Baltic States – CIS, Energy, Gas, Lithuania

The remaining part were revenue from balancing, and revenue from the administration of funds of the LNG terminal; also, a share of previously received grants recognised as revenue, with which non-current assets of the company corresponding to the useful life of the said assets were created.

Balancing revenue were received from the balancing of the gas flows of system users and other gas market players, participating in the balancing of the transmission system, and due to the operational balancing of the transmission system caused by technological specifics of the transmission system and gas flow deviations (imbalances) stipulated by technical reasons.

During the first half of 2014, the company's expenses amounted to LTL 75,085,000 (EUR 21.7 million).

Most of the expenses of the company were incurred due to the depreciation of non-current assets –LTL 40,058,000 (EUR 11.6 million) (or 53.4% of all expenses), payroll and related social security expenses – LTL 11,859,000 (EUR 3.4 million) (15.8%) and expenses of natural gas – LTL 10,421,000 (EUR 3.0 million) (13.9%), repairs and maintenance – LTL 7,471,000 (EUR 2.2 million) (10.0%).

The company purchased natural gas for technological needs, for balancing of the gas flows of system users and other gas market participants involved in the balancing of the transmission system, and for operational balancing.

During the first half of 2014, profit before tax amounted to LTL 11,685,000 (EUR 3.4 million) while profit before tax, interest, depreciation and amortisation (EBITDA) amounted to LTL 53,077,000 (EUR 15.4 million).

The company earned LTL 12,208,000 (EUR 3.5 million) in net profit during the first half of 2014 and this profit was LTL 523,000 (EUR 151,000) bigger than profit before tax. The better net result was determined by the application of income tax exemption for new investments and the positive effect of the deferred income tax.