2022 Material events
16 08 2022
Decisions taken in the extraordinary general meeting of shareholders of LITGRID AB
The following decision were adopted in the extraordinary General Meeting of Shareholders of LITGRID AB (company code 302564383, registered office at Karlo Gustavo Emilio Manerheimo g. 8, Vilnius) on 16 August 2022:
Regarding approval of LITGRID AB Board’s decision of 22 July 2022 (minutes No. 16)
- Approved to amend the material conditions of the contract “No 21VP-SUT-220 for design and work of reconstruction of the 330 kV air line Darbėnai - Bitėnai (LN 330) with AB „Kauno tiltai“ (legal entity code 133729589) ir UAB „LITENERGOSERVIS“ (legal entity code 302244515),
- The Contract price – the amount of 7 727 226,02EUR, exclusive of VAT, is allocated additionally for the performance of the Contract; the total Contract price is 54 657 226,02 EUR, exclusive of VAT.
- 3.4. point of Pricing rules is laid down as follows:
"If the value of the price index of construction cost elements published by the Statistics Department of the Republic of Lithuania (www.stat.gov.lt) "All construction costs" (hereinafter - the Index) within 6 months or longer, which is calculated from the conclusion of the Agreement (or from the last price of the Agreement recalculation due to a change in the Index, if the Contract price was recalculated), changed by 5% or more, the Contract price may be recalculated at the initiative of any of the Parties. The recalculation of the contract price is not based on the Index published by the Statistics Department of the Republic of Lithuania, but on individual materials and products ("concrete and reinforced concrete products", "concrete and mixtures", "electrotechnical materials", "metal products", "pipes"), "machines and mechanisms labour', 'wages and overheads' indices' (hereinafter - Conversion indices)."
- 3.8. point of Pricing rules is laid down as follows:
"For the first recalculation of the Contract price, it is used the month of the Contract conclusion, i.e. in 2021 November, conversion indices. In case of subsequent recalculations, the value of the Index at the beginning of the period shall be as it was the value of the Index at the end of the period (as specified in the Agreement)."
- To authorise the CEO of LITGRID AB to make decision, without a separate decision of the Board of LITGRID AB, regarding the change of the essential condition of the Contract - the Contract price - by reducing the price without any restrictions or by increasing the price by entering into agreements on the acquisition of additional works and/or on a reasonable increase in the prices of materials/equipment, if the total amount of all agreements on the prices of additional work does not exceed 10% (that is, 5 465 722,6 EUR, exclusive of VAT) of the original Contract price.
To oblige the CEO of LITGRID AB to inform the Board, before making such a decision, by e-mail of the decisions made in Point II. of this Decision regarding the amendment of the material condition of the Contract.
The individual authorized by LITGRID AB to provide additional information:
Lukrecijus Tubys
Project manager
Communication Division
Phone: +370 616 20036
e-mail: [email protected]
Project manager
Communication Division
Phone: +370 616 20036
e-mail: [email protected]
08 04 2022
The proposal of UAB "EPSO-G" on nomination of members of Litgrid AB board was received
Litgrid AB shareholder company UAB „EPSO-G“, based on the Company Law, 25 pt.4 of the Republic of Lithuania and 05/04/2022 the recommendation of the Remuneration and Nomination Committee of UAB EPSO-G, for the eighth point in the schedule for the 20/04/2022 Ordinary Shareholder meeting (8. Election of members of LITGRID AB Board) nominate Tomas Varneckas and Gediminas Karalius as the board members of Litgrid AB.
The individual authorised by Litgrid AB to provide additional information:
Attachments
18 03 2022
LITGRID AB, electricity transmission system operator, company code 302564383, registered office address Karlo Gustavo Emilio Manerheimo str. 8, Vilnius, Lithuania is publishing Company's financial statements, annual report and the Independent auditor’s report for the year ended 31st December 2021.
Key financial indicators in 2021:
- Revenue – EUR 270.6 million (2020 – EUR 207.5 million).
- EBITDA – EUR 46.2 million (2020 – EUR 51.8 million).
- Net profit – EUR 20 million (2020 – EUR 26.6 million).
The notice on the Annual General Shareholder meeting of LITGRID AB will be published on March 25.
