The net profit of Vilnius heat networks increased by 146.8 percent last year. up to 30.7 million euros, income decreased by 10.4 percent.

“The results reflect the relatively warm winter’s decreased demand for heat energy and the lower cost of heat supply, and the profit indicator was influenced by the victory achieved at the Stockholm Arbitration Court at the end of the year against the former managers of the heat industry,” the company said in a statement.

The profit before interest, taxes, depreciation and amortization (EBITDA) of VŠT, which supplies heat and hot water and produces electricity in the city of Vilnius, reached 26.6 million. euros or 5.1 percent. more than in 2022, when EBITDA amounted to 25.3 million euros.

According to VŠT, last year’s profit will be used for long-term investment projects that will allow implementing innovations, making heat production more efficient and achieving the company’s long-term goals of abandoning the use of fossil fuels in heat production while reducing the cost of heat.

Last year, VŠT investments amounted to 22.6 million. euros. It was 209.6 percent. more than in 2022.

In addition, the company recorded a doubling of its return on equity (ROE) to 17.7 percent last year, according to the report. (8.8 percent in 2022). The company’s property increased by 22.6 percent in 2023. and reached 173.1 million at the end of the year. euros.

The costs of VŠT for the main and other activities last year amounted to 240.5 million. euros. Compared to 2022, costs have decreased by 23.3 million. euros. Heat, fuel and other direct costs (EUR 165.2 million), operational costs (OPEX) (EUR 30.4 million) and depreciation and amortization costs (EUR 18 million) made up the majority of costs last year.

Last year, a total of 2,759 GWh of heat energy was supplied to the Vilnius heat network – 84 GWh or 3.1 percent. less than in 2022 (2,843 GWh). 60.9% of the total heat supplied to the capital. consisted of thermal energy produced from renewable energy sources.

Heat energy produced in the company’s production facilities amounted to 1,309 GWh – 11.1 percent. less than in 2022. The amount of heat energy purchased from independent heat producers amounted to 1,449 GWh or 5.8 percent. more than in 2022 (1,370 GWh).

During the year, VŠT served the city of Vilnius with 5.51 million cubic meters of hot water. This is 5.5 percent. more than in 2022. The company supplied hot water to an average of 216,464 customers last year, an increase of 2 percent. Hot water losses decreased to 6 percent last year (10 percent in 2022).

ELTA reminds that at the end of last year, the Vilnius City Municipality and VŠT won the case in the Stockholm arbitration in the dispute with the French concern “Veolia”. The city of Vilnius was awarded 83 million after the arbitration decision. euros.