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GZE: Audited Financial Report of 12 months of 2012 and Corporate Governance report

Spekuliantai.lt | 2013-04-26 | NASDAQ OMX biržų naujienos | perskaitė: 1025
Raktiniai žodžiai: Latvijas Gaze, GZE
GZE: Audited Financial Report of 12 months of 2012 and Corporate Governance report

Latvijas Gaze Financial Statement Release 26.04.2013

Audited Financial Report of 12 months of 2012 and Corporate Governance report

Over the reporting year, the users were supplied with 1 464.1 million m3 of
natural gas. In comparison with 2011, natural gas sales in m3 fell by 6.2%. The
decrease of natural gas sales stemmed from the deviations in air temperatures,
as well as the investments of heat supply companies in the use of renewable
energy sources and partial replacement of fossil fuels with woodchip. The
changes in natural gas retail prices in 2012, comparing with 2011, were
influenced by oil product quotations at the stock exchange, currency rates and
gas supply flows.

In 2012, the JSC Latvijas Gāze sold natural gas and provided services to
customers for LVL 427.4 million (EUR 608.2 million), which is 21% more than in
respective period in the year 2011; the expenditures (excluding administrative
expenses) amounting to LVL 394.7 million (EUR 561.6 million) and the gross
profit – LVL 32.7 million (EUR 59.5 million). The changes in the structure of
net turnover resulted from changes in the natural gas sales volume and the
natural gas sale price, as well as the increased efficiency of usage of the
Inčukalns Underground Gas Storage Facility (hereinafter – Inčukalns UGS).

Over the season of 2012, 2.2 billion m3 of natural gas was injected into the
Inčukalns UGS and 2.82 billion m3 was withdrawn. Compared with the season of
2011, the volume of natural gas injected fell by 2.8%, because after the
2011/2012 heating season end there was 144.7 million m3 of gas left in stock;
whereas that of natural gas withdrawn grown by 12.7%.

The JSC Latvijas Gāze completed the year 2012 with a net profit of LVL 22.9
million (EUR 32.6 million), which is LVL 4.3 million (EUR 6.1 million) or 15.8%
below that of 2011 – LVL 27.2 million (EUR 38.7 million). The net profitability
of business activity was 5.4% in 2012 and 7.7% in 2011.

In 2012, the JSC Latvijas Gāze invested LVL 19.2 million (EUR 27.3 million) in
the modernization of the gas supply system and the creation of new fixed
assets. 27.2% of the total investment was spent on the modernization of gas
transmission pipeline system, 30% – on the improvement of operation safety and
the modernization of equipment at the Inčukalns UGS, and 35.3% – on the
expansion of distribution networks and the renewal of fixed assets. The total
number of gas-enabled objects at the end of the year reached 443.1 thousand.

Vinsents Makaris

Phone + (371) 67 369 144

E-mail: IR@lg.lv


1. 2012_12_Months_Audited.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=430082)
2. 2012_Corporate_governance_principles.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=430083)

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