The revenue of the Latvian transmission system operator JSC “Augstsprieguma tīkls” (AST) in 2020 was 147 million EUR (in 2019 - 185 mln. EUR), but the profit - 10 mln. EUR (in 2019 - 7 mln. EUR), while the Augstsprieguma tīkls Group (AST Group) had revenues of 145 million EUR, but the profit for the reporting year - 65 mln. EUR, according to the AST Group's annual report for 2020 approved by the AST shareholders' general meeting. The increase in profit of AST is mainly due to the takeover of transmission system assets by AST and 8 mln. EUR from the profit will be paid to the State in dividends, while the consolidated profit of the AST Group will not be distributed in dividends.
The high profit of the Group in relation to revenue can be explained by the fact that last year AST gained a decisive influence in the gas transmission system operator JSC "Conexus Baltic Grid" (Conexus) by acquiring 68.46% of the company's shares at a favourable price for the state. The majority of the group's profits consist of the difference between the purchase price of the shares and the book value of the assets, which had to be reflected in the bookkeeping of AST Group. The Group's performance was also affected by the fact that in June 2020 AST took over the assets of the transmission system by incorporating its owner, JSC “Latvijas elektriskie tīkli” (LET). This will allow AST to pay 8 million EUR in dividends to the state for the last year, which is almost three times more than originally planned to be paid into the state budget.
On 31 December 2020, the AST Group is made up of a group of companies in which the parent company AST has a decisive influence and which includes the subsidiary Conexus, in which AST holds 68.46% of the shares. The principal activity of the AST Group is the provision of the functions of the electricity transmission system operator, effective management and lease of assets of the transmission system, as well as the transmission and storage of natural gas. In 2020, the AST Group also included the AST subsidiary LET, which has ceased operations due to incorporation as a result of reorganization.
The consolidated financial statements of the AST Group include the financial results of the subsidiary LET from 1 June to 30 September 2020, when the companies merged due to reorganization, and the financial results of Conexus from 1 August to 31 December last year. AST’s profit from participation in Conexus in amount of 5.6 mln. EUR corresponds to dividends received from Conexus in 2020.
The revenue of AST in 2020 is 147 mln. EUR, including income from electric power transmission network services in amount of 73 mln. EUR, representing 50% of AST 's revenue. The profit of AST for the reporting period is 10 mln. EUR. 5961 GWh were transmitted to users in 2020, which is 1% less than in the corresponding period of 2019 (6012 GWh). The impact of the reduction in the amount of electricity transmitted to consumers on the revenues from the provision of transmission services is insignificant.
When evaluating the financial performance indicators and operating results of AST, it should be taken into account that according to Article 5 of the Energy Law, electricity transmission is a regulated sector; for which a rate of return on capital has been determined when approving electricity transmission system service tariffs. The profitability of AST from the provision of electricity transmission services in 2020 is appropriate to the one set in the Electricity transmission system services tariff methodology.
The revenue of the natural gas transmission and storage segment of the AST Group from August 2020 to the end of the year was 21 mln. EUR, profit - 4 mln. EUR.
The annual report for 2020 were prepared in accordance with the international financial accounting standards.
- Augstsprieguma tīkls Group and JSC "Augstsprieguma tīkls" annual report for 2021
- CONSOLIDATED REPORT OF AUGSTSPRIEGUMA TĪKLS GROUP AND ANNUAL REPORT OF JSC AUGSTSPRIEGUMA TĪKLS FOR 2020
- Augstsprieguma tikls Financial statements 2019
- Augstsprieguma tikls Financial statements 2018
- Augstsprieguma tikls Financial statements 2017
- Augstsprieguma tikls Financial statements 2016
- Augstsprieguma tikls AS annual report for 2015
- Augstsprieguma tikls AS annual report for 2014
- Augstsprieguma tikls AS annual report for 2013
- Augstsprieguma tikls AS annual report for 2012
- Augstsprieguma tikls AS annual report for 2011
- Augstsprieguma tikls AS annual report for 2010
- Augstsprieguma tikls AS annual report for 2009
- Augstsprieguma tikls AS annual report for 2008
