Page 1

2015

„LIETUVOS ENERGIJA“, UAB CONSOLIDATED AND COMPANY‘S FINANCIAL STATEMENTS CONDENSED INTERIM FINANCIAL INFORMATION FOR THE THREE-MONTHS PERIOD ENDED 31 MARCH 2015 (unaudited)

Energy Company Group

www.le.lt/en


TABLE OF CONTENTS

CONDENSED INTERIM FINANCIAL INFORMATION Condensed interim statements of financial position

3

Condensed interim statements of comprehensive income

4

Condensed interim statements of changes in equity

5

Condensed interim statements of cash flows

6

Notes to the condensed interim financial information

7– 11

The condensed interim financial information was approved at 29 May 2015 by the “Lietuvos energija”, UAB Chief Executive Officer, Finance and Treasury Director and UAB Verslo aptarnavimo centras, acting under Order No. V-002 of 19 January 2015.

Dr. Dalius Misiūnas Chief Executive Officer

Darius Kašauskas Finance and Treasury Director

Edita Steponavičienė UAB Verslo aptarnavimo centras, acting under Order No. V-002 of 19 January 2015

2


CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION

For the three-months period ended 31 March 2015 All amounts in thousands of euro unless otherwise stated

Note

Group 31 March 2015

Company 31 March 2015

Group 31 March 2014

Company 31 March 2014

ASSETS Non-current assets: Intangible assets Tangible assets Prepayments for property, plant and equipment Investment property Investments in subsidiaries and other investments Investments in associates Amounts receivable after one year Non-current investments Other non-current assets Deferred income tax assets Total non-current assets Current assets: Inventories Prepayments Trade receivables Other amounts receivable Other current assets Income tax paid in advance Investments Cash and cash equivalents Non-current assets held for sale Total current assets TOTAL ASSETS

2 2

3

14 717 1 621 726 660 37 341 130 246 073 4 713 7 257 7 669 1 940 286

8 988 473 238 975 4 713 43 1 232 212

15 334 1 621 089 7 37 394 123 240 812 4 696 7 574 8 203 1 935 232

9 968 386 238 975 4 696 32 1 212 098

35 887 10 836 114 407 20 810 421 6 103 204 493 392 957 509 393 466 2 333 752

29 3 686 30 400 34 115 77 34 192 1 266 404

53 013 9 338 130 534 21 557 645 7 247 15 211 019 433 368 576 433 944 2 369 176

3 2 102 15 31 347 33 467 77 33 544 1 245 642

1 212 156 90 153 (10 716) 1 291 593 50 476 1 342 069

1 212 156 88 33 887 1 246 131 1 246 131

1 210 568 92 039 (42 547) 1 260 060 48 830 1 308 890

1 210 568 74 34 322 1 244 964 1 244 964

236 074 39 302 213 22 650 7 612 53 726 18 130 640 444

9 897 9 897

250 015 42 304 449 21 436 8 543 53 973 17 550 656 008

23 23

129 727 46 256 16 72 105 35 471 13 317 6 301 48 046 351 239 991 683 2 333 752

197 159 10 020 10 376 20 273 1 266 404

128 076 13 456 18 142 405 40 030 12 032 5 884 62 377 404 278 1 060 286 2 369 176

188 159 308 655 678 1 245 642

EQUITY AND LIABILITIES Capital and reserves: Share capital Reserves Retained earnings Total equity attributable to the Company’s shareholders Non-controlling interest Total equity Non-current liabilities: Long term borrowings Finance lease liabilities Grants Deferred income tax liability Provisions Deferred revenue Other non-current amounts payable and liabilities Total non-current liabilities Current liabilities: Current part of long-term borrowings Short-term borrowings Current part of finance lease liabilities Trade payables Advances received Current tax liabilities Provisions Other short term amounts payable and liabilities Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

3


CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE INCOME For the three-months period ended 31 March 2015 All amounts in thousands of euro unless otherwise stated Company 1 January – 31 March 2015

