The annual accounts of the company show that the profit of the Latvian electric power transmission system operator, AS Augstsprieguma tīkls (hereinafter – AST), reached EUR 7.07 million in 2019, of which EUR 1.74 million will be paid as dividends to the state.
The turnover of AST during the reporting year was EUR 184 million, which is EUR 9 million less than the year before. Income from the electric power transmission network services amounted to EUR 72.8 million, or 39% of turnover. Last year, a significant share (46%) of the total revenue of the Company was generated by the revenue from the reconstruction of the transmission assets and construction works of AS Latvijas elektriskais tīkls. The decrease in net turnover is related to the decrease in income from congestion charges.
When evaluating the indicators of AST’s financial performance and operating results, it should be taken into account that electricity transmission is a regulated sector; the Public Utilities Commission determines the allowed profit of AST, determining the rate of return on capital and approving tariffs for electricity transmission system services. The Company's profitability from the provision of electricity transmission services in 2019 is appropriate to the one set in the Electricity transmission system services tariff methodology.
The profits and fixed asset returns, rising from 6.6% in 2018 to 10.1% in 2019, are related to the dividends received from AS Conexus Baltic Grid for the 2018 reporting year. The 2019 annual accounts of AST were prepared in accordance with the international financial accounting standards.
When evaluating the indicators of AST’s financial performance and operating results, it should be taken into account that electricity transmission is a regulated sector; the Public Utilities Commission determines the allowed profit of AST, determining the rate of return on capital and approving tariffs for electricity transmission system services.
2015 | 2016* | 2017** | 2018 | 2019 | |
---|---|---|---|---|---|
Financial indicators | |||||
Revenue, thous. EUR | 124 776 | 116 789 | 158 862 | 193 866 | 184 742 |
EBITDA*, thous. EUR | 669 | 1 159 | 1 843 | 1 642 | 40 515**** |
Profit, thous. EUR | 173 | 352 | 309 | 4 677 | 7 067 |
Total amount of assets, thous. EUR | 107 188 | 114 697 | 188 722 | 193 000 | 221 934 |
Equity, thous. EUR | 8 466 | 8 661 | 8 499 | 70 344 | 69 956 |
Net cash flow from operating activities, thous. EUR | 30 965 | 5 613 | 38 645*** | 7 216 | 20 422 |
Financial ratios | |||||
Liquidity total ratio | 4.9 | 5.3 | 1.3 | 3.8 | 1.1 |
EBITDA Profitability | 0.5% | 1.0% | 1.2% | 0.8% | 22.0% |
Return on Equity (ROE) | 2.0% | 4.1% | 3.6% | 6.6% | 10.1% |
Return on Assets atdeve (ROA) | 0.2% | 0.3% | 0.2% | 2.5% | |
Operational indicators | |||||
Electricity transmitted to users in Latvia, GWh | 5 803 | 5 822 | 5 807 | 6 051 | 6 012 |
Average number of employees | 513 | 525 | 539 | 548 | 552 |
*Since 2016 - in accordance with International Financial Reporting Standards
** In the reporting period, the Company’s liquidity ratio was affected by the loan issued by the Treasury for the acquisition of the shares of AS Conexus Baltic Grid. Under the Cabinet decisions of 5 December and 19 December 2017, in 2017, the Company acquired 34.36% of the shares of Latvian natural gas transmission and storage system operator AS Conexus Baltic Grid.
*** reclassified
****The increase in 2019 is related to the implementation of IFRS 16 “Leases” and the recognition of leases as amortisation of right-ofuse assets
- Augstsprieguma tikls Financial statments 2019
- Augstsprieguma tikls Financial statments 2018
- Augstsprieguma tikls Financial statments 2017
- Augstsprieguma tikls Financial statments 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
We will publish interim reports:
- For 12 months, ending on 31 December 2020 - on 26.02.2021
- 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
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 |
---|---|---|---|---|---|
Dividends, thous. EUR | 155 | 300 | 247 | 3 598* | 1 736 |
*including corporate income tax
Tax payments, thous. EUR
Tax year | 2015 | 2016 | 2017 | 2018 | 2019 |
---|---|---|---|---|---|
Corporate income tax | 38 | 601 | 720 | ||
Value added tax | 4 988 | 7 921 | 16 575 | 16 083 | |
Mandatory State social insurance contributions | 2 803 | 3 196 | 3 567 | 4 133 | 4 326 |
Personal income tax | 1 471 | 1 741 | 1 947 | 2 112 | 2 172 |
State risk fee | 2 | 2 | 2 | 2 | 2 |
Company car tax | 13 | 10 | 17 | 17 | |
Vehicle operation tax | 10 | 10 | 23 | 28 | 28 |
Natural resource tax | 0.01 | ||||
Electricity tax | 3 | 3 | 3 | 3 | 3 |
TOTAL TAXES | 9 327 | 12 873 | 22 127 | 22 379 | 6 549 |
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
- 2015. gada 1. ceturksnis
- 2015. gada 6 mēneši
- 2015. gada 9 mēneši
- 2015. gada 12 mēneši
- 2016. gada 1. ceturksnis
- 2016. gada 2. ceturksnis
- 2016. gada 3. ceturksnis
- 2016. gada 4. ceturksnis
- 2017. gada 1. ceturksnis
- 2017. gada 2. ceturksnis
- 2017. gada 3. ceturksnis
- 2017. gada 4. ceturksnis
- 2018. gada 1. ceturksnis
- 2018. gada 2. ceturksnis
- 2018. gada 3. ceturksnis
- 2018. gada 4. ceturksnis
- 2019. gada 1. ceturksnis
- 2019. gada 2. ceturksnis
- 2019. gada 3. ceturksnis
- 2019. gada 4. ceturksnis
- 2020. gada 1. ceturksnis
- 2020. gada 2. ceturksnis
- 2020. gada 3. ceturksnis
Grant from the State budget