Interim unaudited financial results of Litgrid for the first 3 months of 2018 - sustainable financial results and high electricity transmission reliability
Litgrid Group has retained sustainable financial results and maintained high electricity transmission reliability and service quality in the first quarter of 2018.
Revenues and costs
Litgrid Group’s income for the first three months of 2018 was EUR 48 million, an 14.9 % increase compared to the same period of 2017.
Income from the electricity transmission decreased only by 1.1%, although actual electricity transmission tariff was lower by 6.8% compared to the same period of 2017. Income was compensated by considerably bigger electricity transmission volumes (6.1% increase). Litgrid’s volumes of electricity transmission via high-voltage networks for the national needs amounted to 2 778 million kilowatt-hours (kWh) compared to 2 620 million kWh in the same period of 2017.
The Group’s costs totalled EUR 42.7 million in the first quarter of 2018, what is 20% more compared to the same period of 2017. The increase was due to higher costs of purchase of electricity and related services that accounted for the 67% of total group’s costs.
The Group’s EBITDA for the first quarter of 2018 amounted to EUR 11.9 million. Compared to the same period of 2017, the EBITDA decreased by EUR 0.9 million, or 7%; the EBITDA margin decreased to 24.8% (2017 Q1: 30.6 %). The net profit of the Group in the first quarter of 2018 was EUR 4.2 million (2017 Q1: EUR 4.5 million).
Investments of Litgrid (works performed and assets acquired irrespective of terms of payment) amounted to EUR 5.1 million in the first quartet of 2018, with 49% of them earmarked for the implementation of strategic energy projects and 51% for the reconstruction and development of national electricity transmission grid.
Transmission system reliability
Litgrid maintained high indicators of electricity transmission reliability. There were no interruptions at the high-voltage network attributable to the operator’s fault that would have caused interruption of electricity supply.
The asynchronous interconnections operated reliably - LitPol Link was available to the market 100% of the time throughout the first quarter of 2018 and NordBalt was available to the market 92% of the time (84% in Q1 2017).