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JSC "Latvijas Gāze": Audited "Latvijas Gāze" Group consolidated and JSC "Latvijas Gāze" annual report for year 2021

·2-min read
Latvijas Gaze
Latvijas Gaze

In 2021, Latvijas Gāze group succeeded in attaining a positive result despite the challenges brought on by the market conditions. Lower temperatures during the heating season and significantly higher natural gas prices were the two main factors that affected the financial results of JSC Latvijas Gāze in 2021. The lower temperature increased the sales volumes of JSC “Latvijas Gāze” and the load on the distribution network of JSC “Gaso”.

In 2021, the JSC “Latvijas Gāze” sold 14 859 GWh of natural gas to customers in Latvia and abroad. Compared to 2020, sales have increased by 25%. Natural gas sold abroad accounted for 28% of total sales.

The Group's net turnover in 2021 reached 583.3 million EUR, EBITDA was 18 million EUR. The Group's net profit in 2021 was 3.2 million EUR. Sales and trading segment bottom line was negatively impacted by derivative revaluation, however it has been fully compensated in first quarter of 2022. Disciplined risk management approach during high volatility environment set basis for the strongest winter season (October 2021 – March 2022) performance.

JSC “Latvijas Gāze” continued to make a number of investments for more efficient provision of quality products and services to customers. In total, JSC “Latvijas Gāze” has invested approximately 0.8 million EUR in 2021 to ensure efficient operation, customer communication and service, as well as to strengthen digital transformation processes.

The audited annual report is published in iXBRL format in accordance with the reporting requirements of the Common European Electronic Format (ESEF). In accordance with the requirements of the ESEF, the consolidated data of the financial statements are marked with XBRL tags. ESEF financial statements are available in a ZIP file. The annual report is available in PDF file attached to this release.

Latvijas Gāze Group’s Unaudited Consolidated Interim Condensed Financial Statements for 3 months of 2022 are due to be published on May 25, 2022.

*More detailed information on the alternative performance measures can be found on page 16 of the annual report.

Additional information:
Romāns Tjurins
Vice President Finance
Phone: + (371) 67 369 139
E-mail: investor.relations@lg.lv

www.lg.lv

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