Group 1 January – 31 March 2014

Company 1 January – 31 March 2014

311 114 10 650 321 764

363 363

200 600 8 337 208 937

1 1

(224 587) (704) (19 044) (23 622) (5 369) (9 267) (282 593)

(1) (634) (322) (957)

(117 874) (4 804) (31 419) (16 925) (4 829) (9 330) (185 181)

(1) (608) (258) (867)

39 171

(594)

23 756

(866)

1 800 (3 368) (1 568)

1 732 (1 588) 144

936 (2 083) (1 147)

909 (2) 907

37 603

(450)

22 609

41

(4 813) (1 815) (6 628)

14 14

852 (4 274) (3 422)

1 1

PROFIT (LOSS) FOR THE YEAR

30 975

(436)

19 186

42

Other comprehensive income (expense) Net fair value (loss) on available-for-sale financial assets Total other comprehensive income (expense) TOTAL COMPREHENSIVE INCOME

(14) (14) 30 961

(14) (14) (450)

19 186

42

29 250 1 725 30 975

(436) (436)

16 847 2 339 19 186

42 42

29 236 1 725 30 961

(450) (450)

16 847 2 339 19 186

42 42

Note

Revenue Sales revenue Other operating revenue Operating expenses Purchase of electricity, gas and related services Gas and heavy fuel purchases for use in production Depreciation and amortisation Wages and salaries related expenses Repair and maintenance expenses Other expenses Total operating expenses OPERATING PROFIT (LOSS)

Other finance activity income Other finance activity (expenses)

PROFIT (LOSS) BEFORE INCOME TAX Current year income tax (expense) benefit Deferred income tax (expense) benefit

PROFIT FOR THE YEAR ATTRIBUTABLE TO: Shareholders of the Company Non-controlling interest COPREHENSIVE INCOME ATTRIBUTABLE TO: Shareholders of the Company Non-controlling interest

4

Group 1 January – 31 March 2015

4


CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY

For the three-month period ended 31 March 2015 All amounts in thousands of euro unless otherwise stated Equity attributable to the shareholders of the Company Group

Note

Share capital

Legal reserve

Revaluation reserve

Other reserves

Retained earnings

Subtotal

Noncontrolling interest

Total equity

Balance as at 1 January 2014 Net profit for the period Depreciation of revaluation reserve, net of income tax Increase of share capital Change in non-controlling interest due to changes in the Group structure Balance as at 31 March 2014

1 177 932 32 636

22 322 -

210 721 (5 282) -

188 678 -

8 746 16 847 5 282 -

1 608 399 16 847 32 636

202 510 2 339 -

1 810 909 19 186 32 636

-

-

-

(2)

(268)

(270)

270

-

1 210 568

22 322

205 439

188 676

30 607

1 657 612

205 119

1 862 731

Balance as at 1 January 2015 Net profit for the period Depreciation of revaluation reserve, net of income tax Change in fair value of available-for-sale financial assets net of income tax Acquisition of shares from non-controlling interest Gain on conversion of share capital Balance as at 31 March 2015

1 210 568 -

24 362 -

67 630 (1 872) 14

47 -

(42 547) 29 250 1 872 -

1 260 060 29 250 (14)

48 830 1 725 -

1 308 890 30 975 (14)

1 588 1 212 156

24 362

65 744

47

709 (10 716)

709 1 588 1 291 593

(79) 50 476

630 1 588 1 342 069

Equity attributable to the shareholders of the Company Company

Note

Share capital

Legal reserve

Revaluation reserve

Other reserves

Retained earnings

Subtotal

Noncontrolling interest

Total equity

Balance as at 1 January 2014 Increase of share capital Net profit for the period Balance as at 31 March 2014

1 177 932 32 636 1 210 568

-

-

-

(25 214) 42 (25 172)

1 152 718 32 636 42 1 185 396

-

1 152 718 32 636 42 1 185 396

Balance as at 1 January 2015 Change in fair value of available-for-sale financial assets net of income tax Gain on conversion of share capital Net profit (loss) for the period Balance as at 31 March 2015

