OREANDA-NEWS  On 03 March was announced, that based on preliminary data, in 2008 Lietuvos Energija AB group earned LTL 42.4 mln of unaudited pre-tax profit. In 2007 the audited pre-tax profit was LTL 48.4 mln. The unaudited pre-tax profit of the key company of the group – Lietuvos Energija AB stood at LTL 43.0 mln. In 2007 the audited pre-tax profit was LTL 47.4 mln.

In 2008 Lietuvos Energija AB group earnings stood at LTL 1 532.7 mln – 27.7 per cent more than last year. The revenues of Lietuvos Energija AB, as compared to 2007, grew by 31 per cent and reached LTL 1 484.7 mln of which LTL 764.6 mln were generated from core activity (including public services obligations), LTL 457.8 mln – from auctioned electricity, LTL 227 mln - electricity exports.

According to Aldona Jakutiene, Board Member and Director of Finance Department of Lietuvos Energija AB, the main factors, resulting in the growth of income did not influence the profit growth. “This results from the increased prices of public obligation services, increased electricity sales and purchases through auction due to the drop in sales of Ignalina NPP-generated electricity while it was being repaired”.

According to the Director of Finance Department, the company results were positively influenced by the growth of income from exported electricity sales, due to the increased electricity prices in foreign markets.  "A significant contribution to the final results was also made by the active activity efficiency policy” – pointed out A.Jakutiene.

In 2008, acting as the transmission system operator, Lietuvos Energija AB through its high-voltage grid transmitted 10.1bn kWh of electricity for domestic needs –  3.6 per cent more year-on-year. Due to the increased national demand, the volume of exported power, compared to 2007, decreased by 3.7 per cent and stood at 2.4 bn kWh. The investments for the reconstruction and development of energy facilities in 2008 accounted for LTL 159.8 mln – 5.1 per cent more year-on-year.

According to the International Financial Reporting Standards and while implementing uniform asset accounting methods, applied throughout LEO LT AB group of companies, under which the company asset must be appraised at face value, an independent assets appraisal firm has performed the appraisal of company’s long-term tangible assets of Lietuvos Energija AB, which as of December 31, 2008 accounted for LTL 3128.8 mln.

By the end of year the company’s financial obligations to credit institutions totalled LTL39.7m and were by LTL50.1m lower than one year ago.