Litgrid
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 |
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| Dividends to the State |
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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%
ROE
-25.0%
Number of employees
389
Financial data provided as at end-December 2022
Management
- Rokas MasiulisChief Executive Officer
Information as of: 9/1/2023
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
- Domas SidaravičiusIndependent member, Tuvlita, UAB
- Andrius ŠemeškevičiusIndependent member, Telia Lietuva, AB
Information as of: 9/1/2023
