OREANDA-NEWS. LESTO AB, identification code 302577612, registered office placed at Aguonu str. 26, Vilnius, Republic of Lithuania. The total number of registered ordinary shares issued by company is 603 944 593; ISIN code LT0000128449.

Lithuanian electricity distribution company LESTO, which is a part of the largest Lithuania’s energy group “Lietuvos Energija”, UAB, during the nine months of 2015 continued to improve network reliability and operational performance indicators. Due to improved internal processes the company also significantly quickened and simplified the introduction of electricity for new customers. This progress was confirmed by the World Bank.

During the nine months of 2015 LESTO investments in network upgrade and modernization reached EUR 72.8 million – 13.2% more compared to the same period of 2014. Compared to January-September of 2014, investments in low voltage network renovation and reconstruction increased by most – 51.5% to EUR 30.3 million.

“This year we have already built more than a thousand kilometers of underground power cable lines – 52% more compared to the same period of 2014. We have set up more than 1.6 thousand modern transformers - 4 times more compared to the same period last year. This will ensure better quality of our services. Furthermore, we have improved our customer service and continued to invest in convenient and time-saving solutions for customers and continued to strengthen our collaboration with partners in the most remote areas", - says Aidas Ignatavi?ius, Chairman of the Board and CEO of LESTO.

Previously finished investment projects allowed to improve the electricity distribution network reliability indicators. During January-September of 2015 the system average interruption duration index (SAIDI) with the influence of natural disasters (“force majeure”) per customer amounted to 80.14 minutes – a decrease of 33.24 minutes compared to the same period of 2014. During the compared period the system average interruption frequency index (SAIFI) per customer decreased from 1.02 to 0.81. 

During the nine months of 2015 LESTO connected 20.5 thousand new customers to the distribution network – 7.3% more compared to the same period of 2014. New customers capacity allowance amounted to 288.7 thousand kilowatts (kW) – 26.9% higher compared to the same period last year.

“We have significantly simplified and quickened the process of electricity introduction for new customers. Compared to the last year, we have calculated that the time taken for a business to be connected to the power distribution network has decreased by ten days, for private clients – by four days. Our progress was confirmed by the World Bank, which announced the countries’ business environment ranking "Doing Business 2016”, where Lithuania’s “Getting electricity” rate rose from 66th  to 54th place", - says Aidas Ignatavi?ius.

The company‘s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) during January-September of 2015 amounted to EUR 99.2 million – 3.7% less compared to same period of 2014. EBITDA margin increased by 1.54% points to 23.05%.

During September-January of 2015 the net profit of LESTO amounted to EUR 59.2 million – 2.9 times more compared to the same period of 2014 when it was equal to EUR 20.4 million. The increase of net profit was resulted by significantly lower depreciation and amortization expenses. They are calculated on the basis of a new assessment of the Company’s tangible assets of the beginning of the year.

During the compared period purchase costs of electricity and other related services decreased by 14.7% to EUR 270.1 million. This was influenced by lower electricity purchase costs in the stock exchange, also lower electricity transmission and system services costs.

The volume of network service during the three quarters of 2015 increased by 1.7% and amounted to 6.286 billion kWh. LESTO revenue during January-September of 2015 amounted to EUR 430.5 million – 10.1% down compared to 2014. Revenue shrank due to the lower electricity prices to consumers.  

LESTO shares are quoted on the “Nasdaq OMX”. The state-owned energy company “Lietuvos Energija”, UAB owns 94.39% LESTO shares, remaining shares are traded on the stock exchange.  

In 2014 LESTO investor relations practices were among the best Nasdaq Baltic listed companies.