LITGRID - Interim information

Grid Reliability Underpinning Growth in Litgrid Group‘s Income

Vilnius, Lithuania, 2016-11-25 16:00 CET (GLOBE NEWSWIRE) -- Income of Litgrid
Group for the nine months of 2016 totalled EUR 123.1 million, a 69% increase
compared with the same period of previous year. The Group’s net profit
increased 3.5 times, totalling EUR 12.4 million. Such financial results were
largely determined by increase in transmission revenue, connection of new
producers and other operating income as well as congestion revenues. 

Income from electricity transmission accounts for the largest share (40%) of
total income of the Group. A substantial increase of this income – by more than
one-third to EUR 49.7 million - was driven by both larger quantities sold and
higher prices. Other factors that contributed to the growth include the putting
into operation of NordBalt and LitPol Link power links as well as the smooth
operation of the transmission grid. 

Costs of the Group in the period January-September 2016 were EUR 108.1 million
(+58% year-to-year). The new power links have a significant impact on the cost
growth as the demand for balancing electricity, system services, and covering
of process losses has increased after they were put into operation. 

The Group’s EBITDA for the nine months of 2016 was EUR 36 million. The EBITDA
has increased by EUR 14.5 million, or 68% year-to-year. There has been a rise
in the return on capital ratio and the return on assets ratio as well: from
1.9% to 6.6% and from 0.7% to 3.5%, respectively. 

“In addition to the cutting of operating costs, Litgrid seeks to achieve better
operating results by a more efficient management of assets, improving
competences, and encouraging employees to assume responsibility for the
attainment of our goals”,- said Rimantas Busila, Director of Finance at
Litgrid. 

Litgrid’s investments totalled EUR 30 million during the nine months. They have
been earmarked, in nearly equal parts, for the implementation of strategic
projects and the reconstruction and development of the transmission grid. 


         Vilija Railaitė, Head of Communications
         Phone: +370 613 19977
         e-mail: vilija.railaite@litgrid.eu

Attachments:

Litgrid Group consolidated interim 9 months financial statements and report.pdf