Litgrid AB

Annual / Quarterly Financial Statement • Feb 6, 2023

COMPANY'S CONDENSED INTERIM FINANCIAL STATEMENTS, PREPARED ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION (UNAUDITED), FOR PERIOD ENDED 31 DECEMBER 2022

CONFIRMATION OF RESPONSIBLE PERSONS

February 6, 2022 Vilnius

Following the Law on Securities of the Republic of Lithuania and Rules on Information Disclosure approved by the Bank of Lithuania, we, Rokas Masiulis, Chief Executive Officer of LITGRID AB, Vytautas Tauras, Director of Finance Department of LITGRID AB and Asta Vičkačkienė, Head of Accounting Division of LITGRID AB, hereby confirm that, to the best of our knowledge, the attached LITGRID AB unaudited condensed interim financial statements for the period ended 31 December 2022 are prepared in accordance with the International Financial Reporting Standards adopted by the European Union, give a true and fair view of the LITGRID AB assets, liabilities, financial position, profit (loss) and cash flows.

Rokas Masiulis Chief Executive Officer (The document is signed by a qualified electronic signature)

Vytautas Tauras Director of Finance Department (The document is signed by a qualified electronic signature)

Asta Vičkačkienė Head of Accounting Division (The document is signed by a qualified electronic signature)

Condensed interim statement of financial position	4
Condensed interim statements of comprehensive income	5
Condensed interim statement of changes in equity	7
Condensed interim statement of cash flows	8
Notes to condensed interim statements	9

The condensed interim financial statements were signed on 6 February 2023.

Rokas Masiulis Chief Executive Officer

Vytautas Tauras Director of Finance Department

Asta Vičkačkienė Head of Accounting Division

3

CONDENSED INTEREM STATEMENT OF FINANCIAL POSITION

(All amounts in EUR thousands unless otherwise stated)

	Notes	31-12-2022	31-12-2021
ASSETS
Non-current assets
Intangible assets	3	5,484	4,952
Property, plant and equipment	4	361,718	338,051
Right-of-use assets	5	5,592	4,509
Investments in a joint venture		45	-
Deferred income tax assets		60,556	18,994
Financial assets		-	781
Total non-current assets		433,395	367,287
Current assets
Inventories		3	7
Prepayments		1,622	1,127
Trade receivables under contracts with customers	7	61,080	50,463
Trade receivables	8	2,558	10,200
Other amounts receivable		892	9,969
Loans granted	6	232,008	43,594
Other financial assets		7,361	5,359
Cash and cash equivalents	9	499	1,819
Total current assets		306,023	122,538
TOTAL ASSETS		739,418	489,825
EQUITY AND LIABILITIES
Equity
Share capital		146,256	146,256
Share premium		8,579	8,579
Legal reserve		14,626	14,626
Other reserves		47,003	32,034
Retained earnings (deficit)		( 49,443)	20,013
Total equity		167,021	221,508
Liabilities
Non-current liabilities
Non-current borrowings	10	34,285	51,452
Lease liabilities	11	5,299	4,414
Congestion management revenue	12	64,095	88,267
Provisions		941	352
Other non-current amounts payable and liabilities		34,392	2,270
Total non-current liabilities		139,012	146,755
Current liabilities
Current portion of non-current borrowings	10	6,143	14,225
Current portion of lease liabilities	11	403	180
Trade payables	13	70,146	59,454
Current portion of congestion management revenue	12	287,400	20,820
Advance amounts received		35,506	10,328
Income tax payable		20,832	3,162
Provisions		648	2,507
Other current amounts payable and liabilities		12,307	10,886
Total current liabilities		433,385	121,562
Total liabilities		572,397	268,317
TOTAL EQUITY AND LIABILITIES		739,418	489,825

CONDENSED INTEREM STATEMENT OF COMPREHENSIVE INCOME

(All amounts in EUR thousands unless otherwise stated)

