CORRECTION: In the Latvian and English versions corrected second paragraph of press release, last paragraph in Management report on page 9 and net profit figure on page 10.
Colder temperature during heating season and significantly higher natural gas prices were the two main factors, which influenced the JSC “Latvijas Gāze” performance in nine months of 2021. Colder temperature increased JSC “Latvijas Gāze” sales and utilization of JSC “Gaso” distribution network. At the same time price rally in natural gas environment, on the back of economic recovery, posed a challenge during first nine months of 2021 and led to negative revaluation of derivatives. Revaluation effect of derivatives will be offset with sales revenue during winter season once inventory will be depleted.
The Group’s net turnover in the first half of 2021 was 281.2 million EUR, EBITDA* amounted to – 156.48 million EUR and loss was 167.47 million EUR.
During nine months of 2021, JSC “Latvijas Gāze” sold 10 662 GWh of natural gas to customers in Latvia and abroad. Compared to the same period in 2020, sales volumes have increased by 26%. Sales volumes to foreign counterparties accounted for 30% of the total sales volumes.
Latvijas Gāze group will publish its unaudited consolidated financial statements for 2021 on February 23, 2022.
*More detailed information on the alternative performance measures can be found on page 10 of the financial statements.
Vice President Finance
Phone: + (371) 67 369 139