LITGRID - Interim information

Litgrid Group‘s results for the first half of 2015 announced

Vilnius, Lithuania, 2015-08-28 07:24 CEST (GLOBE NEWSWIRE) -- In the first half
of 2015 the Litgrid Group‘s profit before tax was EUR 2.8 million compared to
EUR 2.7 million losses in the corresponding period of 2014. The results were
mainly determined by 26% decrease in costs. 

“Due to tangible fixed assets evaluation performed last year, depreciation and
amortization costs decreased by 48%.  The start of Common Baltic balancing
block operation in the beginning of the year, helped to reduce balancing
electricity costs by 46%. This led to positive financial results despite the
drop in revenue. Nevertheless, due to high demand of large investments into
development of strategic projects as well as reconstruction of the grid, this
financial period is particularly tight and all our expenses must be planned
very carefully”,- commented Rimantas Busila, Litgrid Board Member and Director
of Finance Department. 

Group reported EUR 48.5 million revenue for the first six months of the year,
17% lower compared to the corresponding period of 2014. The decrease in revenue
was caused by the decision of the National Commission for Energy Control and
Prices to reduce electricity transmission tariff by one fifth, as well as the
system service tariff rate cut by 24 %. The Group's EBITDA in the first half of
2015 was EUR 13.5 million, 28% lower than last year. 

January through June Litgrid transmitted 4.5 billion kilowatt hours of
electricity via high voltage transmission networks for domestic consumption,
0.3 % more compared to the first half of 2014. 

Litgrid‘s investments amounted to EUR 117 million. The largest share of
investments (92%) was directed to the implementation of strategic projects, 8%
were dedicated to the reconstruction and development of the transmission
network. Litgrid develops Lithuania‘s strategic power projects - electricity
interconnections with Sweden (NordBalt) and Poland (LitPol Link). The Company
is responsible for the country's full-fledged power system integration to
continental European networks and common European electricity market. 

Litgrid Group consists of the electricity transmission system operator Litgrid,
energy resources exchange operator Baltpool, Tetas, which provides specialised
services of technical maintenance and Tinklo prieziuros centras, which
specialises in management and operation of electricity interconnections. 


         Vilija Railaitė
         Head of Communications
         mob. ph. +370 613 19977
         e-mail vilija.railaite@litgrid.eu

Attachments:

Litgrid tarpine FA ir pranesimas En.pdf