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ESO audited financial results of 2016 has been app

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Posted On: 03/24/2017 9:00:33 AM
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Posted By: News Desk 2018
ESO audited financial results of 2016 has been approved

Energijos Skirstymo Operatorius AB (hereinafter – ESO, the Company), identification code 304151376, registered office placed at Aguonu str. 24, Vilnius, Republic of Lithuania. The total number of registered ordinary shares issued by company is 894 630 333; ISIN code LT0000130023.

On 24th March, 2017 during the Ordinary General Meeting of ESO Shareholders the Company’s audited Annual Financial Statements and Annual report has been approved.

Electricity and gas distribution company Energijos Skirstymo Operatorius, AB (hereinafter – ESO or the Company), which is a part of the largest Lithuania’s energy group Lietuvos Energija, UAB (hereinafter – Lietuvos Energija), during the first year of operation has significantly reduced costs and with effective activity contributed to lower prices for customer. After merging of LESTO AB (hereinafter – LESTO) and joint stock company Lietuvos Dujos (hereinafter – Lietuvos Dujos) into ESO in the beginning of 2016, operating expenses declined by 11.5% or almost EUR 12.7 million.

Effective ESO activity and ensured lower prices to customers - the price of gas distribution service for 2017 has declined for the first time in five years, while the public price of electricity fell for the fourth year in a row.

During 2016 the net profit of ESO amounted to EUR 92.5 million – 8.2% more than during 2015 when LESTO and Lietuvos Dujos consolidated net profit amounted to EUR 85.5 million. Net profit increased due to increased revenue and reduced operating costs.

ESO revenue during 2016 amounted to EUR 650.1 million – 1.9% up compared to 2015, when it amounted to EUR 637.9 million. Revenue increased due to higher electricity and natural gas distribution volumes.

ESO operating expenses during 2016 amounted EUR 98.6 million - 11.5% less compared to 2015, when it amounted EUR 111.3 million.

Last year ESO allocated 8.98 billion kWh of electricity and 7.39 billion kWh of natural gas - respectively 5.2% and 8.3% more than during 2015.

"First year of ESO operation has exceeded our own expectations. The concentration of two distribution operators - electricity and gas - in a single company has improved the quality of service, reduced operating expenses and prices for our customers. Last year we continued to increase investments in the electricity distribution network security and reliability. We laid more than 2.000 kilometres of underground electrical cables and continued to use smart network elements that will enhance network reliability and prevent power outages,"- says Chairman of the Board and CEO Dalia Andrulionienė.

According to the head of the company, the first year of ESO operation can also be referred as year of our gas network expansion – in autumn the company built a gas distribution pipeline in Taurage at end of the year we began operations in Druskininkai, later acquiring gas distribution network. In Kaunas, Vaisvydava area, we began the largest block of gasification project in the last decade.

“During 2016 we observed gas consumption revival: we have gained more than 10.000 new customers - more than during 2014 and 2015 combined. To get connected to gas network has become attractive not only because of record-low natural gas prices, but also due to convenient and fast process of gas connection,” – says the head of ESO.

The average duration of gas connection for new customers in 2016 declined by almost 54 calendar days, from 216 to 162 days. Whereas the average duration of electricity connection for new customers in decreased by 20 calendar days, from 78 to 58 days.

ESO investments in the electricity and gas distribution networks las year amounted to EUR 149.2 million – 13.4% more than during 2015. Major part of the investment – almost EUR 84.66 million – was assigned to the renewal of electricity distribution network.

During 2016 ESO EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) amounted to EUR 163.3 million – 9.67% more compared to 2015. EBITDA margin increased by 1.78% points and amounted 25.12%.

During 2016 electricity, natural gas purchase and related services costs made up EUR 388.2 million and, compared to 2015, increased by 2.8%. This was mainly influenced by increased electricity transport volumes, increased transmission cost and higher natural gas distribution volumes.

Significant impact on the electricity distribution network operation during 2016 had more frequent natural disasters, which resulted in very changeable weather, compared to the same period last year. The majority of natural phenomena that led to power outages in the network happened during June.

During 2016 with the influence of natural disasters (“force majeure”) the system average interruption duration index (SAIDI) per customer amounted to 172.9 minutes. This is 66.4 minutes more compared to 2015, when it amounted 106.5 minutes.

The system average interruption frequency index (SAIFI) with the influence of natural disasters per customer reached 1.25 – 0.19 times more compared to 2015, when it was 1.06 times.

ESO shares are quoted on the Nasdaq Vilnius. The state-owned energy company Lietuvos Energija owns 94.98% ESO shares, remaining shares are traded on the stock exchange.

         Representative for Public Relations Martynas Burba, tel. (8~5) 2514516.



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