JSC “Latvijas Gāze”: Unaudited financial results of Latvijas Gāze group for 3 months of 2022

Latvijas Gāze group reached historically strongest financial performance in the first quarter of 2022, which is attributable to disciplined trading and risk management strategy in 2021.

JSC “Latvijas Gāze” (hereinafter also “Company”) Q1 2022 results represent its business results of both 2021 and Q1 2022 as majority of negative marked-to-market value of derivatives related to full winter season (October 2021- March 2022) was recognized in 2021.

The Group’s net turnover in the first quarter of 2022 was 320.75 million EUR, EBITDA (more detailed information on the alternative performance measures can be found on page 10 of the financial statements) amounted to 81.1 million EUR and net profit was 77.47 million EUR.

During first quarter of 2022, Company sold 4 014 GWh of natural gas to customers in Latvia and abroad. Compared to the same period in 2021, sales volumes have decreased by 4%. Sales to the household customer segment were 567 GWh in the first three months of 2022. The segment is regulated and the tariff is approved by the Public Utilities Commission. Household segment was the only segment that caused losses in the first quarter of 2022 since the tariff is lower than the costs of natural gas and trading expenses. Based on regulation the household tariff may be adjusted for next tariff period.

At the end of winter season (31.03.2022), Company (sales and trading segment of the Latvijas Gāze group) fully repaid its interest-bearing debt.

Latvijas Gāze group will publish its unaudited consolidated interim condensed financial statements for 6 months of 2022 on August 31, 2022.

JSC “Latvijas Gāze”: Unaudited financial results of Latvijas Gāze group for 3 months of 2022

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