Unaudited financial results of “Latvijas Gāze” group for 2020

The year 2020 has been challenging for both the world as a whole and for the energy industry in particular. Relatively mild air temperatures, strict restrictions due to the spread of the coronavirus, and low level of natural gas prices were the main factors shaping the operating environment for the JSC “Latvijas Gāze”.

In 2020, the JSC “Latvijas Gāze” sold 11 896 GWh of natural gas to customers in Latvia and abroad, with the latter accounting for 28% of the total JSC “Latvijas Gāze” natural gas sales volumes.

The Group’s net turnover in 2020 reached 190.5 million EUR, EBITDA amounted to 26.5 million EUR. The Group’s net profit for 2020 was 11.2 million EUR*.

The JSC “Latvijas Gāze” in 2020 continued to invest towards improving the effectiveness and efficiency of core business and customer care processes. In total the JSC “Latvijas gāze” invested approximately 1.2 million EUR in IT projects to ensure most efficient operations and services to customers. At the end of December 2020 JSC “Latvijas Gāze” made the final transition to a new billing system MECOMS and a new self-service portal. The modernization of the existing IT infrastructure and the digitalization of the Company’s sales processes will play a key role in serving customers with the best products and services at the most competitive price also in the future.

Latvijas Gāze Group will publish its audited consolidated financial statements for 2020 on April 21, 2021.

*More detailed information on the alternative performance measures can be found on page 15 of the financial statements.

Additional information:
Romāns Tjurins
Vice President Finance
Phone: + (371) 67 369 139
E-mail: [e-mail]

www.lg.lv

Attachment

• IFRS Latvijas Gāze Consolidated Unaudited 12 months 2020