Energy, Estonia
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Wednesday, 24.04.2024, 04:19
Eesti Energia sales decreased by 2.9% in Q1
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Despite lower sales, the group's EBITDA increased by 5.3% to 87.8 million euros in the first quarter of 2015 and net profit amounted to 54.7 million euros (+7.1% year-on-year).
The primary reason for group revenues decline in the first quarter 2015 were lower electricity sales revenues, which were mainly caused by low prices in the Nord Pool Spot wholesale market. Electricity sales revenue decreased by 12.8% to 100 million euros. Sales revenue from electricity distribution decreased 2% to 67 million euros, but a strong result was achieved in shale oil sales, as the sales revenue increased by 87.2% to 25 million euros on the back of doubled sales volume.
The group's EBITDA in the first quarter of 2015 was also under pressure by electricity sales, where the EBITDA decreased by 37.6% to 28 million euros. Among several negative influences the largest impacts were lower sales price and lower gains on financial hedges compared to last year. Group EBITDA in electricity distribution increased by 11.1% to 24.2 million euros and shale oil EBITDA more than doubled to 20.9 million euros. Furthermore, Eesti Energia earned 14.7 million euros EBITDA from other products.
Electricity sales amounted to 2.2 TWh in the first quarter of 2015 (-1.7% year-on-year), of which sales in the retail market amounted to 1.6 TWh (-6.8% y-o-y) and sales in the wholesale market to 0.6 TWh (+13.3% y-o-y).
The group's average market share in Estonian retail market increased to 62% 2015, which is 2.2%age points higher year-on-year. Eesti Energia maintained 12% and 4% market shares in Latvia and Lithuania respectively, which in total resulted in 26% market share in the Baltic electricity market.
The group generated 2.3 TWh of electricity in the first quarter 2015, which is 3.1% less than a year ago.
The group distributed 1.8 TWh of electricity in the first quarter 2015 (+0.2% y-o-y), while network losses decreased to 5.3% (-1.1%age points y-o-y).
Production of shale oil increased by 36.9% to 84.7 thousand tonnes in the first quarter 2015, while sales volume of shale oil reached 70 thousand tonnes.
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