LITGRID : Interim unaudited financial results of Litgrid for the twelve months of 2017

LITGRID
Interim information

Interim unaudited financial results of Litgrid for the twelve months of 2017

Litgrid Group has retained sustainable financial results and maintained high indicators of electricity transmission reliability and service quality in 2017.

Vilnius, Lithuania, 2018-02-14 15:00 CET (GLOBE NEWSWIRE) -- Litgrid Group has retained sustainable financial results and maintained high indicators of electricity transmission reliability and service quality in 2017.

Revenues and costs

Litgrid Group's income for the year 2017 was EUR 159.7 million, an 4.4 % decrease compared to the same period of 2016. The decline was due to decrease in the balancing/regulating electricity revenues, which, in turn, was largely influenced by lower demand from the balancing energy suppliers.

At the same time income from electricity transmission increased 0.4% to EUR 68.3 million compared to 2016. Income from electricity transmission accounted for 43% of total revenues of the Group. The increase was a result of bigger electricity transmission volumes, while actual electricity transmission tariff was lower by 2.2% compared to 2016.

The Group's costs totalled EUR 147 million in 2017, what is 0.8% more compared to the same period of 2016. The system service costs increased 9.5% to EUR 40.4 million

Operating Profits

The Group's EBITDA for 2017 amounted to EUR 40.3 million. Compared to 2016, EBITDA decreased by EUR 9 million, or 18.3%. EBITDA margin decreased to 25.2% (it was 29.5% in 2016). The Group's net profit for 2017 was EUR 9.4 million compared to EUR 17.9 million in 2016. Lower profitability came from decrease in other income.

Investments

Investments of Litgrid amounted to EUR 26.7 million in 2017, with 56% of them earmarked for the implementation of strategic energy projects and 44% for the reconstruction and development of national electricity transmission grid.

Electricity transmission and reliability

In 2017, Litgrid's volumes of electricity transmission via high-voltage networks for national needs amounted to 9 992 million kilowatt-hours (kWh), which is 2.7 % more than in the same period of 2016. The volumes of transmission to customers of the electricity distribution operator amounted to 8 988 million kWh (+1.7 % compared to 2016), and to other customers 1 004 million kWh (+13.3 % compared to 2016).

Litgrid maintained high indicators of electricity transmission reliability. Actual ENS (Energy not supplied) was 1.68 MWh and AIT (Average Interruption Time) was 0.06 min in 2017. These reliability indicators are better than the European average for transmission system operators.

Giedrius Karsokas, Head of Communications
Mob. +370 613 19977 e-mail: giedrius.karsokas@litgrid.eu