Energy, Investments, Latvia

In 2014, the Latvenergo group achieved EUR 1.01 billion in revenue and posted EUR 29.7 million in profit was EUR 29.7 million. In 2013, the company achieved EUR 1.09 billion in revenue and EUR 46.1 million in profit, according to the company's un-audited financial report submitted to the ''Nasdaq'' Riga Stock Exchange.

The decrease of revenue by Latvenergo group was determined by the change in the accounting principles along with the opening of the electricity market. Thus the income statement of the group no longer includes settlements for the mandatory procurement. The decrease of the profit was also caused by a considerably lower output of the Daugava Hydro Electric Power Plan, besides, and the company lost revenue due to electricity supply at the regulated tariff to the amount of EUR 48.2 million.

In 2014, the total amount of investments reached EUR 177.6 million, while EBITDA amounted to EUR 240.3 million.

In 2014, Latvenergo group has successfully maintained its position as the leading electricity supplier in the Baltics. The market share of Latvenergo group equals 35% of the total Baltic electricity market. The company supplied 8,688 GWh of electricity to retail customers in the Baltics, which is 9% more than the previous year.

The company informs that the most significantly electricity supply increased outside Latvia – in Lithuania and Estonia, where it was increased almost by a half compared to the previous year. Also, the number of customers in neighboring countries has increased by more than one-fifth reaching approximately 34,000 at the end of 2014. The total electricity supply volume in Lithuania and Estonia reached 3,053 GWh, which is almost twice as much as the amount provided by competing electricity suppliers in Latvia, the company informs.