Vilnius, Lithuania, 2016-02-26 15:30 CET (GLOBE NEWSWIRE) --
Litgrid Group posted EUR 2.6 million unaudited profit before tax for the year 2015. In 2014, Group‘s losses, excluding the results of the last year’s revaluation of tangible fixed assets, were EUR 7.5 million. The profit increase was mainly determined by 23% decrease in costs.
The Group reported EUR 100.5 million revenue for the 12 months of 2015, 16% lower compared to 2014. Half of the revenue - EUR 50.4 million - were income from electricity transmission. 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 almost one fifth, and the system services rate by 24%.
The Common Baltic balancing block that started operation last year led to price decrease of balancing electricity sold by TSO by 30%. This consequently resulted in 27% decrease of revenue from balancing electricity.
“Effective cost control allowed to decrease operational expense and improve the financial result of the Group. Due to coordinated operation of common Baltic balancing block the revenue of the Group decreased. At the same time it results in EUR 2.3 million savings for electricity consumers”, - said Rimantas Busila, member of the Board and Director of Finance department at Litgrid.
The Group’s costs were EUR 97.4 million in 2015, 23% lower than in 2014. Depreciation and amortization costs decreased the most (44%) due to revaluation of the Group’s tangible fixed assets. Purchases of electricity and related service costs decreased by one-fourth, which includes 25% decrease in balancing-regulating electricity costs and 30% decrease of system service costs.
In 2015 the Group’s EBITDA was EUR 27.1 million. The EBITDA margin was 27%.
Two strategic power link projects NordBalt and LitPol Link were finished in 2015. Their implementation required EUR 186 million or 91% of total investments during 2015. EUR 22 million of investments were dedicated to the reconstruction and development of the transmission grid.
Vilija Railaitė
Litgrid Head of Communications
Ph. +370 613 19977
E-mail vilija.railaite@litgrid.eu
