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Valdymo koordinavimo centras

State Owned Enterprises

At the end of September 2012, AB Litgrid, a member of the Visaginas Nuclear Power Plant (VAE) group of companies, was transferred to a newly established state-owned company EPSO-G, which implement the EU Third Energy Package, requiring separation of energy transmission activities from electricity generation and supply activities. May 21, 2014 UAB EPSO-G redeemed 38,9 per cent of Amber Grid shares from the German concern E.ON Ruhrgas International GmbH for EUR 49.8 million. (LTL 171.8 million) . On June 19 UAB EPSO-G redeemed 39.96 per cent of companies shares for EUR 54.3 million EUR  (LTL 187.6 million)  from Russian company Gazprom and minority shareholders. Following these transactions, UAB EPSO-G owns 96.58 percent of the Amber Grid shares. The main activity of UAB EPSO-G is stable supply of electricity with high voltage networks and transportation of natural gas by high pressure pipelines.

 

Financial results

P/L Statment

2015 2016 2017 2018
Revenue 156,342 234,522 225,246 245,833
Cost of goods sold 46,396 87,795 88,028 129,411
Gross profit (loss) 109,946 146,727 137,218 116,422
Gross profit margin 70% 63% 61% 47%
Operating expenses 93,856 101,844 137,579 188,760
Operating profit (loss) 16,090 44,883 -361 -72,338
Operating profit margin 10% 19% -0% -29%
EBITDA 52,859 87,415 40,465 -33,788
EBITDA margin 34% 37% 18% -14%
Net profit (loss) 12,226 39,074 -2,796 -47,720
Net profit margin 8% 17% -1% -19%
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Revenue 115,619 111,075 114,171 118,910
Cost of goods sold 40,158 42,209 45,819 61,098
Gross profit 75,461 68,866 68,352 57,812
Gross profit margin 65% 62% 60% 49%
Operating expenses 54,103 49,288 88,291 46,606
Operating profit 21,358 19,578 -19,939 11,206
Operating profit margin 18% 18% -17% 9%
EBITDA 42,830 40,008 457 31,636
EBITDA margin 37% 36% 0% 27%
Net profit 20,850 14,685 -17,481 8,597
Net profit margin 18% 13% -15% 7%

Balance sheet

2015 2016 2017 2018
Non-current assets 948,674 689,321 629,559 540,535
Intangible assets 1,701 2,138 4,674 8,867
Tangible assets 943,692 683,715 620,438 509,821
Financial assets 3,215 3,368 3,368 2,693
Other non-current assets 66 100 1,079 19,154
Biological assets
Current assets 203,449 146,442 140,897 144,128
Inventories and prepaid expenses 7,302 5,709 3,654 4,763
Accounts receivable in one year 124,468 107,971 115,285 95,948
Other current assets 38,021 16,044 13,853 33,485
Cash and cash equivalents 33,655 16,718 8,075 9,913
Total assets 1,152,123 835,763 770,456 684,663
Equity 201,966 240,413 236,247 183,873
Minority share of capital 12,826 13,509 12,241 9,574
Grants and subsidies 190,609 38 22
Liabilities 759,053 585,811 534,187 500,790
Financial liabilities 391,669 279,162 254,347 197,075
Long-term liabilities 491,329 416,403 362,851 325,001
Short-term liabilities 267,142 168,830 171,336 175,789
Equity and liabilities 1,152,123 835,763 770,456 684,663
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Non-current assets 946,982 936,054 629,559 618,924
Intangible assets 2,138 4,318 4,674 4,663
Tangible assets 941,376 928,337 620,438 609,758
Financial assets 3,368 3,368 4,366 4,366
Other non-current assets 100 31 81 137
Biological assets 0 0 0 0
Current assets 146,442 117,141 140,897 139,033
Inventories and prepaid expenses 5,709 5,283 3,666 4,740
Accounts receivable in one year 107,971 98,112 115,285 94,054
Other non-current assets 16,044 12,698 13,871 18,200
Cash and cash equivalents 16,718 1,048 8,075 22,039
Total assets 1,093,424 1,053,195 770,456 757,957
Equity 240,413 253,363 236,247 243,221
Minority share of capital 13,509 12,813 12,241 11,638
Grants and subsidies 258,738 257,664 22 0
Liabilities 594,273 542,168 534,187 514,736
Financial liabilities 279,162 263,756 253,084 232,094
Long-term liabilities 425,442 388,242 362,851 349,930
Short-term liabilities 168,831 153,926 171,336 164,806
Equity and liabilities 1,093,424 1,053,195 770,456 757,957

Financial ratios

2015 2016 2017 2018
Capital return ratios
Return on assets (ROA) 8% 4% -0% -7%
Return on equity (ROE) 9% 18% -1% -23%
Return on capital employed (ROCE) 10% 13% -0% -28%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.07 1.16 1.08 1.07
Current Ratio 4.38 0.87 0.82 0.82
Quick ratio 2.36 0.83 0.80 0.79
Turnover ratios
Asset turnover 1.58 0.24 0.28 0.34
Fixed asset turnover 3.35 0.29 0.34 0.42
Equity turnover 1.84 1.06 0.95 1.17
Profitability ratios
EBITDA margin 8% 37% 18% -14%
Operating profit margin 5% 19% -0% -29%
Net profit margin 5% 17% -1% -19%
Other ratios
Dividends to the State 700.00 508.00 682.00 750.00
Dividends paid / net profit 1.10 0.01 -0.24 -0.02
2016 Q4 2017 Q2 2017 Q4 2018 Q2
Capital return ratios
Return on assets (ROA) 3% 3% -0% -1%
Return on equity (ROE) 18% 15% -1% -4%
Return on capital employed (ROCE) 5% 4% -0% -1%
Capital structure and liquidity ratios
Debt / asset ratio (D/A) 0.26 0.25 0.33 0.31
Current Ratio 0.87 0.76 0.82 0.84
Quick ratio 0.83 0.73 0.80 0.81
Turnover ratios
Asset turnover 0.21 0.21 0.24 0.26
Fixed asset turnover 0.25 0.24 0.29 0.30
Equity turnover 1.06 0.96 0.95 0.94
Profitability ratios
EBITDA margin 37% 36% 0% 27%
Operating profit margin 18% 18% -17% 9%
Net profit margin 18% 13% -15% 7%
Other ratios
Dividends to the State 508.00 682.00
Dividends paid / net profit 0.01 -0.24

Expectations of the state

Target return on equity

5,7%

About the company

  • Official nameUAB „EPSO-G“
  • Legal formPrivate limited liability company (UAB)
  • Company code302826889
  • SectorEnergy
  • Line of businessGroup of energy enterprises
  • Institution representing the StateMinistry of Energy
  • Share belonging to the State100%
http://www.epsog.lt
Return to the State

750 EUR thousand

ROE

-22.7%

Number of employees

1,005

Financial data provided as at end-December 2018

Management

  • Rolandas ZukasDirector General

Information as of: 2019/11/01

Board of Directors

CHAIRMAN OF THE BOARD OF DIRECTORS

  • Gediminas AlmantasACI Europe; Independent member

MEMBERS OF THE BOARD OF DIRECTORS

  • Dainius BražiūnasMinistry of Energy
  • Gediminas KaraliusMinistry of Energy
  • Robertas VyšniauskasIndependent member

Information as of: 2019/11/01