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INTER RAO Lietuva Group announces financial results for 9M 2019 – Net profit increased by almost 79 per cent y/y and reached EUR 14.2 million

  • Revenues from sales in 9M 2019 increased by 53 per cent y/y to EUR 299.2 million thanks to higher volume of electricity sold and higher prices of electricity in the markets.
  • Group’s gross profit on sales reached EUR 21.1 million, versus EUR 16.4 million in 9M 2018.
  • Consolidated EBITDA reached EUR 18.8 million versus 12.7 million in 9M 2018, while the EBITDA margin amounted to 6.3 per cent compared to 6.5 per cent a year ago.
  • Operating profit reached EUR 14.6 million, versus EUR 10.8 million in 9M 2018.
  • Group’s net profit amounted to EUR 14.2 million compared to EUR 8 million a year ago.
  • Electricity sales volume reached 6 044 GWh, compared to 4 385 GWh in 9M 2018.
  • The amount of traded electricity in Poland amounted to 1 133 GWh, versus 221 GWh a year ago.

“During the reporting period, the INTER RAO Lietuva Group managed to control risks and achieve better final results despite a slight decrease in the margins. The Group sold a larger amount of electricity in the Polish and Lithuanian markets, and produced more electricity at the Vydmantai wind power plant thanks to better meteorological conditions. In the first 9 months of 2019, the INTER RAO Lietuva Group generated a gross profit on sales of EUR 21.1 million. EBITDA amounted to EUR 18.8 million and the net profit reached EUR 14.2 million with the margins of 6.3 and 4.8 per cent respectively. The Group generated earnings of EUR 0.71 per share,” says Giedrius Balčiūnas, CEO at INTER RAO Lietuva.

Key figures of IRL Group

Financial figures 9 months 2019 9 months 2018
Sales (EUR thousand) 299,164 195,836
Gross profit (EUR thousand) 21,143 16,425
Gross profit margin (%) 7.07% 8.39%
Operating profit (EUR thousand) 14.612 10,780
Operating profit margin (%) 4.88% 5.50%
EBITDA (EUR thousand) 18,758 12,743
EBITDA profit margin (%) 6.27% 6.51%
Net profit (EUR thousand) 14,230 7,969
Net profit margin (%) 4.76% 4.07%
Number of shares (thousand) 20,000 20,000
Earnings per share (EUR) 0.71 0.40

Revenue from sales

Group’s sales revenue in January-September of 2019 was equal to EUR 299.2 million, a 53 per cent increase compared to the first 9 months of 2018. The total revenue increased on the back of higher volumes of electricity sold and higher prices of electricity in the NordPool market. The increase in the amount of electricity traded was mainly influenced by the increase in sales on the Polish and Lithuanian markets. It is worth noting that during the reporting period the Group traded the biggest amount of electricity in the 9M period since the year 2012 and for the 1st time the amount of electricity traded in Poland exceeded 1000 GWh.

Sales revenue growth came on the back of higher trade volumes and on the higher average price of electricity sold. Group’s cost of sales in January-September of 2019 amounted to EUR 278 million, 55 per cent more than during the first nine months of 2018. The increase was a result of higher volumes of electricity traded and higher electricity prices on NordPool market.

Earnings

Gross profit of the Group in January-September of 2019 amounted to EUR 21.1 million (compared to EUR 16.4 million a year before), while the gross profit margin decreased to 7.1 per cent (8.4 per cent a year ago).

Group’s operating profit over the same period amounted to EUR 14.6 million, while the operating profit margin decreased to 4.9 per cent from nearly 5.5 per cent a year ago.

In segment breakdown, the power generation segment increased its contribution to Group’s operating profit to 11.3 per cent from just 6 per cent a year ago thanks to favorable meteorological conditions at the Vydmantai wind power plant.

Operating results by segment

Segment Electricity trade Power generation
(EUR thousand) 9M 2019 9M 2018 9M 2019 9M 2018
Revenues 295,321 192,765 3,843 3,071
Operating profit 12,959 10,138 1,653 642
Operating margin 4.4% 5.3% 43.0% 20.9%

Group’s net profit in the January-September of 2019 increased by 78.6 per cent to EUR 14.2 million, compared to the profit of EUR 8 million for the same period a year ago. The net profit margin increased from 4.1 per cent a year ago to 4.8 per cent in the reporting period.

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