	Notes	31-12-2022	31-12-2021
Revenue
Revenue from electricity transmission and related services	15	418,953	267,258
Other income	16	1,355	3,330
Total revenue		420,308	270,588
Expenses
Expenses of electricity transmission and related services	17	( 420,106)	( 194,460)
Depreciation and amortisation	3,4,5	( 20,582)	( 21,337)
Wages and salaries and related expenses		( 15,601)	( 12,365)
Repair and maintenance expenses		( 8,771)	( 8,058)
Telecommunications and IT maintenance expenses		( 2,214)	( 1,952)
Property, plant and equipment write-off expenses		( 461)	( 127)
Impairment of inventories and accounts receivables		55	97
Decrease in the value of investments		-	( 307)
Other expenses		( 10,134)	( 7,554)
Total expenses		( 477,814)	( 246,063)
Operating profit (loss)		(57,506)	24,525
Finance income		63	21
Finance costs		( 947)	( 752)
Dividend income		43	307
Profit (loss) before income tax		( 58,347)	24,101
Income tax
Current year income tax expenses		( 32,658)	`
Deferred income tax income (expenses)		41,562	5,488
Total income tax		8,904	( 4,088)
Net profit (loss)		( 49,443)	20,013
Other comprehensive income that will not be reclassified to profit or loss		-	-
Total comprehensive income (expenses) for the period		( 49,443)	20,013
Basic and diluted earnings/(deficit) per share (in EUR)	20	( 0.098)	0.040

CONDENSED INTEREM STATEMENT OF COMPREHENSIVE INCOME

(All amounts in EUR thousands unless otherwise stated)

	01-10 – 31-12-2022	01-10 – 31-12-2021
Revenue
Revenue from electricity transmission and related services Other income	131,435 551	96,602 1,582
Total revenue	131,986	98,184
Expenses
Expenses of electricity transmission and related services	( 122,689)	( 84,607)
Depreciation and amortisation	( 5,077)	( 5,364)
Wages and salaries and related expenses	( 4,663)	( 3,472)
Repair and maintenance expenses	( 2,944)	( 2,447)
Telecommunications and IT maintenance expenses	( 529)	( 591)
Property, plant and equipment write-off expenses	( 260)	232
Impairment of inventories and accounts receivables	10	7
	-	-
Other expenses	( 2,785)	( 2,123)
Total expenses	( 138,937)	( 98,365)
Operating profit (loss)	( 6,951)	( 181)
Finance income	58	1
Finance costs	( 332)	( 183)
Dividend income	-
Profit (loss) before income tax	( 7,225)	( 363)
Income tax
Current year income tax expenses	( 19,029)	( 3,056)
Deferred income tax income (expenses)	20,285	2,555
Total income tax	1256	( 501)
Net profit (loss)	( 5,969)	( 864)
Other comprehensive income that will not be reclassified to profit or loss	-	-
Total comprehensive income (expenses) for the period	( 5,969)	(864)
Basic and diluted earnings/(deficit) per share (in EUR)	( 0.012)	( 0.002)

	Share capital	Share premium	Legal reserve	Other reserves	Retained earnings	Total
Balance at 1 January 2021	146,256	8,579	14,626	23,144	25,432	218,037
Comprehensive income (expenses) for the year	-	-	-	-	20,013	20,013
Transfer to reserves	-	-	-	8,890	( 8,890)	-
Dividends	-	-	-	-	( 16,542)	( 16,542)
Balance at 31 December 2021	146,256	8,579	14,626	32,034	20,013	221,508
Balance at 1 January 2022	146,256	8,579	14,626	32,034	20,013	221,508
Comprehensive income (expenses) for the year	-	-	-	-	( 49,443)	( 49,443)
Transfer to reserves	-	-	-	14,969	( 14,969)	-
Dividends	-	-	-	-	( 5,044)	( 5,044)
Balance at 31 December 2022	146,256	8,579	14,626	47,003	( 49,443)	167,021

