OREANDA-NEWS. On April 29, 2008 at general shareholders meeting, shareholders of Lietuvos Energija AB were presented with an annual statement of the auditor – Deloitte Lietuva UAB and approved financial statements of 2007 as well as consolidated financial statements of the company and its daughter companies, reported the press-centre of Lietuvos Energija.

According to data of financial statements audited by Deloitte Lietuva UAB, in all respects it correctly reflects the financial situation of the company and group as of December 31, 2007, business results and cash flows according to International Accounting Standards, approved by the European Union.

The company’s operations were positively influenced by the country’s economic growth and increase in power consumption. In 2007 the country’s power system had no major disruptions. The group’s companies worked profitably.

In 2007 the group's revenue from sales and other businesses stood at LTL1200,3m and were 20 per cent higher year-on-year. The revenue growth resulted from growth in energy transmission volume, higher price of public service obligations and exported electricity. 

In 2007 the group’s pre-tax profit accounted for LTL 60,2 m. The net earnings accounted for LTL48,4m. Earnings before interest, tax, depreciation and amortization (EBITDA) reached LTL211,8m (more by LTL22,8m year-on-year). 

In 2007 Lietuvos Energija AB earned LTL58,8m of audited pre-tax profit, net earnings stood at LTL47,3m (in 2006 – LTL18,3m).

During the last year, acting as the transmission system operator, the company through its high-voltage grid transmitted 9,7bn kWh of electricity for domestic needs –  3,1 per cent more year-on-year.

Lietuvos Energija AB plays the role of a market operator. The wholesale market demand of Lithuania in 2007 was 10,62bn kWh (in 2006 – 10,19bn kWh).

The company continuously strives to optimize exports structure. In 2007 exports stood at 2,4bn kWh (including peak electricity, exported on weekends and holidays). An essential change – apart from traditional exports directions – Russia, Latvia, Estonia – ESTLINK cable was used for trade with Scandinavian countries. 

In 2007 the company investments for upgrade and development of power infrastructure accounted for LTL152m.

In 2007 the company signed no new loan agreements. For short-term balance of cash flows, the company used existing credit lines and credit in accounts. During the year financial obligations of Lietuvos Energija AB dwindled by LTL27,1m and as of December 31, 2007 totalled LTL89,8m.

The group’s business expenses accounted for more than LTL1bn (in 2006 – LTL906m). The bulk expenses – LTL697,1m – 61 per cent –  resulted from electricity purchases.

Today Lietuvos Energija AB shareholders approved the following profit appropriation: LTL47,8m shall be allocated to other reserves, LTL2,8m – to support, bonuses and other purposes. The overall appropriated profit for the reporting period – LTL50,6m.