1 210 568 -

-

-

74 14

34 323 -

1 244 965 14

-

1 244 965 14

1 588 1 212 156

-

-

88

(436) 33 887

1 588 (436) 1 246 131

-

1 588 (436) 1 246 131

5


CONDENSED INTERIM STATEMENTS OF CASH FLOWS

For the three-month period ended 31 March 2015 All amounts in thousands of euro unless otherwise stated Group Company 1 January – 31 1 January – 31 March 2015 March 2015 Profit for the period

Group 1 January – 31 March 2014

Company 1 January – 31 March 2014

30 975

(436)

19 186

42

21 857 6 628 (2 996) 613

1 -

34 349 3 422 (2 642) 655

1 (1) -

(1 800) 1 780 1 588

(1 713) 1 569

(925) 2 078 (7)

(909) 1 2

11 941

152

3 718

(74)

15 469

(26)

(3 060)

(24)

(67 316) (2 792) 15 947

226 (227)

(5 007) (1 811) 49 956

103 (859)

(42 853)

-

(31 417)

-

-

(730)

322 5 288 -

(869) 288 (3)

616 587 23 (41 627)

10 (720)

6 000 294 (24 508)

6 000 256 5 672

Cash flows from financing activities Proceeds from borrowings Repayment of the borrowings Finance lease payments Interest (paid) Dividends (paid) Other cash flows from financing activities Net cash (used in) / generated by financing activities

(12 290) (5) (1 351) (13 646)

-

27 066 (5 595) (1) (1 365) (13) (11) 20 081

-

Net (decrease) increase in cash and cash equivalents (including bank overdraft)

(39 326)

(947)

45 529

4 813

197 988

31 347

141 244

89 775

158 662

30 400

186 773

94 588

Adjustments for non-cash items and other adjustments Depreciation and amortisation expenses Income tax expense (benefit) (Income) from grants Loss on disposal/write-off of non-current assets Elimination of results of financing and investing activities: - Interest (income) - Interest expenses - Other finance (income) expenses Changes in working capital Decrease (increase) in trade receivables and other amounts receivable Decrease (increase) in inventories, prepayments ant other current assets (Decrease) increase in amounts payable, deferred revenue and advances received Income tax (paid) Net cash generated from / (used in) operating activities Cash flows from investing activities (Acquisition) of property, plant and equipment and intangible assets Proceeds on sale of property, plant and equipment and intangible assets Loans (granted) and repaid Change in deposits Acquisition of subsidiaries (associates) Change in non-controlling interest due to changes in Group structure Proceeds from issue of debt notes Grants received Interest received Net cash (used in) / generated by investing activities

Cash and cash equivalents (including bank overdraft) at the beginning of the period Cash and cash equivalents (including bank overdraft) at the end of the period

6


NOTES TO CONDENSED INTERIM FINANCIAL INFORMATION

For the three-month period ended 31 March 2015 All amounts in thousands of euro unless otherwise stated

1

Accounting principles

Condensed interim financial information of the “Lietuvos energija” UAB (hereinafter - the Company) and consolidated condensed interim financial information of the Company and its subsidiaries (hereinafter – the Group) for a three-month period ended 31 March 2015 has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and applicable to interim financial reporting (International Accounting Standard (IAS) 34, 'Interim financial reporting'). This unaudited condensed interim financial information should be read together with the annual financial statements for the year ended 31 December 2014, which have been prepared in accordance with IFRS as adopted by the EU. Financial year of Company and other Group companies coincides with the calendar year. The accounting policies applied in the preparation of this condensed interim financial information are consistent with those of the annual financial statements for the year ended 31 December 2014.Income taxes for the interim reporting periods have been estimated using the tax rate that would be applicable to the estimation of income taxes on the expected gross profit for the year.

