In 2023, the Latvian transmission system operator JSC “Augstsprieguma tīkls” (“AST”) implemented significant projects to strengthen the electricity network aimed at increasing Latvia’s energy security and energy independence. In the reporting period, AST achieved a turnover of EUR 158.01 million and a profit of EUR 11.2 million, an increase of 2% compared to the previous year, according to the published consolidated financial statements of the AST Group.
In the reporting period, a significant part of AST’s profit was made up by the dividends received from the subsidiary AS “Conexus Baltic Grid” (“Conexus”) totalling EUR 5.72 million. The authorisation granted by the Public Utilities Commission (PUC) Council to offset the losses of the electricity transmission segment with income from congestion fee revenues amounting to EUR 14.13 million also had a positive impact on the profitability of AST. The increase in AST's profit, compared to the unaudited interim reports for 2023, is related to the recognition of congestion fee revenues to offset the losses of the electricity transmission segment in the amount of EUR 14.13 million (in the unaudited interim reports for 2023 – EUR 12.54 million).
In the first 6 months of 2023, the electricity price for transmission losses and technological consumption was nearly three times higher than the electricity price estimated in the electricity transmission tariff. To ensure the profitability of the transmission system operator, the PUC Council approved new tariffs for electricity transmission network services and allowed to use congestion fee revenues to offset losses. At the same time, as a result of AST optimisation measures and in cooperation with PUC and the Ministry of Climate and Energy, electricity transmission tariffs have remained competitive in the region.
In 2023, the AST Group’s net turnover totalled EUR 234.48 million, but the profit for the reporting year totalled EUR 10.23 million. The profit of AST Group was negatively affected by the impairment of assets recognised by the subsidiary Conexus.
In recognition of AST’s stability and financial credibility, the international rating agency S&P Global Ratings maintained AST’s credit rating at the unchanged high level of A- in 2023 and raised the outlook from stable to positive. At the beginning of 2023, the Ministry of Climate and Energy (MoCE) became a shareholder in AST, allowing energy policy makers to participate in the Group’s development.
The electricity transmitted by AST to users in Latvia reached 6,024 gigawatt hours (GWh) in 2023 (6,193 GWh in 2022). The amount of natural gas transmitted by Conexus reached 29.1 terawatt hours (TWh) in 2023 (31.4 TWh in 2022). Last year, the largest volume of gas in the last five years was pumped into the Inčukalns underground gas storage facility (21.7 TWh).
“The year 2023 was an important year for Latvia and the Baltic States in terms of strengthening their energy independence - following the cessation of electricity imports from Russia and Belarus when the war in Ukraine began, it was decided last year at the government level to accelerate the synchronisation of the Baltic electricity networks with continental Europe in February 2025. Last year, AST successfully implemented all synchronisation-related projects as planned, including the completion of the reconstruction of the Latvian-Estonian 330 kV Valmiera - Tartu interconnection; the reconstruction of the Valmiera - Tsirgulina interconnection was fast-tracked and is expected to be completed this year. In Ventspils, Grobiņa, and Līksna, the construction of high-performance synchronous compensator stations has begun. We have succeeded in attracting funding from the European Union, which for synchronisation projects accounts for more than 75% of the total costs of the projects,” says Rolands Irklis, Chairman of the AST Board.
In addition to carrying out the Group’s operating activity, AST continued to support Ukraine with donations of materials and equipment for the reconstruction of its energy infrastructure, which had been severely damaged due to Russia’s invasion. In autumn 2023, 66 tonnes of various equipment for the electrical power transmission system and transformer oil were delivered to Ukraine, stocks enough to last at least 20 years.
In addition to the Consolidated Annual Report of the AST Group and the AST Annual Report 2023, AST has published its Sustainability Report, prepared following the guidelines of the Global Reporting Initiative (GRI), and the Corporate Governance Report 2023.
- Augstsprieguma tīkls Group consolidated and AS "Augstsprieguma tīkls" sustainability and annual report 2023
- Augstsprieguma tīkls Group and JSC "Augstsprieguma tīkls" annual report for 2022
- 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 6 month period, ending on 30 June 2024:
- Consolidated and unaudited interim abridged financial statements for the 3 month period, ending on 31 March 2024:
- Consolidated and unaudited interim abridged financial statements for the 12 month period, ending on 31 December 2023:
- Consolidated and unaudited interim abridged financial statements for the 9 month period, ending on 30 September 2023:
- Consolidated and unaudited interim abridged financial statements for the 6 month period, ending on 30 June 2023:
- Consolidated and unaudited interim abridged financial statements for the 3 month period, ending on 31 March 2023
- Consolidated and unaudited interim abridged financial statements for the 12 month period, ending on 31 December 2022:
- Consolidated and unaudited interim abridged financial statements for the 9 month period, ending on 30 September 2022
- Consolidated and unaudited interim abridged financial statements for the 6 month period, ending on 30 June 2022
- Consolidated and unaudited interim abridged financial statements for the 3 month period, ending on 31 March 2022
- 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 | 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 |
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
- In 2021, a total of 6,869 EUR was received in grants from Riga City Council
- 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
- In 2021, no grants were received from the state budget
- 2020. gads
- 2019. gads
- 2017. gads