Financial Statement Release
Audited Financial Report of 12 months of 2013 and Corporate Governance report
Over the reporting year, the users were supplied with 1 451.9 million m3 of natural gas. In comparison with 2012, natural gas sales in m3 fell by 0.8%. The decrease of natural gas sales stemmed from the record-high air temperature at the end of the reporting year, as well as the investments of heat supply companies in the use of renewable energy sources and partial replacement of natural gas with woodchip.
In 2013, the JSC Latvijas Gāze sold natural gas and provided services to customers for 403.4 million. (EUR 574 million), which is a decrease by 5.6% year-on-year. The changes in the structure of net turnover resulted from changes in natural gas sales volume and the natural gas sale price, as well as the increased efficiency of usage of the Inčukalns Underground Gas Storage Facility (hereinafter – Inčukalns UGS).
Over the season of 2013, 2.14 billion m3 of natural gas was injected into the Inčukalns UGS and 1.86 billion m3 were withdrawn. Compared with the season of 2012, the volume of natural gas injected fell by 2.7% with 182.3 million m3 of gas remaining at the end of the 2012/2013 heating season, while volume of natural gas withdrawn fell by 18.4%.
The Company completed the year 2013 with a net profit of LVL 22.6 million (EUR 32.2 million), which is LVL 0.3 million (EUR 0.4 million) or 1.3% below that of 2012 with LVL 22.9 million (EUR 32.6 million). The net profitability was 5.6% in 2013 and 5.4% in 2012.
In 2013, the Company invested LVL 19.8 million (EUR 28.2 million) in the modernization of the gas supply system and the creation of new fixed assets. 44.1% of the total investment was spent on the modernization of gas transmission pipeline system, 29% – on the expansion of distribution networks and the renewal of fixed assets, and 24.3% - on the improvement of operation safety and the modernization of equipment at the Inčukalns UGS. The total number of gas-enabled objects at the end of the year reached 443.3 thousand.
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