	Notes	31-12-2022	31-12-2021
Cash flows from operating activities
Profit (loss) for the period		( 49,443)	20,213
Adjustments for non-cash items and other adjustments:
Depreciation and amortisation expenses	3,4,5	20,582	21,337
Impairment of financial assets		-	307
Impairment/(reversal of impairment) of assets		( 55)	( 97)
Loss on sale of financial assets		121	-
Income tax expenses		( 8,904)	4,088
(Gain) loss on disposal/write-off of property, plant and equipment		461	127
Elimination of results of financing and investing activities:
Interest income		( 20)	( 11)
Interest expenses		678	749
Dividend income		( 43)	( 307)
Other finance costs (income)		226	( 7)
Changes in working capital:
(Increase) decrease in trade receivables and other amounts receivable		( 8,637)	( 28,210)
(Increase) decrease in inventories, prepayments and other current assets		726	( 9)
Increase (decrease) in amounts payable, grants, deferred income and advance amounts received		10,170	39,583
Changes in other financial assets		( 2,002)	21,161
Income tax (paid)		( 14,987)	( 12,351)
Net cash flows from operating activities		( 51,127)	66,373
Cash flows from investing activities
(Purchase) of property, plant and equipment and intangible assets		( 74,157)	( 57,457)
Grants received		72,086	22,496
Loans to related parties		( 188,414)	( 43,594)
Loans recovered		-	1,000
Revenue received from congestion management		272,502	44,505
Acquisition of a joint venture		( 45)	-
Interest received		-	29
Dividends received		43	307
Other cash flows from investing activities		( 660)
Net cash flows from investing activities		81,355	( 32,714)
Cash flows from financing activities
Repayments of borrowings		( 25,249)	( 14,225)
Lease payments		( 362)	( 333)
Interest paid		( 756)	( 817)
Dividends paid		( 5,036)	( 16,498)
Other cash flows from financing activities		( 145)	-
Net cash flows from financing activities		( 31 548)	( 31,873)
Increase (decrease) in cash and cash equivalents		( 1,320)	1,786
Cash and cash equivalents at the beginning of the period	9	1,819	33
Cash and cash equivalents at the end of the period	9	499	1,819

1. General information

LITGRID AB (hereinafter "the Company") is a public limited liability company registered in the Republic of Lithuania. The address of its registered office is: Karlo Gustavo Emilio Manerheimo str. 8, LT-05131, Vilnius, Lithuania. The Company was established as a result of the unbundling of Lietuvos Energija AB operations. The Company was registered with the Register of Legal Entities on 16 November 2010. The Company's code is 302564383.

LITGRID is an operator of electricity transmission system, operating electricity transmissions in the territory of Lithuania and ensuring the stability of operation of the whole electric power system. In addition, the Company is responsible for the integration of the Lithuanian power system into the European electricity infrastructure and common electricity market.

On 27 August 2013, the National Energy Regulatory Council granted a license to the Company to engage in electricity transmission activities for indefinite term.

The principal objectives of the Company's activities include ensuring the stability and reliability of the electric power system in the territory of Lithuania within its areas of competence, creation of objective and non-discriminatory conditions for the use of the transmission networks, management, use and disposal of electricity transmission system assets and its appurtenances.

As at 31 December 2022, the Company's authorised share capital amounted to EUR 146,256,100.20 and it was divided into 504,331,380 ordinary registered shares with the nominal value of EUR 0.29 each. All shares are fully paid.

As at 31 December 2022 and 31 December 2021, the Company's shareholders structure was as follows:

Company's shareholders	Number of shares held	Number of shares held (%)
UAB EPSO-G	491,736,153	97.5
Other shareholders	12,595,227	2.5
Total:	504,331,380	100.0

The ultimate controlling shareholder of EPSO-G UAB (company code 302826889, address Gedimino Ave. 20, Vilnius, Lithuania) is the Ministry of Energy of the Republic of Lithuania.

As from 22 December 2010, the shares of the Company are listed on the additional trading list of NASDAQ OMX Vilnius Stock Exchange, issue ISIN code LT0000128415.

Company's investments in joint ventures comprised of the following:

Company	Address of the company's registered office	Shareholding as at 31 September 2022	Shareholding as at 31 December 2021	Profile of activities
Baltic RCC OÜ	Kadaka tee 42 12915 Tallinn Eesti	33,33 %.	-	Responsible for the provision and coordination of security and reliability services for the electricity system among transmission system operators in the Baltic region

As at 31 December 2022, the Company had 389 employees (31 December 2021: 335).

2. Summary of principal accounting policies

2.1. Basic of preparation

These condensed interim Company's financial statements for the period, ended 31 December 2022 are prepared in accordance with the International Financial Accounting Standards, as adopted by the European Union and applicable to interim financial statements (IAS 34 "Interim Financial Reporting").

In order to better understand the data presented in this condensed interim financial statements, this financial statements should be read in conjunction with the audited Company's financial statements for the year 2021.

The presentation currency is euro. These financial statements are presented in thousands of euro, unless otherwise stated.

The financial year of the Company coincides with the calendar year.

These financial statements have been prepared on a historical cost basis, except for property, plant and equipment which is recorded at revalued amount, less accumulated depreciation and estimated impairment loss, and financial assets which are carried at fair value.

These financial statements for the period ended 31 December 2022 are not audited. Financial statements for the year ended 31 December 2021 are audited by the external auditor UAB "PricewaterhouseCoopers".

