Litgrid AB — Interim / Quarterly Report 2021

Feb 4, 2022

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LITGRID AB

COMPANY‘S CONDENSED INTERIM FINANCIAL STATEMENTS, PREPARED ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION (UNAUDITED), FOR THE PERIOD ENDED 31 DECEMBER 2021

CONFIRMATION OF RESPONSIBLE PERSONS

February 4, 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 year ended 31 December 2021 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 and cash flows.

Rokas Masiulis Chief Executive Officer

Vytautas Tauras Director of Finance Department

Asta Vičkačkienė Head of Accounting Division

TABLE OF CONTENTS

Condensed interim statement of financial position	4
Condensed interim statement 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 4 February 2022.

Rokas Masiulis Chief Executive Officer

Vytautas Tauras Director of Finance Department

Asta Vičkačkienė Head of Accounting Division

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CONDENSED INTEREM STATEMENT OF FINANCIAL POSITION

(All amounts in EUR thousands unless otherwise stated)

Notes	31-12-2021	31-12-2020
ASSETS Non-current assets Intangible assets 4 Property, plant and equipment 5 Right-of-use assets 6 Deferred income tax assets Financial assets Non-current portion of unused funds balance of congestion management revenue 13 Total non-current assets Current assets Inventories Prepayments Trade receivables under contracts with customers 8 Trade receivables 9 Other amounts receivable Loans granted 7 Current portion of unused funds balance of congestion management revenue 13 Other financial assets Cash and cash equivalents 10 Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Authorised share capital Share premium Legal reserve Other reserves Retained earnings (deficit) Total equity Liabilities Non-current liabilities Non-current borrowings 11 Lease liabilities 12 Congestion management revenue 13 Provisions Other non-current amounts payable and liabilities Total non-current liabilities Current liabilities Current portion of non-current borrowings 11 Current portion of lease liabilities 12 Trade payables 14 Current portion of congestion management revenue 13 Advance amounts received Income tax liability Provisions Other current amounts payable and liabilities Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES	4,952 338,343 4,509 18,985 781 - 367,570 7 1,127 50,463 10,200 9,969 43,594 - 5,359 1,819 122,538 490,108 146,256 8,579 14,626 32,034 19,541 221,036 51,452 4,414 88,267 352 2,270 146,755 14,225 180 59,454 20,820 10,328 3,079 2,507 11,724 122,317 269,072 490,108	6,248 331,709 4,795 13,506 1,089 18,041
		375,388
		26 988 22,944 2,211 3,284 1,000 6,860 1,619 33
		38,965
		414,353
		146,256 8,579 14,626 23,144 25,432
		218,037
		65,677 4,590 55,659 2,597 1,677
		130,200
		14,225 267 25,234 6,860 5,399 5,938 795 7,398
		66,116
		196,316
		414,353

The accompanying notes are an integral part of these condensed interim financial statements.

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CONDENSED INTEREM STATEMENT OF COMPREHENSIVE INCOME

(All amounts in EUR thousands unless otherwise stated)

Notes	2021	2020
Revenue Revenue from electricity transmission and related services 16 Other income 17 Total revenue Expenses Expenses of electricity transmission and related services Depreciation and amortisation 4,5,6 Wages and salaries and related expenses Repair and maintenance expenses Telecommunications and IT maintenance expenses Property, plant and equipment write-off expenses Impairment of property, plant and equipment Impairment of inventories and accounts receivables Impairment of investments Other expenses Total expenses Operating profit (loss) Finance income Finance costs Dividend income Disposal of associates Profit (loss) before income tax Income tax Current year income tax expenses Deferred income tax income (expenses) Total income tax Net profit (loss) Other comprehensive income that will not be reclassified to profit or loss Change in fair value of financial assets Effect of deferred income tax Total other comprehensive income that will not be reclassified to profit or loss Total comprehensive income (expenses) for the period Basic and diluted earnings/(deficit) per share (in EUR) 20	267,316 3,330 270,646 (194,460) (21,338) (12,365) (8,058) (1,952) (1,687) - 97 (307) (6,598) (246,668) 23,978 21 (752) 307 - 23,554 (9,491) 5,478 (4,013) 19,541 - - - 19,541 0.039	206,399 1,117
		207,516 (128,391) (20,354) (11,151) (9,449) (1,703) (590) (233) 227 (719) (5,097)
		(177,460) 30,056 63 (964) 895 831 30,881 (9,313) 5,035
		(4,278)
		26,603
		(61) 9
		(52)
		26,551
		0.053

