News & events

2015-04-02

Litgrid calls shareholders meeting

An ordinary general meeting of Litgrid shareholders will take place on 24 April. The agenda includes the presentation of consolidated annual report and financial statements and election of a new member of the Supervisory Board.
 
Litgrid group’s revenue in 2014 was EUR 119.9 million, 30% lower compared to previous reporting period. Half the income, EUR 60.6 million, was income from electricity transmission. The drop in income, as well as the overall losses of Litgrid group, were mainly determined by a 9% lower electricity transmission tariff approved by the National Commission for Energy Control and Prices, as well as the system service tariff rate, which in 2014 was cut by half compared to the previous year.
 
The group’s EBITDA in 2014 was EUR 37.7 million. In 2014, the Litgrid group’s losses before tax, including the result of the evaluation of fixed tangible assets, were EUR 130.9 million.
 
The Board of Litgrid proposes not to pay the dividends for 2014.
 
“We are completing strategic electricity transmission network projects this year, thus it is a very intense period from a cash flow perspective. Because of this, as well as taking into account the losses the company has incurred due to lower electricity transmission rate and evaluation of fixed tangible assets, we are recommending not to pay dividends for 2014.”,- says Rimantas Busila, Member of the Board and Director of Financial Department of Litgrid.
 
The election of a new member of the Litgrid Supervisory Board is also on the agenda for the meeting. The newly-elected member will replace Mindaugas Vaičiulis, who will stand down from 24 April.
 
EPSO-G owns 97.5 per cent of Litgrid shares. The remaining 2.5 per cent belong to small shareholders.
 
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