Vilnius, Lithuania, 2017-05-25 15:00 CEST (GLOBE NEWSWIRE) -- Litgrid Group started the year 2017 on sustainable growth path. In the first three months of the year, the Group’s income rose 8 percent to EUR 41.8 million, year-on-year, according to preliminary unaudited data.
Within the period, the Group’s income from transmission of electricity rose 1.5 % year-on-year to EUR 18.3 million driven by the increase in the volumes of electricity transmitted.
EBITDA of the Group for Q1 of 2017 was EUR 12.8 million. That is a 15% increase compared with the same period of 2016. The EBITDA margin increased to 30.6% compared to 28.9% in the same period last year. Net profit of the Group for Q1 of 2017 was EUR 4.5 million (2016: EUR 3 million).
Return indicators of Litgrid Group also demonstrated steady growth. Return on assets rose to 4% in the period of January-March from 2.6% in the same period a year ago while return on equity advanced to increased 7% from 4.7% within the same period.
“Sustainable financial results and return indicators provide us a solid ground to plan further investments in the transmission grid to ensure its reliable operation“, - says Daivis Virbickas, CEO of Litgrid.
Congestion revenues from Lithuanian-Polish and Lithuanian-Swedish power links in the first quarter of 2017 decreased 23% to EUR 2.1 million compared to the same period of 2016. Congestion revenues result from insufficient cross-border capacities and formation of different market prices for electricity in Lithuania, Sweden, Poland and Latvia. These revenues may only be used for the increase of the cross-border capacities.
“Congestion revenues eased as wholesale electricity market prices were less volatile and more similar across the Baltic Sea region, precisely what we were expecting from power links with Poland and Sweden”, says Daivis Virbickas.
The Group’s spending was EUR 35.7 in Q1 of 2017, representing a 3% increase compared to the same period last year. Costs of purchasing electricity and related services accounted for 57% of the Group’s costs.
The investments of Litgrid totaled EUR 2.9 million in first quarter of 2017. 40% of them were earmarked for the implementation of strategic projects and 60% for the reconstruction and development of the transmission grid.
Vilija Railaitė
Litgrid Head of Communications
Tel. +370 613 19977
E-mail: vilija.railaite@litgrid.eu