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CONDENSED INTEREM STATEMENT OF COMPREHENSIVE INCOME

(All amounts in EUR thousands unless otherwise stated)

	01-10 – 31-12-2021	01-10 – 31-12-2020
Revenue Revenue from electricity transmission and related services Other income Total revenue Expenses Expenses of electricity transmission and related services Depreciation and amortisation Wages and salaries and related expenses Repair and maintenance expenses Telecommunications and IT maintenance expenses Property, plant and equipment write-off expenses Impairment of property, plant and equipment Impairment of inventories and accounts receivables Impairment of investments Other expenses Total expenses Operating profit (loss) Finance income Finance costs Dividend income Disposal of associates Profit (loss) before income tax Income tax Current year income tax expenses Deferred income tax income (expenses) Total income tax Net profit (loss) Other comprehensive income that will not be reclassified to profit or loss Change in fair value of financial assets Effect of deferred income tax Total other comprehensive income that will not be reclassified to profit or loss Total comprehensive income (expenses) for the period Basic and diluted earnings/(deficit) per share (in EUR)	96,660 1,582 98,242 (84,607) (5,365) (3,472) (2,447) (591) (1,328) - 7 - (1,167) (98,970) (728) 1 (183) - - (910) (2,971) 2,545 (426) (1,336) - - - (1,336) (0.003)	58,018 420
		58,438 (35,107) (5,365) (3,003) (3,000) (509) (232) - 149 46 (1,579)
		(48,600) 9,838 11 (226) - - 9,623 (2,754) 1,235
		(1,519)
		8,104
		- -
		-
		8,104
		0.016

The accompanying notes are an integral part of these condensed interim financial statements.

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CONDENSED INTEREM STATEMENT OF CHANGES IN EQUITY

(All amounts in EUR thousands unless otherwise stated)

	Share capital Share premium Reserve of changes in fair value of financial assets Legal reserve Other reserves Retained earnings Total
Balance at 1 January 2020 Comprehensive income (expenses) for the year Transfer to reserves Dividends Balance at 31 December 2020 Balance at 1 January 2021 Comprehensive income (expenses) for the year Transfer to reserves Dividends Balance at 31 December 2021	146,256 8,579 52 14,626 23,099 2,959 195,571 - - (52) - - 26,603 26,551 - - - - 45 (45) - - - - - - (4,085) (4,085)
	146,256 8,579 - 14,626 23,144 25,432 218,037
	146,256 8,579 - 14,626 23,144 25,432 218,037 - - - - - 19,541 19,541 - - - - 8,890 (8,890) - - - - - - (16,542) (16,542)
	146,256 8,579 - 14,626 32,034 19,541 221,036

The accompanying notes are an integral part of these condensed interim financial statements.

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CONDENSED INTEREM STATEMENT OF CASH FLOWS

(All amounts in EUR thousands unless otherwise stated)

