The general meeting of shareholders of Amber Grid, the gas transmission system operator , a part of EPSO-G, a state-owned group of energy transmission and exchange companies, has approved the audited consolidated financial statements for 2019, considered the Annual Report, and elected the new Board for a four-year term.
Amber Grid’s audited results do not differ, in substance, from the estimates that had already been published: in 2019 the company earned, jointly with its subsidiary GET Baltic, a gas trading exchange, income of EUR 54.8 million (a 0.4% year-on-year increase). Net profit of the company for 2019 is EUR 11.8 m, whereas in the previous year the company had incurred a net loss of EUR 21.6 m due to a revaluation of non-current assets. The effects of the one-off asset revaluation excluded, the net profit for 2018 was EUR 10.4 m. The EBITDA (earnings before interest, tax, depreciation and amortisation) for 2019 was EUR 24.3m (a 1.3% year-on-year decrease compared with EUR 24.6 m in 2018).
The shareholders of Amber Grid approved of the Board’s proposal to leave the profit in the company having regard to the last year’s decision of the market regulator to set a significantly lower permissible income level for the company for 2020 due to exceeded return on investment in previous years and also in view of the increased funds requirements for investments in the GIPL construction.
A new Board of Amber Grid was elected at the meeting of shareholders. Elected for the term of office for four years, the Board includes two independent members, namely, Ignas Degutis, the Chief Financial Officer of RB Rail SA (Rail Baltic) and Sigitas Žutautas, the Director of Būsto paskolų draudimas UAB, along with three representatives of the parent company EPSO-G: Renata Damanskytė-Rekašienė, the Legal and Corporate Governance Director, Algirdas Juozaponis, the Financial Director, and Rimvydas Štilinis, the Infrastructure Director.
‘On election of the new Board of Amber Grid, we have entered a new phase of the company‘s operations when both continuity of work and development of new innovative activities is equally important. While continuing the project of regional significance – the Gas Interconnection Poland – Lithuania, the development of green gas operations and related business models and digitalization will be given high priority as well’, – says Nemunas Biknius, CEO of Amber Grid.
The new Board will elect its chairperson at its first meeting to be held by the end of this month.
