Latvijas Gaze, JSC: Financial results for the 1st quarter of 2018

The first quarter 2018 was the first full quarter with the new Latvijas Gaze group structure in place.

In the first quarter of 2018, Latvijas Gaze group sold 355 million m3 (3,745 GWh) of Natural Gas and ensured supply for more than 400 thousand customers. In the first three months of the year, Latvijas Gaze group reached net turnover of 99.8 million EUR, while net profit amounted to 20.1 million EUR.

It is planned that unaudited financial statements for the first half of 2018 will be published on August 28, 2018

As mentioned before, in order to meet the requirements of the Energy Law, at the end of the 2017 the JSC "Latvijas Gaze” spun-off its distribution business into the newly founded company JSC "Gaso”. However, as a 100% subsidiary with its own and fully independent Board of Management and Council the JSC "Gaso” remains an essential part of the newly formed Latvijas Gaze group. The Public Utilities Commission confirmed that the legal separation of the JSC "Gaso” complies with the requirements of the Energy Law.

On 5 February 2018 the JSC ”Latvijas Gaze” became a "Market Maker” at the Latvian market area of the Baltic Gas Exchange. The management of the company strongly believe that increased trading activity at GET Baltic will open up new opportunities for all market participants, which finally also benefits customers.  Apart from that that a strong regional gas exchange will also contribute to the general development of the sector as well as the Baltic region’s economy.

Contact information:

Madara Pundure

Head of Finance and Accounting Division

+ 371 67 369 281

madara.pundure@lg.lv

Attachment

• Latvijas Gaze Consolidated_ 3 months 2018