LITGRID AB - Interim information

Litgrid profit increased twofold in the first half of 2013

Vilnius, Lithuania, 2013-08-27 07:49 CEST (GLOBE NEWSWIRE) -- In the first half
of 2013, the Litgrid group's pre-tax profit exceeded 30 million LTL and was
more than twice as big as the previous year's six-month pre-tax profit, which
equalled 13.5 million LTL. 

“Thorough analysis and effective restructuring of key processes over the past
three years have changed losses into sustained profitability. Strict cost
control, cost-effective procurement, meticulous planning of investment and
operational projects, and significant increase in revenue from system services
resulted in increased Litgrid group's profit for the first half of this year
more than twofold,” says Virgilijus Poderys, CEO of Litgrid, Lithuanian
electricity transmission system operator. 

The Litgrid group's revenue for January - June 2013 was 258 million LTL, i.e.
almost 10 per cent greater than the revenue earned during the first half of
2012. The largest portion of the group's total revenue, 44 per cent, consisted
of income for the transmission of electricity over high voltage networks. 

“Revenue of Litgrid depends on the quantity of electricity transmitted over the
high-voltage electricity transmission network—that is, from the demand for
electricity. Growing power consumption means greater flows of transmitted
electricity. In this half of the year, the increased electricity consumption
was caused by the country's industrial growth,” says Mr. Poderys. 

Bigger revenue indicates increase in electricity consumption in the country,
which was 3.4 per cent greater during the first half of this year than during
the same period in 2012. The greatest increase in consumption, almost 9 per
cent, was recorded in the industrial sector. Litgrid transmitted 4.6 billion
kilowatt hours (kWh) of electricity over high-voltage equipment for the
country's needs during the first half of 2013, or 1.5 per cent more than in the
first half of 2012. 

During the first half of 2013, investments made by Litgrid, the transmission
system operator, equalled more than 62 million LTL. A large part of the
investments, 60 per cent, were earmarked for implementation of strategic
projects, while the remaining part was invested in reconstruction and
development of the country's transmission network. Litgrid implements strategic
Lithuanian electricity projects, international electricity links NordBalt
(Lithuania-Sweden) and LitPol Link (Lithuania-Poland), and is also responsible
for full-fledged integration of the country's electricity system into European
Continental Network and the common European electricity market. 

The Litgrid group consists of AB Litgrid, the electricity transmission system
operator; UAB Baltpool, the operator of energy exchange; and UAB Tetas, which
performs technical maintenance of electrical equipment. 


         Laura Šebekienė
         Head of Communications
         Ph. + 370 693 65377,
         Email: laura.sebekiene@litgrid.eu

Attachments:

Consolidated interim financial information for six month period.pdf