2

Tangible and intangible assets

Movement of the Group’s tangible and intangible assets is presented below: Group Period ended 31 March 2015 Balance at the beginning of the period Additions Revaluation Sales Emission allowances grants received Write-offs Revaluation of emission allowances expenses Reclassification from tangible assets in to intangible assets Reclassification to assets held for sale Reclassification from investment property Reclassification from inventories Depreciation/amortisation Balance as at 31 March 2015

Intangible assets

Tangible assets 15 334 189 175 (428) 11 (564) 14 717

1 621 089 22 511 (65) (102) (446) (11) (169) 53 159 (21 293) 1 621 726

Movement of the Company’s tangible and intangible assets is presented below: Company Period ended 31 March 2015 Balance at the beginning of the period Depreciation/amortisation Balance as at 31 March 2015

3

Intangible assets

Tangible assets -

9 (1) 8

Investments in subsidiaries

At 31 March 2015 the Company concluded shares acquisition agreement with “Lietuvos energijos gamyba”, AB and acquired 100% or 15 244 112 ordinary shares of UAB “Kauno energetikos remontas” and 100% or 750 000 ordinary shares Energijos tiekimas UAB. Acquisition cost of UAB “Kauno energetikos remontas” shares – 4 778 thousand Euro, Energijos tiekimas UAB – 6 883 thousand Euro. This acquisition resulted in acquiring control over indirectly owned subsidiaries Geton Energy SIA and Geton Energy OU. At 31 March 2015 the Company concluded shares acquisition agreement with LESTO AB and acquired 100% or 18 904 ordinary shares of UAB “ELEKTROS TINKLO PASLAUGOS”. Acquisition price is 7 695 thousand Euro. At 19 February 2015 new companies - UAB Vilniaus kogeneracinė jėgainė and UAB Kauno kogeneracinė jėgainė – were established, whose activity is aimed at modernization of heat economy in Vilnius and Kaunas by set up of cogeneration power plants heat by refuses and biofuel. New power plants also will produce significant part of electricity at competitive price, which will secure more favorable electricity prices to consumers. Share capital of new companies is 2 900 Euro each, shares quantity – 10 000 units each at nominal price 0,29 Euro per share, shares subscribed were paid in full at 20 February 2015. At 30 October 2014 the Company concluded shares acquisition agreement and acquired 18 111 517 ordinary shares of UAB “VAE SPB”. At 30 January 2015 the Company paid outstanding debt for share premium in amount of 724 thousands Euro.

7


NOTES TO CONDENSED INTERIM FINANCIAL INFORMATION

For the three-month period ended 31 March 2015 All amounts in thousands of euro unless otherwise stated

3

Investments in subsidiaries (continued)

At 31 March 2015 the Company owned shares in the following companies of the Group:

Group company

Subsidiaries: „Lietuvos energijos gamyba“, AB AB LESTO AB "Lietuvos dujos" UAB „ELEKTROS TINKLO PASLAUGOS“ UAB Duomenų logistikos centras UAB LITGAS Energijos tiekimas UAB UAB „Kauno energetikos remontas“ UAB Technologijų ir inovacijų centras UAB „VAE SPB“ UAB Verslo aptarnavimo centras UAB „Lietuvos dujų tiekimas“ VšĮ Energetikų mokymo centras Lietuvos energijos paramos fondas UAB Vilniaus kogeneracinė jėgainė UAB Kauno kogeneracinė jėgainė

Investments: NT Valdos, UAB

Impairment

Contribution to cover losses

Carrying amount

(55 781) -

-

294 832 483 093 172 047

96,13 94,39 96,64

7 695

-

-

7 695

100,00

7 268 8 689 6 883 4 778 3 218 1 018 295 869 309 3 3 3

(2 563) -

4 -

4 705 8 689 6 883 4 778 3 218 1 022 295 869 309 3 3 3

79,64 66,67 100,00 100,00 97,80 100,00 97,00 100,00 100,00 100,00 100,00 100,00

1 046 784

(58 344)