3. Intangible assets

	Intangible assets
Net book amount at 31 December 2020	6,248
Additions	1,046
Reclassifications from PP&E	37
Value adjustment for changed assumptions	( 1,188)
Amortization charge	( 1,191)
Net book amount at 31 December 2021	4,952
Net book amount at 31 December 2021	4,952
Additions	2,632
Write- offs	( 298)
Reclassifications from PP&E	89
Value adjustment for changed assumptions	( 795)
Amortization charge	( 1,096)
Net book amount at 31 December 2022	5,484

4. Property, plant and equipment

	Property, plant and equipment
Net book amount at 31 December 2020	331,709
Additions	52,977
Prepayments for PPE	3,641
Write-offs	( 1,965)
Transfer to inventories	( 124)
Transfer to intangible assets	( 37)
Alignment of connection income with fixed assets	( 1,086)
Set-off of grants with non-current assets	( 27,210)
Depreciation charge	( 19,854)
Net book amount at 31 December 2021	338,051
Net book amount at 31 December 2021	338,051
Additions	56,214
Prepayments for PPE	18,225
Write-offs	( 1,299)
Transfer to inventories	( 71)
Transfer to intangible assets	( 89)
Alignment of connection income with fixed assets	( 964)
Set-off of grants with non-current assets	( 29,182)
Depreciation charge	( 19,167)
Net book amount at 31 December 2022	361,718

Property, plant, and equipment is stated at acquisition cost, less grants received/receivable for the acquisition of property, property, plant, and equipment. Grants comprise financing from the EU support funds, a portion of congestion management revenue designated for the financing of investments, payments for the expenses incurred during the connection of producers to the transmission network and performance of works for the relocation/reconstruction of the transmission network's installations initiated by customers.

Had the value of property, plant and equipment not been reduced by the amount of grants, the carrying amount would by higher by EUR 354,323 thousand as at 31 December 2022 (EUR 334,322 thousand as at 31 December 2021). Below is information about property, plant and equipment, the value of which was reduced by the amount of grants received/receivable:

	2022	2021
Opening balance at 1 January	334,322	315,178
Additions	30,146	28,296
Depreciation charge	( 9,889)	( 9,141)
Write-offs	( 256)	( 11)
Closing balance at 31 December	354,323	334,322

5. Right-of-use assets

	Right-of-use assets
Net book amount at 31 December 2020	4,795
Additions	6
Amortisation	( 292)
Net book amount at 31 December 2021	4,509
Net book amount at 31 December 2021	4,509
Additions	1,402
Amortisation	( 319)
Net book amount at 31 December 2022	5,592

6. Loans granted

	31-12-2022	31-12-2021
Loan to EPSO-G, UAB (Group intercompany borrowing agreement)	232,008	43,594
Carrying amount	232,008	43,594

Upon the receipt of the permission of NERC, the Company and EPSO-G UAB concluded the group account (cashpool) agreement on 26 February 2021. The agreement establishes the possibility to use free congestion management revenue for intercompany lending and borrowing purposes.

7. Trade receivables under contracts with customers

	31-12-2022	31-12-2021
Amounts receivable for electricity transmission and related services	58,414	49,776
Accumulated amounts receivable for electricity transmission and related services	2,666	732
Less: impairment of trade receivables	-	( 45)
Carrying amount	61,080	50,463

8. Trade receivables

	31-12-2022	31-12-2021
Amounts receivable for services related to electricity transmission	17	143
Congestion management revenue receivable	649	3,741
PSO funds receivable	354	3,189
Accumulated amounts receivable for services related to electricity transmission	1,477	3,074
Other trade receivables	61	53
Carrying amount	2,558	10,200

9. Cash and cash equivalents

	31-12-2022	31-12-2021
Cash at bank	499	1,819
Carrying amount	499	1,819

10. Borrowings

Borrowings of the Company were as follows:

	31-12-2022	31-12-2021
Non-current borrowings
Borrowings from banks	34,285	51,452
Current borrowings
Current portion of non-current borrowings	6,143	14,225
Total	40,428	65,677

Maturity of non-current borrowings:

	31-12-2022	31-12-2021
Between 1 and 2 years	6,143	14,225
From 2 to 5 years	14,142	19,227
After 5 years	14,000	18,000
Total	34,285	51,452

As at 31 December 2022 the weighted average interest rate on the Company's borrowings was 0.94 % (0.97 % as at 31 December 2021).

