26.02.2016
Unaudited Results of Operations of AB Amber Grid for the Full Year 2015

Acting pursuant to applicable regulatory provisions of the Republic of Lithuania, Lithuania's Natural Gas Transmission System Operator, AB Amber Grid, released its unaudited operating results for the full year 2015.

In 2015, the Company's revenue was EUR 55.8 million, which represents a 7.7 % increase year over year. Revenue from the natural gas transmission service accounted for 89.3 % of the total revenue. In 2015, the Company's net profit was EUR  16 million (in 2014 the Company incurred a loss of EUR 113.4 million, which came as a result of the fixed asset impairment accounted in 2014). Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 30.1 million, which represents an increase of 5.3 % year over year (2014: EUR 28.5 million).

In 2015, natural gas transportation to Lithuania’s consumers gas distribution systems or directly connected consumer systems totalled 26.2 TWh.  In comparison with the respective indicator for 2014 (26.6 TWh), in 2015 gas transmission quantities went down by 1.8 %. The main causes behind the overall natural gas transmission quantity decrease for Lithuania's gas market needs were: by 0.4 0C higher yearly mean temperature and the increased use of alternative fuels for heat and electricity generation.

"In 2015 we completed the construction of the Klaipėda - Kuršėnai gas transmission pipeline; the LNG terminal was fully integrated into the gas transmission system, thus ensuring a realistic gas supply source alternative. The bottom line is that year 2016 a major share of Lithuania's gas demand for natural gas will already be supplied through the LNG terminal. Active preparations were carried out for the implementation of the Gas Interconnection Poland-Lithuania project, we secured the funding for the project, and we successfully cooperated with our regional partners in the field of the development of an integrated Baltic gas market. As a result of the comprehensive and consistent implementation of our strategic objectives, as result of the optimisation of the Company's operating costs and processes, and the rational use of the existing transmission system infrastructure we succeeded in achieving our financial targets," said Saulius Bilys, CEO of AB Amber Grid.

Gas transportation to the Republic of Latvia via Kiemėnai Border Metering Station was 1.0 TWh. Gas transportation to the Kaliningrad Region of the Russian Federation was 21.8 TWh (2014: 21.6 TWh).

In 2015, investments in the gas transmission system development, reconstruction and modernisation totalled EUR 49.5 million. Out of the total investments, 85 % of the investment amount, i.e. EUR 42 million, went to the implementation of the project of the Capacity enhancement of Klaipėda–Kiemėnai pipeline.

The gas pipeline with the total value of EUR 57.9 million was put into operation end 2015 (length: 110 km; diameter: 800 mm). The output of the project Capacity enhancement of Klaipėda–Kiemėnai pipeline (Construction of Klaipėda-Kuršėnai pipeline)  helped to attain main objectives:  putting in place a gas transmission capacity sufficient for the transportation of natural gas from the Liquefied Natural Gas Terminal in Klaipėda to both consumers of Lithuania and other Baltic States and diversification of gas supply sources.

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