4

988 444

29 29 1 046 813

(58 344)

4

29 29 988 473

Acquisition cost

294 832 538 874 172 047

Ownership %

0,03

At 31 December 2014 the Company owned shares in the following companies of the Group: Group company Subsidiaries: „Lietuvos energijos gamyba“, AB AB LESTO AB "Lietuvos dujos" UAB Duomenų logistikos centras UAB LITGAS UAB Technologijų ir inovacijų centras UAB „VAE SPB“ UAB Verslo aptarnavimo centras UAB „Lietuvos dujų tiekimas“ VšĮ Energetikų mokymo centras Lietuvos energijos paramos fondas

Investments: NT Valdos, UAB

Acquisition cost

Impairment

Contribution to cover losses

Carrying amount

294 832 538 874 172 047 7 268 8 689 3 218 293 295 869 309 3

(55 781) (2 563) -

4 -

294 832 483 093 172 047 4 705 8 689 3 218 297 295 869 309 3

1 026 697

(58 344)

4

968 357

29 29 1 026 726

(58 344)

4

29 29 968 386

Ownership %

96,13 94,39 96,64 79,64 66,67 97,80 100,00 97,00 100,00 100,00 100,00

0,03

8


NOTES TO CONDENSED INTERIM FINANCIAL INFORMATION

For the three-month period ended 31 March 2015 All amounts in thousands of euro unless otherwise stated

4

Other expenses Group 31 March 2015

Taxes Transportation Telecommunication and IT expenses Customer service Impairment of receivables (release) Emission allowances revaluation and provisions expenses Rent Utilities Write-off of property, plant and equipment Consulting services Inventory expenses Relationships and marketing Business trips Personnel development Write-down of inventories (release) Subcontracts and inventories for contractual work Impairment of non-current assets Other expenses Total

5

Company

31 March 2014

31 March 2015

31 March 2014

6 24 50 -

7 34 56 -

1 626 992 907 746 734

1 229 1 079 800 598 (416)

678

834

-

-

612 517 441 293 205 162 118 110 (596)

650 661 887 206 149 96 79 98 63

37 15 74 10 10 22 -

41 25 36 8 7 10 -

-

1 520

-

-

1 722 9 267

2 795 9 330

74 322

34 258

Related party transactions

As at 31 March 2015 and 31 December 2014 the parent party of the Company was The Republic of Lithuania, represented by Ministry of Finance of the Republic of Lithuania. For the purpose of disclosing related party transactions The Republic of Lithuania does not include central and local authorities. The disclosure contains transactions and balances with the shareholder, subsidiaries, associates, all the companies controlled by the government, or where government has significant influence (transactions with such companies are disclosed when significant), and key management personnel. Purchases and sales of goods and services: The Group’s transactions with related parties for the period from January to March 2015 and the balances arising on these transactions as at 31 March 2015 are presented below:

Related party

UAB „EPSO-G“ Litgrid AB BALTPOOL UAB UAB „TETAS“ AB „Amber Grid“ Group’s associates Total

Amounts payable and accrued expenses 6 647 14 509 2 184 2 591 25 931

Amounts receivables and unbilled revenue 241 531 3 238 11 287 183 525 172 256 936

Purchases

16 500 25 712 2 886 6 588 58 51 744

Sales

1 160 6 365 13 248 480 2 759 6 586 30 598

The Group’s transactions with related parties for the period from January to March 2014 and the balances arising on these transactions as at 31 December 2014 are presented below:

Related party

UAB „EPSO-G“ Litgrid AB BALTPOOL UAB UAB „TETAS“ AB „Amber Grid“ Group’s associates Total

Amounts payable and accrued expenses 8 976 19 487 3 275 349 494 32 581

Amounts receivables and unbilled revenue 240 372 3 198 9 983 359 297 73 254 282

Purchases

692 20 063 36 088 2 130 546 59 519

Sales

8 685 17 465 579 45 44 26 818

9


NOTES TO CONDENSED INTERIM FINANCIAL INFORMATION

For the three-month period ended 31 March 2015 All amounts in thousands of euro unless otherwise stated

