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Litgrid Ends First Half-Year 2012 with Profit

Litgrid Group reported an income of LTL 234.8 million for January-June 2012, an increase of 12% compared with January-June 2011, when the figure stood at LTL 108.5 million. The income from electricity transmission contributed 47 per cent of the group's total income.
In H1 2012, EBITDA Litgrid Group reached LTL 76.8 million, EBITDA margin was 33%. The profit before tax of Litgrid Group reached LTL 13.5 million in the first half of 2012, compared with a loss of LTL 4.6 million suffered in H1 2011.
“Effective procurement procedures allowed to decrease capital expense by 25%. During the last three years operational expenses were reduced by 30%. Over the last three years the electricity transmission tariff in Lithuania dropped by as much as 30%, while average transmission tariff in Europe rose by 27% during 2008-2011. Given the circumstances, the positive results show the effect of the reorganization and management efficiency”, says Virgilijus Poderys, the CEO of the electricity transmission system operator Litgrid.
Performing the function of transmission system operator, Litgrid transmitted a total of 4.56 billion kWh of electricity for domestic needs via high-voltage electricity grids in H1 2012, down by 1.4% year-on-year. The volume of electricity transmitted to the distribution network operator Lesto AB reached 4.18 billion kWh (up by 2.5% year-on-year), and the volume transmitted to other consumers was 0.37 billion kWh (down by 30.7%). This was due to the own electricity generation and therefore diminished electricity demand by the industrial companies, as well as due to the maintenance works at Orlen Lietuva oil refinery.
In H1 2012, the transmission system operator Litgrid invested a total of LTL 51.9 million. The major part of the investment (60%) was earmarked for the implementation of strategic projects, while the remaining investment was allocated for the reconstruction and development of the national transmission grid.
Litgrid is currently implementing strategic Lithuanian electricity energy projects, including international electricity interconnections NordBalt (Lithuania-Sweden) and LitPol Link (Lithuania-Poland), and is responsible for the fully-fledged integration of the Lithuanian electricity energy system into the European Continental Network and the common European electricity market.
Litgrid Group consists of the electricity transmission system operator Litgrid AB, energy exchange Baltpool UAB and Tetas UAB, which provides specialized services of technical maintenance. 
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