Montenegro energy company, partially owned by Italian A2A, Elektroprivreda Crne Gore (EPCG) finished last year with a loss of 5,8 million EUR, which is 11 times less than in 2011.
According to financial report for the last year which was reconsidered by Director Board on Tuesday, EPCG’s income is increased for 1 percent on 263,3 million EUR, despite decreased supply of Aluminum Combine (KAP) during the last few months.
Income before interests, taxations, value and amortization decrease (EBITDA) amounts 17,5 million EUR compared to the loss of 3,2 million in 2011.
The fourth quarter of the last year is mostly credited for positive result on EBITDA level. Termination of direct buyer KAP’s supply and high level of hydrology caused significant import decrease.
Total purchases of EPCG from KAP amounted 44 million EUR at the end of last year, and 8,8 million from Montenegro Bonus.
Conditions and methods of payment are still being negotiated. The solution is expected soon- it was reminded from the company.
EBIT (income before interests and taxation) was negative i.e. minus 12,3 million EUR which is meaningful improvement with reference to 2011 when it amounted minus 75,6 million EUR.
Capital savings in the last year amounted 34,3 million EUR and they are almost three times bigger than in 2011. The biggest investments refer to distribution network, 24,5 million EUR where 11 million were invested in the project.
Measuring system is improved i.e. new electric meters are installed. The rest of money is invested in improvement and maintenance of production objects.
EPCG had net cash position of 23,2 million EUR on 31 December. This position amounted 42,5 million in 2011.
Improved operational profitability occurred as a consequence of huge efforts of EPCG towards efficiency improvement and solution to main historical problems among which is KAP supply also.
The last quarter of previous year began to show positive influence of these activities but net loss for this year remains negative. It will be very meaningful for EPCG and whole Montenegrin electricity system if adequate business conditions are set fast and maintained for a very long time.
Work force expenses without reconstruction expenses are decreased for 900 thousands and they amounted 50,5 million EUR.
Huge efforts are put in optimization of facilities availability, loss decreases on distribution network and expenses decrease, as well as in increase of complete efficiency- it was stated in EPCG.
Total achieved production of electricity in the last year amounted around 2,7 thousand gigawatt-hours (GWH), 2% more than in 2011. 1,47 thousand GWH were produced in HPPs and 1,245 thousand in TPP Pljevlja.
Electricity import for internal use amounted 992,7 GWH, which is 27% less than in 2011.
Source;Serbia Energy SEE desk/EPCG
