In the light of shortage of electricity in the market and a new increase in prices of electricity, the representatives of one of the largest independent suppliers of electricity AB “INTER RAO Lietuva” claim they could actually provide the missing power supply but the network operator agreements prevent them from taking such measures.

“Our company would be able to provide the market with the deficient amount of electricity; however, the agreements between the Lithuanian, Latvian and Estonian system operators prevent AB “INTER RAO Lietuva” from taking any actions. It is these agreements that resulted in electricity shortages and high electricity prices in the market. The present situation is not for the benefit of the independent suppliers of electricity,” says Vidas Čebatariūnas, the Commercial Director of AB “INTER RAO Lietuva”.

The agreements signed this year by “Litgrid” (Lithuania), “Augstsprieguma tikls” (Latvia) and “Elering” (Estonia) create conditions for the maximum throughput for trade between the Baltic countries and for import of more electricity from Estonia and Scandinavia while artificially restricting the electricity imports from third countries and thus, possibly, influencing the growth of electricity prices in the Lithuanian area of Nord Pool Spot market.

UAB “SC Baltic Media” has successfully concluded a sales contract of the company which publishes the “Top Gear” magazine in Lithuania, Latvia and Estonia. The company was acquired by UAB “ON Media”, one of the former shareholders of “SC Baltic Media”.

“Such a move should further strengthen the position of the efficiently and harmoniously operating company in the areas where it is one of the most powerful and successful entity. It can be said that the decision to sell the “Top Gear” magazine publishing company is a consistent stage of implementation of the decision to optimize our company’s activities and focus on the energy and financial service areas. We are pleased with the fact that a successful magazine was purchased by the company which will continue the work in progress as well as carry on the development of the best media traditions of this field,” says Magnus Astrom, the chairman of the board of UAB “Scaent Baltic” owning UAB “SC Baltic Media”.

UAB “ON Media” is the holder of a controlling interest of such daily newspapers as “Kauno diena”, “Klaipėda”, “Sekundė” and weekly newspapers “Vilniaus diena” and “Panevėžio balsas”.

Contact information:
UAB “Scaent Baltic”
Phone: (8-5) 242 11 21
E-mail: info@scaent.lt

AB INTER RAO Lietuva announces its performance results of the first half of 2013 and informs that gross profit of the group of companies operating in Lithuania, Latvia, Estonia and Poland reached LTL 29.5 million, operating profit – LTL 18.7 million and net profit – LTL 14.1 million during this period.

“We positively evaluate our Group’s financial results for the first half of the year: the companies were profitable even in relatively unfavourable circumstances resulting from the occurred natural conditions, lower electricity prices in Nordpool market and restrictions of intersystem transmission lines capacity. These and other objective reasons determined slightly reduction of our sales of electricity and sales income, compared to the same period of the previous year. However, comparing the first and second quarter data, we can already see that the situation has stabilised and no significant changes are observed”, says Giedrius Balčiūnas, CEO at INTER RAO Lietuva.

Further, G. Balčiūnas observes that this period brought the increase in customers opting for Inter Rao Lietuva group of companies as independent electricity suppliers in the Baltic States.

“We are pleased with the increasing number of companies and institutions that have chosen namely our group of companies to supply electricity during the first half of 2013. We observe that companies aiming at reducing their costs for electricity appreciate both reliability and experience of the independent electricity supplier as well as its attitude to the customer. We expect to justify their expectations now and in the future”, says CEO at INTER RAO Lietuva.

Consolidated income of INTER RAO Lietuva Group amounted to LTL 375.5 million in the first half of 2013. Changes in trade volumes in the Baltic States, resulting from relatively low electricity prices in Nordpool system and technical restrictions of intersystem transmission lines capacity had the greatest impact on the Group’s activities. In addition, the increased volumes of electricity generated from shale gas in Estonia, determined lower demand for the imported electricity in the region.

Income from the sale of electricity amounted to LTL 368.5 million in the first half of 2013, and income from the sale of generated electricity reached LTL 7.0 million. These results were mainly influenced by the natural conditions: lower than the normal wind speed, which directly affects electricity generation in Vydmantai Wind Park. Long-term forecasts of the average wind speed allow expecting better performance of Vydmantai Wind Part in the near term.

Cost of sales amounted to LTL 346 million in January-June 2013. Electricity acquisition cost amounted to LTL 343 million during the first six months of this year. Electricity acquisition cost accounts for 99.0% of the total cost of sales.

