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March 06, 2015 11:25 PM ET

Electric Utilities

Company Overview of AS Latvenergo

Company Overview

AS Latvenergo, a power supply utility, generates and supplies electricity and thermal energy in the Baltic states. It generates electricity through various renewable energy sources, including hydropower, biomass, and wind power, as well as gas-fired power plants. The company also provides electricity distribution services to approximately 845.7 thousand customers in Latvia, which comprise 842.5 thousand households and approximately 3.2 thousand legal entities. In addition, it offers transmission system asset management, as well as telecommunication and information technology services. The company was founded in 1939 and is based in Riga, Latvia.

12 Pulkveža Brieža Street

Riga,  1230

Latvia

Founded in 1939

Phone:

371 67 728 222

Fax:

371 67 728 880

Key Executives for AS Latvenergo

Chairman of Management Board and Chief Executive Officer
Age: 47
Chief Financial Officer and Member of Management Board
Age: 35
Chief Operating Officer and Member of Management Board
Age: 33
Chief Commercial Officer and Member of Management Board
Age: 47
Group Treasurer
Compensation as of Fiscal Year 2014.

AS Latvenergo Key Developments

Latvenergo Reports Unaudited Consolidated Earnings Results for the Year Ended December 31, 2014

Latvenergo reported unaudited consolidated earnings results for the year ended December 31, 2014. For the year, the company reported revenue of EUR 1,010,757,000 against EUR 1,099,893,000 a year ago. Operating profit was EUR 49,7261,000 against EUR 61,091,000 a year ago. Profit before tax was EUR 31,528,000 against EUR 48,841,000 a year ago. Profit was EUR 29,746,000 against EUR 46,149,000 a year ago. Net cash flows from operating activities was EUR 135,329,000 against EUR 146,540,000 a year ago. Purchase of intangible assets and property, plant and equipment was EUR 177,988,000 against EUR 209,812,000 a year ago. EBITDA was EUR 240,300,000 against EUR 248,700,000 a year ago. Net debt was EUR 706,200,000 against EUR 689,300,000 a year ago.

Latvenergo Group Reports Unaudited Consolidated Earnings and Operating Results the First Nine Months Ended September 30, 2014

Latvenergo Group reported unaudited consolidated earnings and operating results the first nine months ended September 30, 2014. For the nine months, the company reported revenue of LVL 748.885 million against LVL 819.101 million for the same period of last year. Operating profit was LVL 46.798 million against LVL 46.168 million for the same period of last year. Profit before income tax was LVL 33.326 million against LVL 37.507 million for the same period of last year. Profit for the period was LVL 30.018 million against LVL 32.876 million for the same period of last year. Net cash generated from operating activities was LVL 106.439 million against LVL 109.997 million for the same period of last year. Purchase of intangible assets and property, plant and equipment was LVL 117.868 million against LVL 147.152 million for the same period of last year. The company announced that decrease of the company's Revenue was mainly determined by change in mandatory procurement accounting principles as of April 1, 2014, as well as by decline in thermal energy consumption and volume of distributed electricity due to warmer weather conditions compared to the respective period in 2014. Net debt was LVL 713.7 million against LVL 675.4 million for the same period of last year. EBITDA was LVL 178.6 million against LVL 203.0 million for the same period of last year. The company's retail electricity supply to the Baltic states has increased by 7% compared to the respective period last year and was 6,477 GWh. Retail electricity supply to the neighboring countries has increased by 47%, while the number of customers in Lithuania and Estonia has reached almost 34,000. Retail electricity supply in Lithuania in the first nine months of this year was 1,393 GWh, and in Estonia it was 975 GWh, which is 20% and 17% of total retail electricity supply in the Baltic states. Overall in nine months of the year, the total amount of electricity generated by the power plants of Latvenergo group was 2,688 GWh, which is 29% lower than last year. The year 2014 is a year with the lowest water inflow recorded in the Daugava River during the last ten years. As a result, generation at Daugava hydro power plants decreased by 1,597 GWh and was 33% lower than in the respective period last year.

AS Latvenergo to Report Fiscal Year 2014 Results on Feb 27, 2015

AS Latvenergo announced that they will report fiscal year 2014 results on Feb 27, 2015

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