Notes	2021	2020
Cash flows from operating activities Profit (loss) for the period Adjustments for non-cash items and other adjustments: Depreciation and amortisation expenses 4,5,6 Impairment of financial assets Impairment/(reversal of impairment) of assets Impairment of property, plant and equipment Income tax expenses (Gain) loss on disposal/write-off of property, plant and equipment Elimination of results of financing and investing activities: Interest income Interest expenses Disposal of associates Dividend income Other finance costs (income) Changes in working capital: (Increase) decrease in trade receivables and other amounts receivable (Increase) decrease in inventories, prepayments and other current assets Increase (decrease) in amounts payable, grants, deferred income and advance amounts received Changes in other financial assets Income tax (paid) Net cash flows from operating activities Cash flows from investing activities (Purchase) of property, plant and equipment and intangible assets Grants received Loans to related parties Loans recovered Revenue received from congestion management Disposal of associates Interest received Dividends received Other cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities Repayments of borrowings Lease payments Interest paid Dividends paid Net cash flows from financing activities Increase (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period 10 Cash and cash equivalents at the end of the period 10	19,541 21,338 307 (97) - 4,013 1,687 (11) 749 - (307) (7) (29,785) 35 42,033 21,161 (12,349) 68,308 (59,462) 22,566 (43,594) 1,000 44,505 - 29 307 - (34,649) (14,225) (333) (817) (16,498) (31,873) 1,786 33 1,819	26,603 20,354 719 (227) 233 4,278 590 (42) 945 (831) (895) (2) (7,627) (348) (592) (12,253) (3,802)
		27,103 (51,776) 9,788 - 1,203 30,748 1,652 47 895 46
		(7,397) (14,225) (344) (1,019) (4,115)
		(19,703)
		3
		30
		33

The accompanying notes are an integral part of these condensed interim financial statements.

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NOTES TO THE CONDENSED INTEREM FINANCIAL STATEMENTS (All amounts in EUR thousands unless otherwise stated)

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 g., 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 2021, 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 2021 and 31 December 2020, the Company’s shareholders structure was as follows:

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

		Address of the company’s	Shareholding as	Shareholding as
	Company	registered office	at 31 December 2021	at 31 December 2020	Profile of activities
LitPol	Link Sp.z.o.o	Warszawska 165, 05-520, Konstancin-Jeziorna, Poland	-	50 %	Liquidated

On 19 June 2019, Polish and Lithuanian transmission system operators PSE and LITGRID, the sole shareholders of LitPol Link, each holding 50 percent of the company, decided to liquidate the company. The Company’s share of monetary fund’s equal to EUR 45.6 thousand was received on 15 October 2020. The liquidation process of the joint venture was completed on 10 March 2021.

As at 31 December 2021, the Company had 335 employees (31 December 2020: 308).

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NOTES TO THE CONDENSED INTEREM FINANCIAL STATEMENTS

(All amounts in EUR thousands unless otherwise stated)

2. Summary of principal accounting policies

2.1. Basic of preparation

These condensed interim Company‘s financial statements, for the period ended 31 December 2021 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 2020, prepared according to International Financial Reporting Standards as adopted by the European Union.

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 available-for-sale financial assets which are carried at fair value.

These financial statements for the period ended 31 December 2021 are not audited. Financial statements for the year ended 31 December 2020 are audited by the external auditor UAB „PricewaterhouseCoopers“.

3. The impact of COVID-19 on key accounting estimates and assumptions

The main areas considered by the Company’s management when assessing the effect of the coronavirus (COVID-19) are presented below.

Going concern basis

During the first wave of COVID-19 LITGRID AB reviewed and implemented additional business continuity and preventive measures. The Company’s activities are regulated by the state authorities and it is the sole enterprise in Lithuania that provides electricity transmission services, therefore no threat arises for the Company’s ability to continue its business activities.

Impairment of property, plant and equipment

The management reviewed the main assumptions used for the measurement of the fair value of property, plant and equipment. The management estimates that the COVID-19 pandemic will not significantly affect the value of the Company’s non-current assets because the assets are measured using the income method by applying the discounted cash flow calculation technique and the Company’s activities are regulated, and possible short-term changes in services rendered and revenue are assessed and compensated in the upcoming year.

Other accounting estimates

Based on the management’s estimates, at the present time the COVID-19 pandemic has no impact on trade and other amounts receivable because the main clients are the large enterprises that are often also regulated and/or included in the list of low risk companies. The Company has entered into the credit insurance agreement for amounts receivable under the transmission and imbalance contracts. In addition, the participants of the imbalance market have provided the bank guarantees of the established amount or have paid deposits. At the time of preparation of the financial statements settlements were conducted as usual. There were no overdue payments arising from COVID-19.