In the first half of 2013, operating expenses amounted to LTL 10.8 million. Their increase resulted from additional funds for IPO (initial public offering) completion and employee increase-related expenses. INTER RAO Lietuva group of companies also provided more support for various sports, cultural, scientific and community-based initiatives during the first half of this year.

For more information please contact:

Jacek Jan Komar
Spokesperson
INTER RAO Lietuva
Phone +370 5 242 11 21
Mobile +370 662 52 287
E-mail j.komar@interrao.lt
www.interrao.lt

AB INTER RAO Lietuva announces that on 11 July 2013 the Register of Legal Entities of the Republic of Lithuania registered the new wording of the articles of association of Vydmantai wind park, UAB, the company which continues its activities after the merger, and upon this action the merger of UAB IRL Wind and Vydmantai wind park, UAB was completed.

UAB IRL Wind and Vydmantai wind park, UAB were reorganised under Part 3 of Article 2.97 of the Civil Code of the Republic of Lithuania by merging UAB IRL Wind, which will cease its activities as a legal entity after the merger, into Vydmantai wind park, UAB which will continue its activities after the merger.

Vydmantai wind park, UAB took over all short-term and long-term assets and other long-term and short-term financial and other undertakings, accounts receivable and accounts payable, rights and obligations which had arisen under the contracts concluded by UAB IRL Wind or had been created under other legal grounds.

For more information please contact:

Jacek Jan Komar
Spokesperson
INTER RAO Lietuva
Phone +370 5 242 11 21
Mobile +370 662 52 287
E-mail j.komar@interrao.lt 
www.interrao.lt

The most capable students from the Faculty of Economics and Management, Vytautas Magnus University (VMU), were awarded with memorial scholarship certificates which will help them to obtain Master’s double degree according to the combined study programmes at VMU partners’ universities abroad.

This year, memorial scholarships of AB INTER RAO Lietuva were granted to Martynas Prievelis and Monika Stasiuliene, studying in the Master’s Degree programme in Finance and Banking, who were acknowledged as the most capable students of the University. Since study results of these students differed from each other only slightly, students’ capability to become VMU ambassadors at foreign educational institutions and among prospective school fellows became a crucial criterion of selection.

“I would like to congratulate winners of this scholarship. I sincerely hope that this support will allow them to strive for achievements in science and to realize their individual talents and capabilities properly and will give an opportunity to become true ambassadors of their University and Lithuania at the Catholic University of Leuven, Belgium. I wish them to bring their acquired knowledge to Lithuania and to use it here for their own and state welfare”, Jonas Garbaravicius, Vytautas Magnus University graduate, partner at CEE Resources and Investments, London, and Member of the Supervisory Board at AB INTER RAO Lietuva, told.

Scholarships will be granted to VMU students according to combined study programme during their studies at the Leuven School of Management, Catholic University of Leuven, Belgium.

After receiving scholarships, VMU Master’s students told that this support for studies is not only material but also moral incentive for seeking better education.

“I am very grateful to the company INTER RAO Lietuva for this scholarship for studies according to double diploma programme at the Catholic University of Leuven. For me it is not only material but also moral incentive which proves that business in our country is interested in high quality and comprehensive youth education. I sincerely hope that I will be able to use knowledge acquired at Vytautas Magnus University and Catholic University of Leuven in Lithuania after studies”, Martynas Prievelis, one of the winners of INTER RAO Lietuva memorial scholarship, student of the Master’s degree programme in Finance and Banking, told.

INTER RAO Lietuva collaborates with Vytautas Magnus University from the first year of its establishment and supports activity improvement and development of this educational institution in Kaunas. In previous years, memorial scholarships and support were granted by UAB Scaent Baltic, one of INTER RAO Lietuva shareholders. This year, INTER RAO Lietuva granted two memorial scholarships of 3,000 and 1,500 EUR to the students of Master’s degree programme in Finance and Banking. VMU selected those University master’s students who not only achieved remarkable results but also showed their capability to be the best VMU ambassadors in other educational institutions.

For more information please contact:
Jacek Jan Komar
Spokesperson
INTER RAO Lietuva
Phone +370 5 242 11 21
Mobile +370 662 52 287
E-mail j.komar@interrao.lt
www.interrao.lt