27.11.2012
Consolidated pre-audited results of AB Lietuvos Dujos for the nine months of 2012
The information hereunder was posted by AB Lietuvos Dujos, which carried out natural gas transmission activities before the establishment of AB Amber Grid.

AB Lietuvos Dujos consolidated pre-audited sales of the nine months of 2012, compared with the respective period of the previous year, increased by 5% and amounted to LTL 1,338.3 million* (in the nine months of 2011: LTL 1,270.4 million).

The consolidated pre-audited profit before tax of the nine months of 2012 of AB Lietuvos Dujos amounted to LTL 57.3 million (in the nine months of 2011: LTL 112.4 million), and net profit of the period amounted to LTL 58.7 million (in the nine months of 2011: LTL 97.8 million). In the financial statements of the nine months of 2012 the Company reflected the income tax exemption on investments in the amount of LTL 9.2 million as provided for by the Law on Income Tax (the financial statements of AB Lietuvos Dujos of the nine months of 2011 did not reflect the income tax exemption on investments as the amount was insignificant).

The change in the result was mainly determined by the poorer results of both the regulated gas transportation activity and the supply activity. In the activity of gas supply to the household customers, a considerable loss was incurred, which came as a result of the negative difference between the actual gas imports price and the gas imports price included into the household customers tariffs.

The EBITDA (earnings before interest, taxes, depreciation and amortization) also decreased accordingly. In comparison with the respective period of 2011, the EBITDA decreased by LTL 50.4 million, or by 26%, and amounted to LTL 144.1 million.

In the nine months of 2012, natural gas transportation volumes to customers of Lithuania via the natural gas transmission system of AB Lietuvos Dujos amounted to 2,379.1 MCM, which represents a drop of 4% y/y. In the nine months of 2012, the Company’s transmission in transit to the Kaliningrad Region of the Russian Federation totalled 1,554.0 MCM of natural gas, which represents a rise of 7% y/y.

The Company’s natural gas distribution volumes totalled 682.8 MCM, which represents a drop of 11% y/y.

The Company’s nine-month sales volumes totalled 806.7 MCM (a decrease of 16% y/y), of which volumes sold to the non-household customers amounted to 683.1 MCM (a drop of 17% y/y), and volumes sold to the household customers amounted to 123.6 MCM (a drop of 8% y/y).

The Company imported 34% of total natural gas volumes consumed in Lithuania. The remaining 66% of natural gas volumes were transported for third parties, thus granting free Third Party Access as provided for by the EU legislation.

As of 30 September 2012, the Company was supplying natural gas to over 555 thousand customers. AB Lietuvos Dujos customers include energy companies, industrial companies, other enterprises, organizations as well as households.

In the nine months of 2012, the investments amounted to LTL 85.2 million (in the nine months of 2011: LTL 28.5 million), of which in the construction of new gas systems LTL 56.3 million (in the nine months of 2011: LTL 7.1 million).

“In 2012 AB Lietuvos Dujos started implementing Stage 2 of a large-scope investment project, The Sakiai-Klaipeda Gas Transmission Pipeline Project. Stage 2 covers the construction of the Jurbarkas-Klaipeda Gas Transmission Pipeline and the Klaipeda M&R Station. The Project implementation is co-financed with the European Union Structural Fund grants. One part of the gas transmission pipeline, the section from Jurbarkas to Taurage (approx. 35 km), is scheduled for completion in the current year, whereas the remaining part of the gas pipeline to the city of Klaipeda (approx. 103 km) will be constructed by end 2013,” said Dr Joachim Hockertz, Deputy General Manager – Director of Commerce.

The first section of the Sakiai-Klaipeda Gas Transmission Pipeline (from Sakiai to Jurbarkas) was constructed back in 2007, and it is fully operational. Back in 2006-2007 AB Lietuvos Dujos invested in the aforesaid project LTL 30 million of the Company’s own funds, and constructed 28.4 km of the gas transmission pipeline (including two river crossings over the Nemunas) and a M&R Station.

In the short run, AB Lietuvos Dujos, in co-operation with its counterpart in Latvia, AS Latvijas Gaze is planning to complete the works for the enhancement of the throughput capacity of the Lithuania-Latvia Gas Interconnector.

Back in 2011, in co-operation with the Polish gas transmission system operator GAZ-SYSTEM S.A., a business case analysis study of the Polish-Lithuanian Gas Interconnector was prepared. The Study presented comprehensive information about the gas markets of Poland and the Baltic States. On 29 June 2012, a contract was concluded with ILF Consulting Engineers Polska Sp. z.o.o regarding the preparation of the Polish-Lithuanian Gas Interconnector Feasibility Study. The Feasibility Study is scheduled for completion in Quarter 1 of 2013. The results of the Feasibility Study will constitute a basis for further steps with regard to the implementation of the Polish-Lithuanian Gas Interconnector Project and securing for this Project financial assistance of the EU funds.

AB Lietuvos Dujos shares are quoted on the Main List of the stock exchange NASDAQ OMX Vilnius.

* LTL 3.45 = EUR 1

 

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