Lietuvos Energijos Gamyba preliminary financial results for 5 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 5 months of 2019:  5 months of 20195 months of 2018Change Sales revenueEUR 46.8 mEUR 51.6 m-9.3%Adjusted EBITDA*EUR 23.7 mEUR 24.2 m-2.1%...

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 5 months of 2019:

	5 months of 2019	5 months of 2018	Change
Sales revenue	EUR 46.8 m	EUR 51.6 m	-9.3%
Adjusted EBITDA*	EUR 23.7 m	EUR 24.2 m	-2.1%

Electricity produced in the power plants controlled by the Company:

	5 months of 2019	5 months of 2018	Change
Elektrėnai Complex	9.6 GWh	7.8 GWh	23.1%
Kruonis PSHP	115.7 GWh	169.4 GWh	-31.7%
Kaunas A. Brazauskas' HPP	155.7 GWh	216.3 GWh	-28.0%

Due to lower production volumes in Kruonis PSHP and Kaunas A. Brazauskas' HPP as well as decreased amount of secondary power reserve activated by the electricity transmission system operator (TSO) as a part of ancillary services provided by Kruonis PSHP, the total sales revenue of the Company was lower during the first 5 months of 2019 if compared to the same period in 2018.

The production volumes of Kruonis PSHP declined mainly due to unfavourable market conditions – a smaller difference between daily peak and night-time electricity prices. The production volumes of Kaunas HPP fell because of the drought, which resulted in a smaller inflow rate of the river Nemunas.

Due to lower production in Kruonis PSHP and Kaunas A. Brazauskas' HPP as well as decreased amount of activated secondary power reserve, the adjusted EBITDA of the Company decreased during the first 5 months of 2019 if compared to the same period in 2018. The effect of the aforementioned factors has been partly compensated by the positive results of the stocked fuel oil sales and higher volumes of the regulated services provided in Elektrėnai complex.

Berta Jasiukenaite, Public relations project manager, +370 694 60771, [email protected]

* 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