Financial statements

The revenue of the Latvian transmission system operator JSC "Augstsprieguma tīkls" (AST) in 2023 was 156.42 million EUR, but the profit, compared to 2022, decreased by 9% and reached 9.96 million EUR, according to the published unaudited financial statements for 2023.

During the reporting period, AST's profit was mainly driven by the dividend in amount of 5.72 million EUR from the subsidiary company "Conexus Baltic Grid" (Conexus). With the approval of the Public Utilities Commission (PUC), AST utilized the accumulated congestion revenues in amount of 12.54 million EUR to cover the costs of electricity transmission system services, that also had a positive effect on AST's profitability. In the first 6 months of 2023, the price of electricity for transmission losses and technological consumption exceeded the price of electricity planned in the electricity transmission tariff valid until July 1, 2023, almost three times. In order to ensure the profitability of the transmission system operator, with the decision of the PUC Council of May 22, 2023, new tariffs for electricity transmission system services were approved and permission was granted to use the accumulated congestion revenues to cover losses. The exact amount of revenue from the accumulated congestion revenues needed to cover the costs of transmission services in 2023 will be determined in AST's audited report.

The revenue of "Augstsprieguma tīkls" Group (AST Group) in 2023 was 232.89 million EUR, but the profit for the reporting year – 21.26 million EUR. The AST Group consists of the parent company AST, which includes a subsidiary company – the unified natural gas operator Conexus. AST owns 68.46% of the capital shares of Conexus. The main activity of the AST Group is the provision of functions of the electricity transmission system operator, efficient management of electricity transmission system assets, natural gas transmission and storage.

In 2023, AST transmitted electricity to users in Latvia in the amount of 6,024 gigawatt hours (GWh). AST's revenue for electricity transmission network services in 2023 was 85.56 million EUR.

The revenue of the natural gas transmission segment of the AST Group in 2023 was 26.23 million EUR, profit – 0.98 million EUR, while the revenue of the natural gas storage segment was 50.24 million EUR, profit – 15.19 million EUR.

+ Unaudited condensed financial statements

* Prepared in accordance with the 34.International Accounting Standard 

+ Dividends and tax payments

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