Litgrid Group’s results for the first nine months of 2015 announced
Vilnius, Lithuania, 2015-11-25 16:00 CET --
During the first nine months of 2015, the Litgrid Group’s profit before tax was EUR 4.1 million compared to EUR 4.2 million in losses in the corresponding period of 2014. The results were mainly determined by 25% decrease in costs.
The largest share of nine months’ investments (EUR 160.36 million, or 92%) was directed to the implementation of strategic projects; 8%, or 4.84 million, was dedicated to the reconstruction and development of the transmission network.
“We intend to finish two strategic projects with high demand of investments this year, the power interconnections with Poland and Sweden. Their importance is also acknowledged by the European Union (EU), who allocated EUR 27 million to the interconnection with Poland in July, the link with Sweden is also partially financed by EU,” said Rimantas Busila, member of the Board and Director of Finance department at Litgrid.
The Group reported EUR 73.2 million in revenue for the first nine months of this year, 16% lower compared to the corresponding period of 2014. More than half of the revenue (EUR 37 million, or 51%) was income from the transmission of electricity. 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 19%. Revenue from balancing electricity decreased by one third, mainly due to the start of Common Baltic balancing block operation in the beginning of the year, which led to price decrease of balancing electricity sold by TSO by 31%.
The Group’s costs were 25% lower (EUR 68.6 million) in January-September 2015 than during the same period last year. Depreciation and amortization costs decreased the most (45%) due to revaluation of the Group’s tangible fixed assets. Purchases of electricity and related service costs decreased by 28%, while balancing (regulation) electricity costs decreased by 34%.
During the first nine months of 2015, the Group’s EBITDA was EUR 20.8 million. The EBITDA margin decreased from 30.4% in 2014 to 28.4%
From January till September 2015, Litgrid transmitted 6.777 million kilowatt hours of electricity via high voltage transmission network for domestic consumption, 1% less compared to the same period of 2014.
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