11. Lease liabilities

	31-12-2022	31-12-2021
Non-current lease liabilities	5,299	4,414
Current lease liabilities	403	280
Total lease liabilities	5,702	4,594

Lease liabilities and their movement were as follows:

	2022	2021
Carrying amount at the beginning of the period at 1 January	4,594	4,857
Concluded lease contracts	1,402	6
Expenses of interest charged	68	64
Lease payments (principal and interest)	( 362)	( 333)
Carrying amount at the end of the period at 31 December	5,702	4,594

12. Congestion management revenue

	31-12-2022	31-12-2021
Non-current portion of congestion management revenue included in liabilities	64,095	88,267
Current portion of congestion management revenue included in liabilities	287,400	20,820
Total congestion management revenue	351,495	109,087
	31-12-2022	31-12-2021
Opening balance of congestion management revenue at 1 January	109,087	62,519
Congestion management revenue received during the period	267,296	50,112
Used for investments in property, plant and equipment	( 22,992)	( 2,954)
Congestion management revenue recognised as income during the period	( 1,896)	( 590)
Closing balance of congestion management revenue at 31 December	351,495	109,087

13. Trade payables

	31-12-2022	31-12-2021
Amounts payable for electricity	53,737	42,280
Amounts payable for contractual works, services	4,900	7,691
Amounts payable for property, plant and equipment and inventories	11,509	9,483
Carrying amount	70,146	59,454

14. Information by segments

The Company is engaged in electricity transmission and related services activities and operates as one segment. All non-current assets of the Company are located in Lithuania, where the Company carries out its activity. During the 2022 year, revenue from the Lithuanian clients accounted for 82% of the Company's total revenue (during the 2021 year: – 89 percent).

15. Revenue from electricity transmission and related services

	31-12-2022	31-12-2021
Electricity transmission services	72,516	80,070
Trade in balancing/imbalance electricity	175,145	71,720
System services	137,175	91,653
Revenue from other sales of services related to electricity transmission	2,790	3,113
Grid service for imports from third countries	396
Revenue from PSO services (balancing of generation using renewable energy sources)	28,893	19,978
Revenue from connection of new consumers	13	8
Congestion revenue	1,896	590
Revenue from administration of guarantees of origin	129	126
Total	418,953	267,258

Revenue from electricity transmission and related services in the 2022 year increased by 56.8% compared to the same period of 2021.

The increase is mainly due to the increase in balancing / imbalance related revenue by EUR 103,4 million (2.4 times), which is due to the 2.5 times higher average selling price while sales volumes decrease 1%.

System services increase by EUR 45,5 million (49,7 %) due to 61.7 % increase in sales price

Public service obligations revenue increase by EUR 8,9 million due to 86 % increase in sales price while sales volumes decrease 36.1%.

In the 2022 year the amount of revenue from contracts with customers amounted to EUR 386,861 thousand (the2021 year amounted to EUR 246,061 thousand).

16. Other income

	31-12-2022	31-12-2021
Income from lease of assets	534	512
Other activities income	821	2,818
Total	1,355	3,330

For the 2022 year most of other income – EUR 695,72 thousand Eur consisted of interest and penalties due to the delay in works performed by contractors.

17. Expenses of electricity transmission and related services

	31-12-2022	31-12-2021
Electricity expenses for compensation of technological losses	99,576	40,165
Expenses for system services	111,632	61,860
Expenses for PSO services (balancing of generation using renewable energy sources)	28,802	19,893
Expenses for balancing/imbalance electricity	174,786	71,114
Expenses for the participation in the ITC mechanism of the European Network of
Transmission System Operators for Electricity (ENTSO-e)	3,414	838
Expenses for guaranteeing the availability of allocated capacities of the interconnections	1,896	590
Total	420,106	194,460

Expenses of purchase of electricity and related services accounted for a major portion of the Company's operating expenses – 87.9% of the Company's total expenses – and increased by 2.2 times compared to the same period of 2021.

Expenses for system services decreased by 80.5% to EUR 111,6 million.

Disbalance and balancing electricity expenses increased 2.5 times and amounted to EUR 174,8 million due to increase in the average purchase price.

Electricity expenses for compensation of technological losses in the transmission network increased 2.5 times to EUR 99,6 million due to 2.1 times higher average purchase price of electricity and by 17.2% increase in technological losses quantity.