The COVID-19 pandemic had no impact on the repayment of the Company’s borrowings as cash flows generated by the Company are sufficient to ensure the fulfilment of financial liabilities.

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NOTES TO THE CONDENSED INTEREM FINANCIAL STATEMENTS

(All amounts in EUR thousands unless otherwise stated)

4. Intangible assets

	Intangible assets
Net book amount at 31 December 2019 Additions Value adjustment due to a change in assumptions Amortization charge Net book amount at 31 December 2020 Net book amount at 31 December 2020 Additions Transfer from PPE Value adjustment due to a change in assumptions Amortization charge Net book amount at 31 December 2021	4,857 2,353 165 (1,127)
	6,248
	6,248 1,046 37 (1,188) (1,191)
	4,952

5. Property, plant and equipment

	Property, plant and equipment
Net book amount at 31 December 2019 Additions Prepayments for PPE Write-offs Impairment Transfer from inventories Off-set of connection revenue against non-current assets Set-off of grants with non-current assets Depreciation charge Net book amount at 31 December 2020 Net book amount at 31 December 2020 Additions Prepayments for PPE Write-offs Transfer to inventories Transfer to intangible assets Off-set of connection revenue against non-current assets Set-off of grants with non-current assets Depreciation charge Net book amount at 31 December 2021	321,201 52,846 (1,160) (813) 17 (12) (733) (20,714) (18,923)
	331,709
	331,709 52,978 3,641 (1,731) (124) (37) (1,002) (27,236) (19,855)
	338,343

Property, plant and equipment is stated at acquisition cost reduced by the amount of grants received/receivable for the purpose of acquiring the related assets. Grants include grants received from EU structural funds, the portion of congestion management revenue used to finance investments and compensation received from producers for connection to the grid service or from third parties for reallocation/reconstruction of the grid infrastructure.

Had the value of property, plant and equipment not been reduced by the amount of grants, the carrying amount would by higher by EUR 334,264 thousand as at 31 December 2021 (EUR 315,178 thousand as at 31 December 2020). Below is information about property, plant and equipment, the value of which was reduced by the amount of grants received/receivable:

	31-12-2021	31-12-2020
Opening balance Additions Depreciation charge Write-offs Closing balance	315,178 28,238 (9,141) (11) 334,264	302,254 21,447 (8,451) (72)
		315,178

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NOTES TO THE CONDENSED INTEREM FINANCIAL STATEMENTS

(All amounts in EUR thousands unless otherwise stated)

6. Right-of-use assets

	Right-of-use assets
Net book amount at 31 December 2019 Additions Write-offs Amortisation Net book amount at 31 December 2020 Net book amount at 31 December 2020 Additions Amortisation Net book amount at 31 December 2021	5,004 106 (11) (304)
	4,795
	4,795 6 (292)
	4,509

7. Loans granted

	31-12-2021	31-12-2020
Loan to TETAS, UAB Loan to EPSO-G, UAB (Group intercompany borrowing agreement) Carrying amount	- 43,594 43,594	1,000 -
		1,000

On 25 June 2018 the company has granted a loan to UAB TETAS in the amount to EUR 1 million (annual interest rate - 2.2 %). The loan was repaid by UAB TETAS on 1 July 2021.

Following the NERC’s permission, an agreement between the Company and EPSO-G was signed on 26 February 2021, which allows to use the available congestion management funds for intercompany borrowing purposes. As at 31 December 2021 the Company had a loan of EUR 43,594 thousand granted to UAB EPSO-G through a cash pool facility.