The annual information is published in the European Single Electronic Format (ESEF) in compliance with the requirements of European Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 (zip file attached). This is the official format for the annual information that will be approved by the Ordinary General Shareholders‘ Meeting. The annual information (without the auditor‘s report) is additionally provided in pdf format as a copy of the published ESEF information.
Attachments:
04 02 2022
Unaudited financial results of Litgrid AB for the twelve months of 2021
LITGRID AB, company code 302564383, registered office address Karlo Gustavo Emilio Manerheimo str.8, Vilnius, Lithuania, is publishing results of the Company for the twelve months of 2021.
Key financial unaudited indicators in 2021:
- Revenue – 270.6 million euros (2020 – 207.5 million euros);
- EBITDA – 47.2 million euros (2020 – 51.8 million euros);
- Net profit – 19.5 million euros (2020 – 26.6 million euros).
Key performance indicators in 2020:
- Transmitted electricity – 10.936 TWh (2020 – 10.089 TWh);
- Average interruption time (AIT) for which the operator is responsible – 0.112 min. (2020 – 0.209 min.);
- Amount of energy not supplied (ENS) for which the operator is responsible – 3.356 MWh (2020 – 6.213 MWh).
Attachments:
04 02 2022
Concerning the opinion of the Audit Committee
Lithuanian electricity transmission operator LITGRID AB (company code 302564383, registered office address Karlo Emilio Gustavo Manerheimo st. 8, Vilnius, Lithuania), informs that on 3rd February 2022 the opinion of the Audit Committee of the holding company UAB “EPSO-G” was received on the planned transactions with related party AB “Ignitis gamyba”:
- Additional agreement to the contract for the purchase and sale of the isolated electricity system work service on the preparation for the provision of the isolated work service
On 3rd February 2022, the Audit Committee of UAB “EPSO-G” considered the Transactions with related party and adopted the following decisions by means of a survey:
After evaluating all the submitted information of LITGRID AB, the Audit Committee of UAB “EPSO-G”, in accordance with Article 372 of the Law on Companies of the Republic of Lithuania, gives an opinion on the planned Isolated Operation Service Agreement:
- The additional agreement is in line with market conditions, since the costs incurred by IG will be calculated same as it would be for other unrelated parties, i.e., the difference between balancing energy price and the electricity price on the exchange market. Balancing energy prices are specified in the Isolated Operation Service Agreement.
- The additional agreement is concluded in accordance with the requirements of the legal acts of the Republic of Lithuania, ensuring the reliable and stable operation of the electricity system of the Republic of Lithuania, is fair and reasonable with respect to all shareholders of LITGRID AB taking into account the objective necessity of concluding the additional agreement.
The decision provided in in paragraph 1 – the opinion of the Audit Committee of UAB “EPSO-G” – will enter into force when the amendment to the order of the Ministry of Energy of the Republic of Lithuania “Regarding the 2012-06-08 order of the Minister of Energy No. 1-116 amendment” , dated 31-01-2022, project No. Nr. 22-1154 will be issued.
02 02 2022
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01 11 2022
Concerning the opinion of the Audit Committee
Lithuanian electricity transmission operator LITGRID AB (business ID 302564383, registered office address Karlo Gustavo Emilio Manerheimo st. 8, Vilnius, Lithuania) informs that on the 11th January 2022 the opinion of the Audit Committee of the holding company UAB EPSO-G (hereinafter – EPSO-G) has been received regarding the intention to conclude the transaction between LITGRID AB and the related party UAB EPSO-G (hereinafter – the Transaction) on the transfer of tax losses of the year 2019 to LITGRID AB revoking the transferred losses.
On 11 January 2022, the Audit Committee of EPSO-G considered the Transaction and issued the opinion:
- Compliance of the Transaction with market conditions is not assessed due to the reason that the Transaction is executed exclusively in accordance with requirements established in the Article 561 of the Law on Corporate Income Tax of the Republic of Lithuania, i. e. the Transaction could not be entered into with an entity other than EPSO-G group entity;
- The Transaction is fair and reasonable with respect to all shareholders of LITGRID AB as the amount of tax losses of the year 2019 returned by EPSO-G will be disposed by LITGRID AB reducing the taxable income base due to the changes of the taxation principle of the congestion management income.