5

Related party transactions (continued)

The Company’s transactions with related parties for the period from January to March 2015 and the balances arising on these transactions as at 31 March 2015 are presented below: Amounts payable and accrued expenses

Related party

AB LESTO „Lietuvos energijos gamyba“ AB Lietuvos dujos, AB UAB „Lietuvos dujų tiekimas“ UAB LITGAS UAB Technologijų ir inovacijų centras UAB Duomenų logistikos centras NT Valdos, UAB UAB „ELEKTROS TINKLO PASLAUGOS“ UAB „Kauno energetikos remontas“ Energijos tiekimas UAB UAB Verslo aptarnavimo centras VŠĮ Energetikų mokymo centras VAE SPB UAB „EPSO-G“ Total

Amounts receivables and unbilled revenue

7 696 11 662 59 36 22 1 19 476

Purchases

123 91 70 29 184 4 4 18 6 9 2 3 2 241 531 242 076

49 69 54 2 174

Sales

123 91 70 29 545 4 4 18 6 9 2 3 2 1 160 2 066

The Company’s transactions with related parties for the period from January to March 2014 and the balances arising on these transactions as at 31 December 2014 are presented below: Amounts payable and accrued expenses

Related party

AB LESTO „Lietuvos energijos gamyba“ AB UAB LITGAS UAB Technologijų ir inovacijų centras NT Valdos, UAB UAB Verslo aptarnavimo centras VŠĮ Energetikų mokymo centras UAB „EPSO-G“ Total

Amounts receivables and unbilled revenue

81 27 22 1 131

Purchases

204 240 372 240 576

5 527 57 92 5 676

Sales

2 692 694

Payments to key management personnel: Group 1 January – 31 March 2015 Employment related services Including: termination benefits and payments to Board members Number of key management personnel

Company 1 January – 31 March 2015

Group 1 January – 31 March 2014

Company 1 January – 31 March 2014

843

129

508

147

59 78

17 11

87 58

25 17

Key management personnel are heads of administration and their deputies, and the chief financier. Chief financier is included until 30 November 2014. From 1 December 2014 Company’s accounting is processed by UAB Verslo aptarnavimo centras.

6

Events subsequent to the end of the reporting period

At 27 April 2015 the Company concluded shares purchase agreement with LESTO AB and acquired 57,30% or 1 692 666 ordinary shares of NT Valdos, UAB. Shares acquisition cost – 41 176 thousands Euro. At 27 April 2015 the Company concluded shares purchases agreement with “Lietuvos energijos gamyba” AB and acquired 41.73% or 1 232 897 ordinary shares of NT Valdos, UAB. Shares acquisition cost – 29 987 thousands Euro. At 27 April 2015 the Company concluded shares purchase agreement with UAB Duomenų logistikos centras and acquired 0,59% or 17 384 ordinary shares of NT Valdos, UAB. Shares acquisition cost – 424 thousands Euro.

10


NOTES TO CONDENSED INTERIM FINANCIAL INFORMATION

For the three-month period ended 31 March 2015 All amounts in thousands of euro unless otherwise stated

6

Events subsequent to the end of the reporting period (continued)

At 30 April 2015 the Company concluded shares purchase agreement with Litgrid AB and acquired 0,35% or 10 193 ordinary shares of NT Valdos UAB. Shares acquisition cost – 252 thousands Euro. In result of transactions mentioned above Lietuvos Energija UAB acquired control over 100% of NT Valdos UAB shares. At 13 May 2015 UAB “EPSO-G” fulfilled its obligations to credit institution, therefore from 13 May 2015 the subordinated loan agreement of „Lietuvos energija“ UAB and UAB “EPSO-G“ in respect of UAB “EPSO-G“ is terminated.

*********

11

Fa le 2015 iq eng  
Fa le 2015 iq eng  
Advertisement