Financial statements

The revenue of the Latvian transmission system operator JSC "Augstsprieguma tīkls" (AST) in 2021 was 125.79 million EUR (in 2020 – 146.85 mil. EUR) and the profit – 54.85 mil. EUR (in 2020 – 9.99 mil. EUR), according to the AST Group's annual report for 2021 approved in the AST shareholders' general meeting. At the AST shareholders' general meeting, it was decided that EUR 29.14 mil. EUR of the profit will be paid in dividends to the State and 25.7 mil. EUR will be invested in the fixed capital of AST, taking into account the need to strengthen the country's energy security by allocating funds for the synchronization of the Baltic electricity transmission network with the continental European network. AST's profit mainly consists of dividends from its subsidiary JSC Conexus Baltic Grid in 2021, which were not collected for several years.

As of 31 December 2021, the Augstsprieguma tīkls Group (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 of assets of the transmission system, as well as the transmission and storage of natural gas. The revenue of the AST group in 2021 was 182.23 million EUR (in 2020 – 144.39 mil. EUR), but the profit for the reporting year – 10.1 mil. EUR (in 2020 – 65.36 mil. EUR), according to the approved report.

The revenue of AST in 2021 is 125.79 mil. EUR, including income from electric power transmission network services in the amount of 76.14 mil. EUR, representing 61% of AST's revenue. In 2021, 6,312 gigawatt-hours (GWh) of electricity were transmitted to AST users in Latvia, 6% more than in the previous year (5,961 GWh). Profit of AST from electricity transmission in 2021 was negatively affected by the sharp increase in the price of electricity from May 2021, which led to a significant increase in the costs associated with the provision of electricity transmission services.

An impairment loss of 3.9 million EUR was recognized in the income statement after the revaluation of transmission assets was performed in accordance with international financial standards, which must be completed at least every five years. The impairment loss was not reflected in the unaudited annual report for 2021.

In 2021 the turnover of the natural gas transmission segment of the AST Group was 32.44 million EUR, profit before taxes was 8.29 mil. EUR, but the turnover of the natural gas storage segment was 24 mil. EUR and profit before taxes – 7.19 mil. EUR.

The annual report for 2021 were prepared in accordance with the international financial accounting standards.

+Unaudited condensed financial statements

* Prepared in accordance with the 34.International Accounting Standard 

+Dividends and tax payments
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 2017 2018 2019 2020 2021
Dividends, thous. EUR 247 3 598* 1 736* 7 999* 29 143*

*including corporate income tax

Tax payments, thous. EUR
Tax year  2017 2018 2019 2020 2021
Corporate income tax   601 720 347  
Value added tax 16 575 16 083   5 567 33 381
Mandatory State social insurance contributions 3 567 4 133 4 326 4 504 4 503
Personal income tax 1 947 2 112 2 172  2 239 2 304
State risk fee 2 2 2 2 2
Company car tax 10 17 17 17 48
Vehicle operation tax 23 28 28 28 x
Electricity tax 3 3 3 2 2
TOTAL TAXES 22 127 22 979 7 269 12 706 40 240
+Targeted grant from Riga City Council and the State budget

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

Grant from the State budget