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Valdymo koordinavimo centras Governance Coordination Centre

State Owned Enterprises

UAB EPSO-G is a state-owned group of energy transmission and exchange companies. It consists of the parent management company EPSO-G, five directly owned companies Litgrid, Amber Grid, Baltpool, Tetas, Energy Cells and the indirectly controlled GET Baltic. The Ministry of Energy of the Republic of Lithuania exercises the rights and duties of the sole shareholder of the management company EPSO-G.
The main activity of the EPSO-G Group is to ensure the uninterrupted, stable transmission of electricity through high-voltage networks and the transport of natural gas through high-pressure pipelines, as well as the efficient management, maintenance and development of these transmission systems. The Group’s companies also operate and develop biofuels, natural gas and timber trading platforms to ensure transparent competition in the energy and timber markets.

KEY FINANCIAL PERFORMANCE INDICATORS FOR THE PERIOD 2022–2024

  • Average annual return on equity (ROE):
    • 2022–2024 ≥ 4,7 percent.
  • Average annual net debt to EBITDA ratio:
    • 2022–2024 ≤ 8,2 times

         2021/22 GOOD CORPORATE GOVERNANCE INDEX        

         2020/21 GOOD CORPORATE GOVERNANCE INDEX        

Sk – Transparency dimension
KO – Board dimension
SP – Strategic planning and target achievement dimension
GI – Good governance ratio

Financial results

P/L Statment

2018 2019 2020 2021
Revenue 245,833 250,985 270,520 362,603
Cost of goods sold 129,411 146,282 134,736 205,728
Gross profit (loss) 116,422 104,703 135,784 156,875
Gross profit margin 47% 42% 50% 43%
Operating expenses 188,760 88,928 95,322 112,382
Operating profit (loss) -72,338 15,775 40,462 44,493
Operating profit margin -29% 6% 15% 12%
EBITDA -33,788 47,616 74,893 79,565
EBITDA margin -14% 19% 28% 22%
Net profit (loss) -47,720 11,403 40,085 39,818
Net profit margin -19% 5% 15% 11%
2019-06 2020-06 2021-06 2022-06
Revenue 124,107 132,446 150,866 243,696
Cost of goods sold 73,598 66,681 119,988 247,799
Gross profit (loss) 50,509 65,765 30,878 -4,103
Gross profit margin % % % %
Operating expenses 41,819 45,947
Operating profit (loss) 8,690 19,818 30,878 -4,103
Operating profit margin % % % %
EBITDA 24,420 35,905 48,175 13,453
EBITDA margin 20% 27% 32% 6%
Net profit (loss) 6,304 19,580 27,953 -4,514
Net profit margin 5% 15% 19% -2%

* Left axis

** Right axis

*** All data in Profit and Loss Statement table and corresponding chart is in EUR thousand, unless otherwise noted

Balance sheet

2018 2019 2020 2021
Non-current assets 540,535 565,052 635,287 651,787
Intangible assets 8,867 7,910 11,135 9,754
Tangible assets 509,821 525,899 574,227 603,103
Financial assets 2,693 1,984 1,089 781
Other non-current assets 19,154 29,259 48,836 38,149
Current assets 144,128 154,494 152,245 310,819
Inventories and prepaid expenses 4,763 2,695 5,191 18,997
Accounts receivable in one year 95,948 93,192 119,206 185,153
Other current assets 33,485 45,124 22,735 65,385
Cash and cash equivalents 9,913 13,470 5,113 41,284
Total assets 684,663 719,546 787,532 962,606
Equity 183,873 193,961 233,064 271,598
Grants and subsidies
Liabilities 500,790 525,585 554,468 691,008
Financial liabilities 353,649 330,124 371,993 261,793
Long-term liabilities 325,001 330,729 367,699 243,722
Short-term liabilities 175,789 192,175 180,571 441,614
Equity and liabilities 684,663 719,546 787,532 962,606
2020-06 2021-06 2022-06
Non-current assets 599,363 627,027 669,519
Intangible assets 7,144 10,476 9,010
Tangible assets 549,256 582,931 624,938
Financial assets 16,997 1,093 830
Other non-current assets 25,966 32,527 34,741
Current assets 108,348 158,269 338,122
Inventories and prepaid expenses 2,326 3,873 19,008
Accounts receivable in one year 104,215 116,969 145,854
Other current assets 16,408 56,242
Cash and cash equivalents 1,807 21,019 117,018
Total assets 707,711 785,296 1,007,641
Equity 212,533 259,852 265,773
Grants and subsidies
Liabilities 495,178 525,444 741,868
Financial liabilities 172,687 322,082 239,685
Long-term liabilities 333,818 363,461 346,267
Short-term liabilities 161,360 155,185 390,548
Equity and liabilities 707,711 785,296 1,007,641

