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INTER RAO Lietuva   News   News   INTER RAO Lietuva Group announces financial results for 9M 2017 - Trading volumes and revenues increased y/y by 10 and 7 per cent

INTER RAO Lietuva Group announces financial results for 9M 2017 - Trading volumes and revenues increased y/y by 10 and 7 per cent

2017 11 14
  • Revenues from sales in 9M 2017 increased by 7.4 per cent y/y to EUR 133.3 million, thanks to higher volume of electricity sold.
  • Group’s gross profit on sales equalled EUR 13.2 million, versus EUR 13.9 million in 9M2016.
  • Group’s EBITDA amounted to EUR 9.6 million versus 10.6 million in 9M 2016, while the EBITDA margin reached 7.2 per cent compared to 8.5 per cent a year ago.
  • Operating profit reached EUR 7.7 million, versus EUR 8.7 million in 9M2016.
  • Group’s net profit amounted to EUR 6.2 million compared to EUR 6.9 million a year ago.
  • In Q3 alone, the Group posted a net profit of EUR 1.4 million (up 35 per cent y/y), EUR 1.8 million operating profit (up 28 per cent y/y) and EUR 3.6 million gross profit on sales on revenues increasing 11 per cent to 45.9 million.
  • Electricity sales volume increased to 3 564 GWh, compared to 3 221 GWh in 9M2016.

 

-  The INTER RAO Lietuva Group increased trading volumes and revenues in the reporting period by 10 and 7 per cent respectively despite lowerelectricity sale prices on the market and withstable purchase prices in annual terms. The Group has sold a larger amount of electricity thanks to signing more contracts with clients in Lithuania and Latvia this year and produced more electricity at the Vydmantai wind power plant thanks to better meteorological conditions. The INTER RAO Lietuva Group generated a gross profit on sales of EUR 13.2 million in the first 9 months of 2017. EBITDA stood at EUR 9.6 million and the net profit reached EUR 6.2 million with margins of 7.2 and 4.7 per cent respectively. The Group has generated earnings of EUR 0.31 per share- says Giedrius Balčiūnas, CEO at INTER RAO Lietuva.

Key figures of IRL Group 

Financial figures

9 months 2017

9 months 2016

Sales (EUR thousand)

133,341

124,129

Gross profit (EUR thousand)

13,163

13,903

Gross profit margin (%)

9.87%

11.20%

Operating profit (EUR thousand)

7,699

8,654

Operating profit margin (%)

5.77%

6.97%

EBITDA (EUR thousand)

9,570

10,563

EBITDA profit margin (%)

7.18%

8.51%

Net profit (EUR thousand)

6,197

6,888

Net profit margin (%)

4.65%

5.55%

     

Number of shares (thousand)

20,000

20,000

Earnings per share (EUR)

0.31

0.34

 

Revenue from sales

Group sales revenue in January-September of 2017 was equal to EUR 133.3 million, a 7.4 per cent increase compared to the first 9 months of 2016. Total revenue increased on the back of higher volumes of electricity traded. The increase was also a result of better meteorological conditions, which positively influenced electricity generation and sales from the wind park owned by the Group. The increase in the amount of electricity traded was mainly a result of the increase in the number of contracts signed with clients on the Lithuanian and Latvian markets. It is worth noting that in Q3 alone the pace of sales revenue growth accelerated versus the first half of the year and reached 11 per cent.

Sales revenue growth came on the back of higher trade volumes, but the average price of electricity sold was lower y/y in the first 9 months of 2017. As a result, the cost of electricity sold outpaced the increase in total revenues. Group’s cost of sales in January-September of 2017 amounted to EUR 120.2 million, 9.1 per cent more than during the first nine months of 2016. The increase was a result of higher volumes of electricity traded and stable prices of electricity purchased. At the same time, in the third quarter alone, the pace of revenue growth was higher (11 per cent) than the increase of electricity purchase costs (10.5 per cent).

Earnings

Gross profit of the Group in January-September of 2017 amounted to EUR 13.2 million (compared to EUR 13.9 million a year before), while the gross profit margin decreased to 9.9 per cent (11.2 per cent a year ago).

Group’s operating profit over the same period amounted to EUR 7.7 million, while the operating profit margin decreased to 5.6 per cent from nearly 7 per cent a year ago.

In segment breakdown, the power generation segment increased its contribution to Group operating profit to 14.9 per cent from just 8.7 per cent a year before thanks to favorable meteorological conditions at the Vydmantai wind power plant.

Operating results by segment 

Segment

Electricity trade

Power generation

(EUR thousand)

9M 2017

9M 2016

9M 2017

9M 2016

Revenues

129,736

120,967

3,605

3,162

Operating profit

6,552

7,901

1,147

754

Operating margin

5,1%

6,5%

31,8%

23,8%

 

Group’s net profit in the January-September of 2017 amounted to EUR 6.2 million, compared to the profit of EUR 6.9 million for the same period a year ago. The net profit margin decreased from 5.6 per cent a year ago to 4.7 per cent in the accounting period.

In Q3 alone net profit reached EUR 1.4 million, increasing by over a third y/y. Operating profit rose by 28 per cent to EUR 1.8 million, while gross profit increased by 16 per cent to EUR 3.6 million.

A. Tumeno str. 4, B corps;
LT-01109 Vilnius

Phone: +370 (5) 242 11 21
Fax: +370 (5) 242 11 22
E-mail: info[et]interrao.lt


"http://www.interrao.lv/en/"
INTER RAO Latvia
"http://www.interrao.ee/eng"
INTER RAO Eesti
"http://vwp.lt/en"
Vydmantai wind park
"http://www.irlpolska.pl/eng"
IRL Polska