Energia
Lietuvos Energijos Gamyba preliminary financial results for 10 months of 2018
The Company announces preliminary financial results for 10 months of 2018:
Electricity produced at power plants controlled by the Company:
With continuing repairs of the NordBalt power interconnection with Sweden, in September and October 2018, the Kruonis Pumped Storage Hydroelectric Power Plant generated a third more electricity compared to the first two months of the fall of 2017, while October of this year can be distinguished for the highest monthly electricity generation volumes since the very beginning of operation of the power plant. This made a significant contribution to the fact that the Company's total revenue remained stable in January – October 2018 compared to January – October 2017, although the overall production volumes decreased.
Revenue of both Kruonis PSHP and Kaunas Algirdas Brazauskas' Hydroelectric Power Plant increased as a result of higher wholesale electricity prices, but the Company generated less income from regulated activities (public interest services and tertiary power reserve) and production in Elektrėnai Complex in January – October 2018 compared to January – October 2017.
The adjusted EBITDA of the Company also remained stable in January – October 2018 compared to January – October 2017. The decline in EBITDA of Elektrėnai Complex, which was determined by decreased scope of the provided regulated services and lower income received from these services, was partly compensated by higher sales revenue of Kaunas A. Brazauskas' HPP and better result of commercial services provided by Kruonis PSHP.
* The Company's preliminary adjusted EBITDA for 2018 and actual adjusted EBITDA for 2017 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.
Valentas Neviera, Lietuvos Energijos Gamyba, AB, Head of Communication Division, mobile +370 670 25997, e-mail valentas.neviera@le.lt
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