* All data in Balance Sheet table and corresponding chart is in EUR thousand, unless otherwise noted

Financial ratios

2018 2019 2020 2021
Capital return ratios
Return on assets (ROA) -7% 2% 5% 5%
Return on equity (ROE) -23% 6% 19% 16%
Return on capital employed (ROCE) -28% 6% 14% 17%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 1.92 1.70 1.60 0.96
Current Ratio 0.82 0.80 0.84 0.70
Quick ratio 0.79 0.79 0.81 0.66
Turnover ratios
Asset turnover 0.34 0.36 0.36 0.41
Fixed asset turnover 0.42 0.45 0.45 0.56
Equity turnover 1.17 1.33 1.27 1.44
Profitability ratios
EBITDA margin -14% 19% 28% 22%
Operating profit margin -29% 6% 15% 12%
Net profit margin -19% 5% 15% 11%
Other ratios
Dividends to the State 750.11 773.00 777.00 845.00
Dividends paid / net profit -0.02 0.07 0.02 0.02

* Left axis

** Right axis

*** Dividends to the state in Financial Ratios table is in EUR thousand

2019-06 2020-06 2021-06 2022-06
Capital return ratios
Return on assets (ROA) 2% % 6% 1%
Return on equity (ROE) 6% % 19% 3%
Return on capital employed (ROCE) 6% 7% 10% -1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 1.70 1.24 0.96 0.90
Current Ratio 0.80 0.67 1.02 0.87
Quick ratio 0.79 0.66 0.99 0.82
Turnover ratios
Asset turnover 0.36 0.37 0.20 0.27
Fixed asset turnover 0.45 0.44 0.25 0.38
Equity turnover 1.33 1.25 0.64 0.93
Profitability ratios
EBITDA margin 19% 27% 32% 6%
Operating profit margin 6% % % %
Net profit margin 5% 15% 19% -2%
Other ratios
Dividends to the State 773.00
Dividends paid / net profit 0.07

Financial statments

2021 m. 6 mėn. tarpinės ataskaitos 2021 m. metinės ataskaitos
2020 m. 6 mėn. tarpinės ataskaitos 2020 m. metinės ataskaitos
2019 m. metinės ataskaitos 2019 m. 6 mėn. tarpinės ataskaitos
2018 m. metinės ataskaitos 2018 m. 6 mėn. tarpinės ataskaitos
2017 m. 6 mėn. tarpinės ataskaitos 2017 m. metinės ataskaitos
2016 m. metinės ataskaitos 2016 m. 6 mėn. tarpinės ataskaitos 2016 m. 3 mėn. tarpinės ataskaitos
2015 m. metinės ataskaitos 2015 m. 12 mėn. tarpinės ataskaitos 2015 m. 9 mėn. tarpinės ataskaitos 2015 m. 6 mėn. tarpinės ataskaitos 2015 m. 3 mėn. tarpinės ataskaitos
2014 m. metinės ataskaitos 2014 m. 12 mėn. tarpinės ataskaitos 2014 m. 9 mėn. tarpinės ataskaitos 2014 m. 6 mėn. tarpinės ataskaitos 2014 m. 3 mėn. tarpinės ataskaitos
2012 m. metinės ataskaitos
2013 m. 3 mėn. tarpinės ataskaitos 2013 m. 6 mėn. tarpinės ataskaitos 2013 m. metinės ataskaitos 2013 m. 12 mėn. tarpinės ataskaitos 2013 m. 9 mėn. tarpinės ataskaitos

Expectations of the state

Target return on equity undefined

Letter of Expectations

About the company

  • Official nameUAB „EPSO-G“
  • Legal formPrivate limited liability company (UAB)
  • Company code302826889
  • SectorEnergy
  • Line of businessGroup of energy enterprises
  • Institution representing the StateMinistry of Energy
  • Special obligationsPerformes non-commercial special obligations
  • Share belonging to the State100%
http://www.epsog.lt
Return to the State

845 EUR thousand

ROE

15.8%

Number of employees

1,278

Financial data provided as at end-December 2021

Management

  • Mindaugas KeizerisChief Executive Officer

Information as of: 2023/05/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Robertas VyšniauskasIndependent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Dainius BražiūnasMinistry of Energy
  • Asta SungailienėIndependent member
  • Liudas LiutkevičiusIndependent member
  • Tomas DaukantasMinistry of Energy

Information as of: 2023/05/01