8. Trade receivables under contracts with customers

	31-12-2021	31-12-2020
Amounts receivable for electricity transmission and related services Accumulated amounts receivable for electricity transmission and related services Less: impairment of trade receivables Carrying amount	49,776 732 (45) 50,463	22,766 333 (155)
		22,944

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NOTES TO THE CONDENSED INTEREM FINANCIAL STATEMENTS

(All amounts in EUR thousands unless otherwise stated)

9. Trade receivables

	31-12-2021	31-12-2020
Amounts receivable for electricity transmission and related services Other trade receivables Carrying amount	143 10,057 10,200	388 1,823
		2,211

10. Cash and cash equivalents

	31-12-2021	31-12-2020
Cash at bank Carrying amount	1,819 1,819	33
		33

11. Borrowings

Borrowings of the Company were as follows:

Borrowings of the Company were as follows:
	31-12-2021	31-12-2020
Non-current borrowings Borrowings from banks Current borrowings Current portion of non-current borrowings Total Maturity of non-current borrowings:	51,452 14,225 65,677 31-12-2021	65,677 14,225
		79,902
		31-12-2020
Between 1 and 2 years From 2 to 5 years After 5 years Total	14,225 19,227 18,000 51,452	14,225 29,452 22,000
		65,677

As at 31 December 2021 and 31 December 2020 the weighted average interest rate on the Company’s borrowings was 0,97 %.

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NOTES TO THE CONDENSED INTEREM FINANCIAL STATEMENTS

(All amounts in EUR thousands unless otherwise stated)

12. Lease liabilities

Lease liabilities and their movement were as follows:

Lease liabilities and their movement were as follows:
	2021	2020
Carrying amount at the beginning of the period Concluded lease contracts Restatement Expenses of interest charged Lease payments (principal and interest) Carrying amount at the end of the period	4,857 6 - 64 (333) 4,594 31-12-2021	5,041 106 (12) 66 (344)
		4,857
		31-12-2020
Non-current lease liabilities Current lease liabilities	4,414 180	4,590 267

13. Congestion management revenue

	2021	2020
Opening balance of congestion management revenue Congestion management revenue received during the period Used for investments in property, plant and equipment Congestion management revenue recognised as income during the period Closing balance of congestion management revenue	62,519 50,112 (2,954) (590) 109,087 31-12-2021	39,135 32,381 (8,005) (992)
		62,519
		31-12-2020
Non-current portion of congestion management revenue included in liabilities Current portion of congestion management revenue included in liabilities	88,267 20,820	55,659 6,860

As at 31 December 2021, the liabilities in relation to congestion management revenue amounted to EUR 109,087 thousand. The difference between liabilities and assets in relation to congestion management revenue is mainly due to the loan of EUR 43,594 thousand issued to UAB EPSO-G (through a cashpool facility) (Note 7). The remaining part of the difference is due to the available congestion management revenue being used to finance Company’s operating activities.

14. Trade payables

	31-12-2021	31-12-2020
Amounts payable for electricity Amounts payable for contractual works, services Amounts payable for property, plant and equipment and inventories Carrying amount	42,280 7,691 9,483 59,454	13,123 1,714 10,397
		25,234

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NOTES TO THE CONDENSED INTEREM FINANCIAL STATEMENTS

(All amounts in EUR thousands unless otherwise stated)

15. 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. In 2021, revenue from the Lithuanian clients accounted for 89% of the Company’s total revenue (95% in 2020).

16. Revenue from electricity transmission and related services

16. Revenue from electricity transmission and related services
	2021	2020
Electricity transmission services Trade in balancing/imbalance electricity System services Revenue from other sales of electricity and related services Revenue from PSO services Revenue from connection of new consumers Congestion revenue Revenue from administration of guarantees of origin Total	80,070 71,720 91,653 3,113 19,978 66 590 126 267,316	83,363 21,217 86,702 4,863 8,959 184 991 120
		206,399

In 2020 the amount of revenue from contracts with customers were EUR 246,061 thousand (2019: EUR 195,626 thousand).

Revenue from electricity transmission and related services increased by 30 percent compared to the 2020. The increase is mainly due to the increase in balancing/imbalance related revenue by EUR 50.5 million (+238 percent), which is due to the 160 percent higher average selling price and 31 percent increase in sales volumes. There was also an increase in Public service obligations revenue by EUR 11 million due to 171 percent increase in sales price.

17. Other income

17. Other income
	2021	2020
Income from lease of assets Other income Total	512 2,818 3,330	488 629
		1,117

Interest on late payment and default charges for a delayed performance of works by the contractors represented the major portion of the Company’s other income (EUR 2,786 thousand) in 2021 (EUR 417 thousand in 2020).

