Kauno Termofikacijos Elektrinė
according to the peaceful agreement that has been signed on 28 December 2015 by
which a litigation in Arbitration case No. 268 regarding noncompliance of
Investment Agreement of 31 March 2003, was terminated. 

We hereby present an Interim Non-audited Financial Statements of the 1 quarter
of the year 2016 together with confirmation of responsible persons. 


         Loreta Miliauskienė, Head of the Economics and Planning Department,
tel. +370 37 305 855

Attachments:

FAR 2016-03-31 KE ENG.pdf