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Valdymo koordinavimo centras Governance Coordination Centre

Indirectly Owned State Enterprises

Litgrid AB, the operator of the Lithuanian electricity transmission system, maintains the stable operation of the country’s electricity system, manages electricity flows and creates conditions for competition in the open electricity market. The company manages more than 7,000 km of overhead lines, more than 200 transformer substations and 17 interconnectors with other countries in Lithuania, and continuously maintains them in order to ensure the proper transmission of electricity to all the country’s residents, institutions and other organisations. Since 22 December 2010. Litgrid’s shares are listed on the Nasdaq Vilnius Stock Exchange’s Additional List. 97.5 % of the shares of Litgrid are listed on the stock exchange. AB Litgrid’s shares are owned by the energy transmission and exchange group EPSO-G, which 100% shares are owned by the Ministry of Energy of the Republic of Lithuania.

Financial results

P/L Statment

2019 2020 2021 2022
Revenue 183,913 207,516 270,588 420,308
Cost of goods sold 134,948 128,391 194,460 420,106
Gross profit (loss) 48,965 79,125 76,128 202
Gross profit margin 27% 38% 28% 0%
Operating expenses 47,111 49,069 51,603 57,708
Operating profit (loss) 1,854 30,056 24,525 -57,506
Operating profit margin 1% 14% 9% -14%
EBITDA 22,272 50,410 45,862 -36,083
EBITDA margin 12% 24% 17% -9%
Net profit (loss) 2,959 26,603 20,013 -48,643
Net profit margin 2% 13% 7% -12%
Revenue
Cost of goods sold
Gross profit (loss)
Gross profit margin
Operating expenses
Operating profit (loss)
Operating profit margin
EBITDA
EBITDA margin
Net profit (loss)
Net profit margin

Balance sheet

2019 2020 2021 2022
Non-current assets 350,693 375,388 367,287 383,924
Intangible assets 4,857 6,248 4,952 5,484
Tangible assets 326,205 336,504 342,560 367,310
Financial assets 11,169 19,130 781 45
Other non-current assets 8,462 13,506 18,994 11,085
Biological assets
Current assets 25,041 38,131 121,517 333,054
Inventories and prepaid expenses 36 26 7 3
Accounts receivable in one year 24,975 38,072 119,691 332,552
Other current assets
Cash and cash equivalents 30 33 1,819 499
Total assets 376,198 414,353 489,825 718,545
Equity 195,571 218,037 221,508 166,980
Minority share of capital
Grants and subsidies
Liabilities 172,896 190,140 252,400 487,267
Financial liabilities 94,128 84,759 70,271 46,130
Long-term liabilities 124,833 127,603 146,403 73,822
Short-term liabilities 46,093 59,145 103,138 411,856
Equity and liabilities 376,198 414,353 489,825 718,545
Non-current assets
Intangible assets
Tangible assets
Financial assets
Other non-current assets
Current assets
Inventories and prepaid expenses
Accounts receivable in one year
Other current assets
Cash and cash equivalents
Total assets
Equity
Grants and subsidies
Liabilities
Financial liabilities
Long-term liabilities
Short-term liabilities
Equity and liabilities

Financial ratios

2019 2020 2021 2022
Capital return ratios
Return on assets (ROA) 1% 7% 4% -8%
Return on equity (ROE) 1% 13% 9% -25%
Return on capital employed (ROCE) 1% 17% 13% -37%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.48 0.39 0.32 0.28
Current Ratio 0.54 0.64 1.18 0.81
Quick ratio 0.54 0.64 1.18 0.81
Turnover ratios
Asset turnover 0.98 0.52 0.60 0.70
Fixed asset turnover 1.05 0.57 0.73 1.12
Equity turnover 1.88 1.00 1.23 2.16
Profitability ratios
EBITDA margin 12% 24% 17% -9%
Operating profit margin 1% 14% 9% -14%
Net profit margin 2% 13% 7% -12%
Other ratios
Dividends to the State 3,982.88 16,128.45 4,916.93
Dividends paid / net profit 1.35 0.61 0.25
Capital return ratios
Return on assets (ROA)
Return on equity (ROE)
Return on capital employed (ROCE)
Capital structure and liquidity ratios
Debt / asset ratio (D/A)
Current Ratio
Quick ratio
Turnover ratios
Asset turnover
Fixed asset turnover
Equity turnover
Profitability ratios
EBITDA margin
Operating profit margin
Net profit margin
Other ratios
Dividends to the State
Dividends paid / net profit

About the company

  • Official name„Litgrid“ AB
  • Legal formPublic limited liability company (AB)
  • Company code302564383
  • SectorEnergy
  • Line of businessTransmission of electricity, management of electricity transmission system and development of infrastructure
  • Accountability„EPSO-G“ group of companies
  • Share indirectly belonging to the State97.5%
https://www.litgrid.eu/
ROE

-25.0%

Number of employees

389

Financial data provided as at end-December 2022

Management

  • Rokas MasiulisChief Executive Officer

Information as of: 2024/06/03

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Tomas VarneckasUAB EPSO-G

MEMBERS OF THE BOARD OF DIRECTORS

  • Mindaugas KeizerisUAB EPSO-G
  • Gediminas KaraliusMinistry of Energy
  • Tim MeyerjürgensIndependent member; TenneT Holding BV; TenneT TSO BV; TenneT Verwaltungs GmbH; TenneT TSO GmbH; TenneT Offshore GmbH
  • Pierre-Henri D’haeneIndependent member; Elia Transmission Belgium

Information as of: 2024/06/03