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);

• Baltpool UAB (common shareholders).

• Ignitis grupė UAB companies

• Other state-controlled companies:

• VĮ Ignalinos atominė elektrinė;

• 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.

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NOTES TO THE CONDENSED INTEREM FINANCIAL STATEMENTS

(All amounts in EUR thousands unless otherwise stated)

The Company’s transactions with related parties in 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 TETAS UAB BALTPOOL UAB State-controlled companies Energijos skirstymo operatorius AB Ignitis gamyba AB Ignitis grupės paslaugų centras UAB Ignitis UAB Vilniaus kogeneracinė jėgainė UAB Kauno kogeneracinė jėgainė UAB Transporto valdymas UAB Projektų ekspertizė UAB Lietuvos automobilių kelių direkcija VĮ Ignalinos atominė elektrinė VĮ LGT Infra AB	- 53 43,594 628 - - 618 958 11,522 89 13 3,189 - - 203 10,527 - 20,543 273 - 3,907 159,142 - 4,620 19,003 - 82,846 13,687 - 30 - - - 278 - 13,543 - - 3,151 23,756 - - 175 - 243 396 - - 43 - 262 125 - - 18 - 181 - - - 46 - 103 - - - 321 - - - - 94 10 - 128 923 - 69 - - - 499 -
	42,706 20,900 43,594 103,174 209,422 13

The Company’s transactions with related parties in 2020 and balances arising from these transactions as at 31 December 2020 were as follows:

	Amounts	Amounts payable
	receivable and	and accrued	Loans			Finance
Related parties	accrued revenue	expenses	granted	Purchases	Sales	income
EPSO-G UAB group companies
EPSO-G UAB	-	27	-	136	-	-
TETAS UAB	155	825	1,000	11,994	191	42
BALTPOOL UAB	516	-	-	203	5,070	-
State-owned companies
Energijos Skirstymo Operatorius AB	18,050	379	-	857	154,900	-
Ignitis Gamyba AB	777	8,548	-	80,884	6,002	-
Duomenų Logistikos Centras UAB	25	-	-	8	240	-
Ignitis Grupės Paslaugų Centras UAB	27	-	-	-	261	-
Ignitis UAB	721	-	-	2,137	4,867	-
Vilniaus Kogeneracinė Jėgainė UAB	-	100	-	-	32	-
Kauno Kogeneracinė Jėgainė UAB	28	-	-	192	282	-
Energetikos Paslaugų ir Rangos Organizacija UAB	-	-	-	712	-	-
Transporto Valdymas UAB	-	18	-	181	-	-
Ignalinos atominė elektrinė VĮ	107	23	-	177	1,058	-
LTG Infra AB	52	-	-	-	492	-
	20,458	9,920	1,000	97,481	173,395	42

Payments to the key management personnel

	2021		2020
Employment-related payments		787		879
Whereof: termination benefits		36		90
Number of the key management personnel (average annual)		7		7

No loans, guarantees or any other benefits were paid or calculated, nor any assets were transferred to the Company’s management in 2021 and 2020.

Key management personnel consists of the Company’s head of administration and department directors and Board members. In 2021, payments to the Board members amounted to EUR 37,800 (2020: EUR 37,414).

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NOTES TO THE CONDENSED INTEREM FINANCIAL STATEMENTS

(All amounts in EUR thousands unless otherwise stated)

19. Dividends

During the Ordinary General Meeting of Shareholders of LITGRID AB held on 20 April 2021, the decision was made in relation to the payment of dividends in the amount of EUR 16,542,069. Dividends per share amounted to EUR 0.0328.

20. Basic and diluted earnings per share

In 2021 and 2020, the Company’s basic and diluted earnings per share were as follows:

	2021	2020
Net profit (loss) attributable to the Company’s shareholders (EUR thousands) Weighted average number of shares (units) Basic and diluted earnings (deficit) per share (in EUR)	19,541 504,331,380 0.039	26,603 504,331,380
		0.053

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