During 2019, "Latvijas Gaze" Group faced a challenging market and operating environment. After a mild winter and an unexpected steep drop in market prices during the first months of the year the Group's results for the first six months of 2019 were significantly lower than for the same period in the previous year. However, during the second half of the year, the operating environment stabilized.
The Group's net turnover in 2019 amounted to 314.3 million EUR, EBITDA* reached 35.6 million EUR. Net profit at the end of 2019 amounted to 20.2 million EUR.
Despite the difficult market environment, the sales & trading segment managed to increase its sales volume by 13% year-on-year. Due to strong deliveries into the Estonian natural gas market and significantly higher gas demand in the power generation segment during the summer months the JSC "Latvijas Gaze" in total sold 14 654 GWh of natural gas to almost 400 thousand customers.
During 2019, JSC "Latvijas Gaze successfully implemented a cost savings program initiated in 2018 and managed to bring down operating costs by 15% year-on-year. Apart from that, after the "go-live" of the first module of the sales & trading segment's new billing system and customer portal the JSC "Latvijas Gaze" started with the implementation of the second module.
Latvijas Gaze Group will publish its audited consolidated financial statements for 2019 on April 1, 2020.
*More detailed information on the alternative performance measures can be found on page 13 of the financial statements.
Additional information:
Madara Ventere
Head of Finance and accounting division
Phone: + (371) 67 369 281
E-mail: investor.relations@lg.lv
www.lg.lv
Attachment
- IFRS_Latvijas Gaze Consolidated_Unaudited_12_months 2019 (https://ml-eu.globenewswire.com/Resource/Download/b0e5163f-4309-448a-ab0a-c05f513259a6)
