Litgrid Group‘s results for the first half of 2015 announced
Vilnius, Lithuania, 2015-08-28 07:24 CEST --
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.
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