- Augstsprieguma tikls AS annual report for 2007
- Augstsprieguma tikls AS annual report for 2006
- Consolidated and unaudited interim abridged financial statements for the 12 month period, ending on 31 December 2021
- Consolidated and unaudited interim abridged financial statements for the 9 month period, ending on 30 September 2021
- Consolidated and unaudited interim abridged financial statements for the 6 month period, ending on 30 June 2021*
- Consolidated and unaudited interim abridged financial statements for the 6 month period, ending on 30 June 2021 (in Latvian)
- Consolidated and unaudited interim abridged financial statements for the 3 month period, ending on 31 March 2021
- Consolidated and unaudited interim abridged financial statements for the 12 month period, ending on 31 December 2020
- Consolidated and unaudited interim abridged financial statements for the 9 month period, ending on 30 September 2020
- Consolidated and unaudited interim abridged financial statements for the 6 month period, ending on 30 June 2020
- Finanšu pārskati par 3 mēnešu periodu, kas beidzas 2020. gada 31. martā
- Finanšu pārskati par 12 mēnešu periodu, kas beidzas 2019. gada 31. decembrī
- Finanšu pārskati par 9 mēnešu periodu, kas beidzas 2019. gada 30. septembrī
- Finanšu pārskati par 6 mēnešu periodu, kas beidzas 2019. gada 30. jūnijā
- Finanšu pārskati par 3 mēnešu periodu, kas beidzas 2019. gada 31. martā
- Finanšu pārskati par 12 mēnešu periodu, kas beidzas 2018. gada 31. decembrī
- Finanšu pārskati par 9 mēnešu periodu, kas beidzas 2018. gada 30. septembrī
- Finanšu pārskati par 6 mēnešu periodu, kas beidzas 2018. gada 30. jūnijā
- Finanšu pārskati par 3 mēnešu periodu, kas beidzas 2018. gada 31. martā
- Finanšu pārskati par 12 mēnešu periodu, kas beidzas 2017. gada 31. decembrī
- Finanšu pārskati par 9 mēnešu periodu, kas beidzas 2017. gada 30. septembrī
- Finanšu pārskati par 6 mēnešu periodu, kas beidzas 2017. gada 30. jūnijā
- Finanšu pārskati par 3 mēnešu periodu, kas beidzas 2017. gada 31. martā
- Finanšu pārskati par 12 mēnešu periodu, kas beidzas 2016. gada 31. decembrī
- Finanšu pārskati par 9 mēnešu periodu, kas beidzas 2016. gada 30. septembrī
- Finanšu pārskati par 12 mēnešu periodu, kas beidzas 2015. gada 31. decembrī
- Finanšu pārskati par 9 mēnešu periodu, kas beidzas 2015. gada 30. septembrī
- Finanšu pārskati par 6 mēnešu periodu, kas beidzas 2015. gada 30. jūnijā
- Finanšu pārskati par 3 mēnešu periodu, kas beidzas 2015. gada 31. martā
* Prepared in accordance with the 34.International Accounting Standard
Dividends
The payment of dividends is regulated by the Law on the Management of Public Shareholdings and Corporations. The profit distribution is decided by the shareholders’ meeting of JSC “Augstsprieguma tīkls”.
Dividends paid by AST to state budget
Reporting year for which dividends have been paid | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|---|
Dividends, thous. EUR | 155 | 300 | 247 | 3 598* | 1 736* | 7 999* |
*including corporate income tax
Tax payments, thous. EUR
Tax year | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|
Corporate income tax | 601 | 720 | 347 | ||
Value added tax | 7 921 | 16 575 | 16 083 | 5 567 | |
Mandatory State social insurance contributions | 3 196 | 3 567 | 4 133 | 4 326 | 4 504 |
Personal income tax | 1 741 | 1 947 | 2 112 | 2 172 | 2 239 |
State risk fee | 2 | 2 | 2 | 2 | 2 |
Company car tax | 10 | 17 | 17 | 17 | |
Vehicle operation tax | 10 | 23 | 28 | 28 | 28 |
Natural resource tax | |||||
Electricity tax | 3 | 3 | 3 | 3 | 2 |
TOTAL TAXES | 12 873 | 22 127 | 22 979 | 7 269 | 12 706 |
AST has been awarded a targeted grant from Riga City Council and the State budget for the remuneration of the leaders of the amateur chorus “Volta” of JSC “Augstsprieguma tīkls”. AST does not receive state or municipal budget funding for the provision of the core business of AST.
Grant from Riga City Council
- 2021. gada 1. ceturksnis
- 2020. gada 4. ceturksnis
- 2020. gada 3. ceturksnis
- 2020. gada 2. ceturksnis
- 2020. gada 1. ceturksnis
- 2019. gada 4. ceturksnis
- 2019. gada 3. ceturksnis
- 2019. gada 2. ceturksnis
- 2019. gada 1. ceturksnis
- 2018. gada 4. ceturksnis
- 2018. gada 3. ceturksnis
- 2018. gada 2. ceturksnis
- 2018. gada 1. ceturksnis
- 2017. gada 4. ceturksnis
- 2017. gada 3. ceturksnis
- 2017. gada 2. ceturksnis
- 2017. gada 1. ceturksnis
- 2016. gada 4. ceturksnis
- 2016. gada 3. ceturksnis
- 2016. gada 2. ceturksnis
- 2016. gada 1. ceturksnis
- 2015. gada 12 mēneši
- 2015. gada 9 mēneši
- 2015. gada 6 mēneši
- 2015. gada 1. ceturksnis
Grant from the State budget