LITGRID - Interim information

Litgrid Group financial results for 12 months of 2015 announced

Vilnius, Lithuania, 2016-02-26 15:30 CET (GLOBE NEWSWIRE) -- 
Litgrid Group posted EUR 2.6 million unaudited profit before tax for the year
2015. In 2014, Group‘s losses, excluding the results of the last year’s
revaluation of tangible fixed assets, were EUR 7.5 million. The profit increase
was mainly determined by 23% decrease in costs. 

The Group reported EUR 100.5 million revenue for the 12 months of 2015, 16%
lower compared to 2014. Half of the revenue - EUR 50.4 million - were income
from electricity transmission. The decrease in revenue was caused by the
decision of the National Commission for Energy Control and Prices to reduce
electricity transmission tariff for 2015 by almost one fifth, and the system
services rate by 24%. 

The Common Baltic balancing block that started operation last year led to price
decrease of balancing electricity sold by TSO by 30%. This consequently
resulted in 27% decrease of revenue from balancing electricity. 

“Effective cost control allowed to decrease operational expense and improve the
financial result of the Group. Due to coordinated operation of common Baltic
balancing block the revenue of the Group decreased. At the same time it results
in EUR 2.3 million savings for electricity consumers”, - said Rimantas Busila,
member of the Board and Director of Finance department at Litgrid. 

The Group’s costs were EUR 97.4 million in 2015, 23% lower than in 2014.
Depreciation and amortization costs decreased the most (44%) due to revaluation
of the Group’s tangible fixed assets. Purchases of electricity and related
service costs decreased by one-fourth, which includes 25% decrease in
balancing-regulating electricity costs and 30% decrease of system service
costs. 

In 2015 the Group’s EBITDA was EUR 27.1 million. The EBITDA margin was 27%.

Two strategic power link projects NordBalt and LitPol Link were finished in
2015. Their implementation required EUR 186 million or 91% of total investments
during 2015. EUR 22 million of investments were dedicated to the reconstruction
and development of the transmission grid. 


         Vilija Railaitė
         Litgrid Head of Communications
         Ph. +370 613 19977
         E-mail vilija.railaite@litgrid.eu

Liitteet:

Litgrid FA EN.pdf