JSC “Latvijas Gāze”: Unaudited financial results of JSC “Latvijas Gāze” for 9 months of 2023
30 Novembro 2023 - 11:00AM
JSC “Latvijas Gāze”: Unaudited financial results of JSC “Latvijas
Gāze” for 9 months of 2023
Tension and uncertainty in the natural gas
markets in the nine months of 2023 has significantly decreased
compared to 2022. There are high inventory levels in the European
natural gas storages (including Latvia), and natural gas prices are
notably lower (in August 2023 they reached the lowest level since
July 2021). Despite this, the consumption of natural gas is still
low in both Latvia and elsewhere in Europe, where the decline in
consumption is mainly due to low activity in the industrial sector.
In addition, the fourth quarter in the natural gas markets started
with significant challenges - the military conflict between Israel
and Palestine, as well as the damage to the Balticconnector
pipeline, have created volatility in the natural gas markets in the
world, which affects both natural gas supplies and prices. Despite
all the above-mentioned challenges, in the summer of 2023, JSC
“Latvijas Gāze” (hereinafter - the Company) has carried out the
necessary work to create additional safety and stability for its
customers – all the required natural gas amount for uninterrupted
supply of gas, including 2023/2024 heating season has been injected
in the Inčukalns underground gas storage.
The active preparation for the opening of the
household market from 1 May 2023, as well as the extensive work
done on retaining existing household segment customers has provided
results - after the opening of the household market, the Company
has retained more than 90% of the household customer portfolio
compared to the number of customers at the beginning of this
year.
In the nine months of 2023, the Company operated
with 24.9 million EUR losses, compared to 95.4 million EUR net
profit in the corresponding period of 2022. Corporate income tax
payments to the State budget in the amount of 30.5 million EUR for
calculated dividends to the Company’s shareholders have affected
the Company’s losses. At the same time, the Company’s profit before
taxes was 5.5 million EUR in the nine months of 2023, which is
above the historical average – in 2022, the Company’s profit before
taxes in the corresponding period was 96.5 million EUR, in 2021 the
Company’s losses before tax were 169.5 million EUR, in 2020 profit
before taxes was 14.6 million EUR and in 2019 losses before tax
were 0.7 million EUR. As mentioned in the previous quarterly
financial statements, the results of 2022 reflected the results of
the economic activity of both 2021 and 2022 due to the accounting
methodology of financial derivative transactions. In nine months of
2023, such situation was not observed.
The Company will publish its Unaudited Condensed
Financial Statements for financial year 2023 on 1 March 2024.
JSC “Latvijas Gāze” Chairman of the Board Aigars Kalvītis
www.lg.lv
- IFRS_Latvijas Gāze 09.2023 ENG
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