Vilnius iluma network income decreased by 10.4% last year, EBITDA grew by 5.1%

In 2023, the income of VT, which performs the activities of water supply and electricity production in the city of Vilnius, will decrease by 10.4% to 249 million. EUR, but the net profit grew by 146.8% to 30.7 million. Eur, the company announces.

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VT’s profit before salaries, taxes, depreciation and amortization (EBITDA) reached 26.6 million. EUR or 5.1% more than in 2022, when EBITDA amounted to EUR 25.3 million. Eur.

Last year, VT’s investments reached 22.6 million. Eur.

According to the company, the results reflect the energy demand of the relatively small number of houses and the lower price of the supply of electricity, and the profit indicator was due to the victory achieved at the Stockholm arbitration court at the end of the year against the former managers of the company.

Last year’s profit will be used for long-term investment projects, which will allow implementing innovations, making the production of iluma more efficient and achieving the company’s long-term goal of abandoning the use of fossil fuels in the production of iluma, thereby changing the price of iluma.

It was a full, but very interesting and meaningful year, which ended with the victory of the municipality of Mons and the capital city in the Stockholm arbitration court against the former governors of the Vilnius city. The event symbolically marks the beginning of a new phase of VT’s growth, facilitated by modern technologies and new activities. in 2023 we started to prepare for the production of oily hydrogen, the waste water project has started, the first steps of the temperature network are being suppressed, the construction of the most powerful water absorption pump in the Baltic states is being completed, all this is creating new VT counters, Gerimantas Bakanas, VT general director, is quoted in the announcement.

He adds that, in search of additional development and cumulative realization possibilities, the company sought capacity for transmission and production in Klaipda.

About the geographical expansion of VT through acquisitions, we announced last November, when an agreement was signed for the acquisition of 100% of UAB Miesto energija and UAB Pramons energija and 4.34% of shares of AB Klaipdos energija to the company E energija.

Effective dialogue with the State Energy Regulatory Council (VERT) made it possible to complete the entire process, after setting a new VT base income for the next three-year period, this is necessary so that the company can plan medium-term projects and investments much more smoothly. Also important to me is the ambitious oil hydrogen project initiated by Vilnius City Municipality last year, focused on the future of renewable energy. VT will become a production base supplying hydrogen to the city transport bus fleet. It is planned to implement more such synergy projects of different city administrations, comments Paulius Saltonas, Chairman of the Board of VT.

The company recorded a double increase in return on equity (ROE), which reached 17.7% last year (8.8% in 2022). The company’s property grew by 22.6% in 2023 and reached 173.1 million at the end of the year. Eur.

The company’s expenses for carrying out the main and other activities in 2023. totaling 240.5 million Eur. Compared to 2022 expenses decreased by 23.3 million EUR or 8.8%, Last year, the major part of the costs consisted of materials, fuel and other direct costs (EUR 165.2 million or 68.7%), operating costs (OPEX) (EUR 30.4 million or 12.6% ) and depreciation and amortization costs (EUR 18 million or 7.5%).

Last year, the main fuel for electricity production was natural gas. J acquisition costs in 2023 totaling 42.6 million EUR or 25.8% of total, fuel and other direct production costs.

I 60.9 percent of all the iluma served to the city of Vilnius. compositional energy produced by renewable energy sources. Until 2030 Icast fuel will not be used in the production of VT iluma.