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
INTER RAO Lietuva
Phone +370 5 242 11 21
Mobile +370 662 52 287