INTER RAO Lietuva announces 2012 results
- Revenue from sales in 2012 reached LTL 897 million, a 2.4% decrease from the previous year
- EBITDA increased by 3.4% to LTL 81.5 million, EBITDA margin grew to 9.1% from 8.6% in 2011
- Net profit was LTL 58.1 million, a 5% decrease year-over-year
- Electricity trading volume was 5508 GWh, compared to 5866 GWh in 2011
- Shares of INTER RAO Lietuva began trading on the Warsaw Stock Exchange on 18 December 2012
- On 17 September 2012 the Group established a Polish subsidiary IRL Polska
“The INTER RAO Lietuva Group maintained stable financial results in 2012 despite repairs on the inter-system power lines in summer, which, in turn, caused restraints of technical capacity and affected the transferred levels of electricity. This year we mainly focussed on getting ready for further expansion which meant growing sales in end-user markets, debuting on the Warsaw Stock Exchange and forming a subsidiary in Poland. Despite the associated increase in costs, our margins remained at a respectable level,” says Paulius Vazniokas, Director of Economics of INTER RAO Lietuva. “We believe that the initiatives undertaken in 2012 will result in further dynamic expansion going forward.”
Key figures of IRL Group
|
Financial figures |
2012 |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
Sales (LTL thousand) |
897,435 |
919,080 |
750,389 |
104,539 |
|
Gross profit (LTL thousand) |
96,697 |
91,965 |
79,462 |
25,662 |
|
Gross profit margin (%) |
10.8% |
10.0% |
10.6% |
24.5% |
|
Operating profit (LTL thousand) |
73,129 |
73,264 |
68,531 |
16,355 |
|
Operating profit margin (%) |
8.1% |
8.0% |
9.1% |
15.6% |
|
EBITDA (LTL thousand) |
81,506 |
78,800 |
69,439 |
17,862 |
|
EBITDA profit margin (%) |
9.1% |
8.6% |
9.3% |
17.1% |
|
Net profit (LTL thousand) |
58,114 |
61,200 |
59,061 |
14,953 |
|
Net profit margin (%) |
6.5% |
6.7% |
7.9% |
14.3% |
Revenue from sales
INTER RAO Lietuva Group’s consolidated revenue from sales for 2012 was LTL 897 million, compared to LTL 919 million a year earlier.
Revenue from sales in the electricity trading segment was LTL 878 million, which is 3.3% less than in the year prior. The decrease results from lower imports from Russia caused by limited grid throughput. Electricity trading volume was 5508 GWh, compared to 5866 GWh in 2011. The price of electricity on the power exchange in 2012 fluctuated between 153.8 and 186.8 LTL/MWh. A minor decrease in average prices as compared to 2011 did not have an impact on the profitability of Group operations.
Revenue from sales in the electricity production and sales segment was LTL 19.1 million, which is 74% higher than in 2011 . Performance of the Vydmantai wind farm is recognised in the consolidated financial statements starting from July 2011, which explains the significant year-over-year increase. In 2012 the wind farm generated 63 250 MWh of electricity, down 10.4% over the previous year, which may be attributed to weather conditions being less favourable than in 2011.
EBITDA and net profit
In 2012 the Group’s profitability improved. EBITDA increased by 3.4% to LTL 81.5 million, while the EBITDA margin grew to 9.1% from 8.6% in 2011. Until mid-2011 the Group held no debt and its result on financing activities was positive. However, in 2012 bank financing for the wind park acquisition has had a negative impact on finance income which in turn negatively affected profit before tax, which fell to LTL 68.1 million from LTL 71.6 million in 2011. Consequently, net profit was LTL 58.1 million, down 5% from the previous year. Net margin remained stable at 6.5%, compared to 6.7% in 2011.
Net cash flows from operating activities for the period reached LTL 58.3 million , a 101.9% increase y/y. The significantly higher level of cash flows resulted from higher trading volumes in December 2012 as compared to December 2011. Cash and cash equivalents at the end of the period amounted to LTL 11.2 million.
Significant events
Throughout 2012 the Group continued to grow its retail and corporate customer base. On 17 September 2012 a Polish subsidiary, IRL Polska, was established. The entity will be responsible for developing Group operations in Poland.
As part of preparations for its IPO, INTER RAO Lietuva in October changed its legal form to a public limited company and increased its share capital to LTL 20 000 000. In the last days of November and in the beginning of December the Company conducted a public offering in Lithuania and Poland, placing 4 000 000 existing shares with new shareholders. Initial listing on the Warsaw Stock Exchange took place on 18 December 2012.
For more information please contact:
Łukasz Wójcik
NBS Communications
Tel: +48 22 826 74 18
E-mail: lwojcik@nbs.com.pl
Jakub Rutkowski
NBS Communications
Tel: +48 22 826 74 18
E-mail: jrutkowski@nbs.com.pl
AB INTER RAO Lietuva Consolidated and Parent Company’s Financial Statements, Consolidated Annual Report and the Independent Auditor’s Report for the year ended 31 December 2012. (PDF)