18. Related-party transactions

The Company's related parties were as follows:

• EPSO-G (the parent company). 100% of EPSO-G share capital is owned by the Ministry of Energy of the Republic of Lithuania;

"EPSO-G" UAB group companies:

• Amber Grid AB (common shareholders);
• Tetas UAB (common shareholders);
• "Energy cells" UAB (common shareholders);
• Baltpool UAB (common shareholders).
• Ignitis grupė UAB companies
• Other state-controlled companies:
  • VĮ Ignalinos atominė elektrinė;
  • VĮ Registrų centras;
    • Other state-controlled companies or those under significant influence.
• Management.

Transactions with related parties are carried out in accordance with the requirements of the Law on Public Procurement or the tariffs approved under legislation.

The Company's transactions with related parties between January and December of 2022 and balances arising from these transactions as at 31 December 2022 were as follows:

Related parties	Receivables and accrued income	Amounts payable and accrued charges	Loans granted	Purchase	Sales	Finance income
EPSO-G UAB group companies
EPSO-G UAB	25	79	232,008	242	65	13,785
TETAS UAB	365	2,046	-	9,702	180	-
BALTPOOL UAB	354	-	-	-	12,279	-
"Energy cells" UAB	123	48	-	38	200	-
State-controlled companies
Energijos skirstymo operatorius AB	33,059	985	-	4,039	200,591	-
Ignitis gamyba AB	3,712	25,387	-	181,932	27,705	-
Ignitis grupės paslaugų centras UAB	27	-	-	-	295	-
Ignitis UAB	10,138	-	-	11,176	48,486	-
Vilniaus kogeneracinė jėgainė UAB	8	100	-	579	212	-
Kauno kogeneracinė jėgainė UAB	-	81	-	771	194	-
Transporto valdymas UAB	-	-	-	123	-	-
Lietuvos automobilių kelių direkcija VĮ	-	321	-	-	-	-
Ignalinos atominė elektrinė VĮ	159	-	-	-	1,152	-
LGT Infra AB	127	15	-	-	652	-
VĮ Registrų centras	-	205	-	240	-	-
	48,097	29,267	232,008	208,842	292,011	13,785

The Company's transactions with related parties between January and December of 2021 and balances arising from these transactions as at 31 December 2021 were as follows:

Related parties	Receivables and accrued income	Amounts payable and accrued charges	Loans granted	Purchase	Sales	Finance income
EPSO-G UAB group companies
EPSO-G UAB	-	55	21,700	99	-	-
TETAS UAB	139	526	1,000	6,565	33	11
BALTPOOL UAB	388	-	-	203	2,705	-
State-controlled companies
Energijos skirstymo operatorius AB	13,874	622	-	960	79,556	-
Ignitis gamyba AB	895	6,506	-	33,191	4,069	-
Ignitis grupės paslaugų centras UAB	28	-	-	-	136	-
Ignitis UAB	314	-	-	1,436	4,392	-
Vilniaus kogeneracinė jėgainė UAB	45	114	-	80	203	-
Kauno kogeneracinė jėgainė UAB	9	21	-	92	37	-
Transporto valdymas UAB	-	18	-	90	-	-
Lietuvos automobilių kelių direkcija VĮ	-	321	-	-	-	-
Ignalinos atominė elektrinė VĮ	93	33	-	93	471	-
LGT Infra AB	44	-	-	-	248	-
	15,829	8,216	22,700	42,809	91,850	11

Payments to the key management personnel

	31-12-2022	31-12-2021
Employment-related payments	788	787
Whereof: termination benefits	-	36
Number of the key management personnel (average annual)	7	7

During the 2022 and 2021 year the Management of the Company did not receive any loans, guarantees, or any other payments or property transfers were made or accrued.

Key management personnel consists of the Company's head of administration and department directors and Board members. Payments to the Board members for the 2022 year amounted to EUR 40,084 (compared to EUR 37,800 for the 2021 year).

19. Dividends

During the Ordinary General Meeting of Shareholders of LITGRID AB held on 20 April 2022, the decision was made in relation to the payment of dividends in the amount of EUR 5,043,314. Dividends per share amounted to EUR 0.01.

20. Basic and diluted earnings per share

During the 2022 and 2021 year, the Company's basic and diluted earnings per share were as follows:

	31-12-2022	31-12-2021
Net profit (loss) attributable to the Company's shareholders (EUR thousands)	( 49,443)	20,013
Weighted average number of shares (units)	504,331,380	504,331,380
Basic and diluted earnings (deficit) per share (in EUR)	( 0.098)	0.040

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