Vilnius, Lithuania, 2015-11-27 15:00 CET (GLOBE NEWSWIRE) -- During 9 months of 2015, AB Lietuvos Dujos owned by the state-owned energy group Lietuvos Energija increased its sales revenue by 4 percent to EUR 36.8 million (in respective period of 2014 - EUR 35.5 million). Increased revenues were determined by reviewed distribution service prices adjusted based on gas consumption forecasts.
During the reporting period, the Company earned EUR 13.4 million in earnings before interest, taxes, depreciation and amortization (EBITDA), which is 25 percent more than in January-September 2014, when its EBITDA was EUR 10.7 million. Net profit earned from the gas distribution activity during nine months was 73 percent greater than at the same time of last year and totalled EUR 6 million (compared to net profit from gas distribution activity of EUR 3.5 million during 9 months of 2014). Such changes were determined by better performance results due to increased revenues and decreased costs. Net profit of the Company in the past nine months, having added results of the continued gas distribution and terminated gas supply activity, totalled EUR 85.5 million, including profit of the terminated gas supply activity of EUR 82.1 million.
During 9 months of 2015, the Company’s costs decreased by 5 percent compared to the same period of last year totalling EUR 31 million (in January - September of 2014 they were EUR 32.6 million, respectively). The total level of costs decreased due to the reduction of repair and maintenance costs, salary expenses and other costs.
According to Liudas Liutkevičius, Chairman of the Board and CEO of Lietuvos Dujos, structural and functional changes implemented in Lietuvos Dujos in one year allowed achieving better performance results.
“Improving indicators, rapidly increasing number of new customers, increased net profit and continuously decreasing costs is the result, which we achieved consistently implementing our activity refinement programme Changes made during the year, greater focus on the efficiency of gas distribution activity, attraction of new customers and faster connection to the network did not go unnoticed in the market. Customer satisfaction service of customers of Lietuvos Dujos conducted for the first time this year revealed that the satisfaction index of natural gas customers (GCSI) was 80 points, exceeding average energy utility norms of Europe and the world. Today we can boldly state that we are already prepared for a new quality stage of life - a merger with electricity distribution system operator Lesto and establishment of a single energy distribution service company most convenient to customers, namely, Energijos Skirstymo Operatorius (English: Energy Distribution Operator), ESO, – said Liudas Liutkevičius, Chairman of the Board and CEO of Lietuvos Dujos.
During nine months of this year, Lietuvos Dujos connected 2.5 thousand new customers to its distribution network, which is 5 percent more than during the same period of last year. The company’s investments made in nine months totalled EUR 8.3 million, which is EUR 1.3 million, or 18 percent, more than in 9 months of 2014 (EUR 7.1million). The increase in investments in 2015 was determined by increasing number of new customers connected to gas network and growing scope of the construction of new gas systems as a result of that. Also, more investments were made in reliability projects and reconstruction and modernization of gas systems.
In January-September, Lietuvos Dujos transported 4.6 terawatt-hours (TWh) of natural gas, which is about 13 percent less than during the same period of last year. Even though gas distribution volumes mainly decreased in energy and industrial companies, gas distribution to private and minor business customers remained stable.
In the implementation of provisions of the EU Third Energy Package for the unbundling of natural gas sector activities, assets, rights and obligations of the natural gas supply activity were sold to UAB Lietuvos Duju Tiekimas as at 31 October 2014 under the contract on the purchase - sale of a part of enterprise of AB Lietuvos Dujos of 15 October 2014. Therefore, the statement of comprehensive income for 9 months of 2014 presents the supply activity as terminated activity. Moreover, the comparative statement of comprehensive income for 9 months of 2014 was restated taking into account the impairment of fixed assets recorded in retrospect as at 31 December 2013 and other regroupings of revenues and costs.
Head of communications Laura Šebekienė, tel. +370 633 99940
