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1. General information
Amber Grid AB (hereinafter the \u201cCompany\u201d) is a public limited liability company registered in the Republic of Lithuania.
Its registered office address is as follows:
Laisv\u0117s pr. 10,
LT \u2013 04215, Vilnius,
Lithuania.
Amber Grid AB was registered on 25 June 2013 as a result of unbundling of natural gas transmission activity (including assets, rights and obligations attributed thereto) from Lietuvos Dujos AB. The Company has been actively operating since 1 August 2013. After obtaining a favourable decision from the European Commission, on 10 April 2015 the National Control Commission for Prices and Energy (the National Energy Regulatory Council (NERC) as from 1 July 2019) granted to the Company an energy operator licence No L2-3 (GDP) to engage in natural gas transmission activities for indefinite term in the territory of Lithuania.
Acting as a natural gas transmission system operator, the Company provides the following services to the system users, other operators and gas market participants:
\uf0b7natural gas transmission in the territory of Lithuania;
\uf0b7natural gas flow balancing within the transmission system;
\uf0b7administration of funds intended to compensate the construction and fixed operating expenses of the liquefied natural gas (LNG) terminal, its infrastructure, connector, and the reasonable supply costs of the required quantity of liquefied natural gas incurred by the designated supplier;
\uf0b7administration of the register of guarantees of origin of gas produced from renewable energy sources.
The Company\u2019s clients are large companies (operating in the sectors of electricity, district heating, and industry) and medium-sized local businesses, as well as natural gas suppliers receiving natural gas transmission services.
All the shares of the Company are ordinary registered shares with the par value of EUR 0.29 each. As at 31 December 2024 and 2023, all the shares had been fully paid. The Company had no its own shares. Since 1 August 2013, the Company\u2019s shares have been traded on stock exchange and have been quoted on the Baltic Secondary List of NASDAQ Vilnius. (ISIN \u2013 LT0000128696, LEI code 097900BGMP0000061061, ticker AMG1L).
As at 31 December 2024 and 31 December 2023, the Company\u2019s shareholders were as follows:
Number of shares held
Ownership interest,
(%)
EPSO-G UAB (company code 302826889, Laisv\u0117s ave. 10, Vilnius)
172.279.125
96.58
Other shareholders
6.103.389
3.42
178.382.514
100
EPSO-G UAB (hereinafter \u201cEPSO-G\u201d) is a state-owned group of energy transmission and exchange companies (www.epsog.lt). The rights and duties of the sole shareholder of the holding company EPSO-G UAB are exercised by the Ministry of Energy of the Republic of Lithuania (www.enmin.lt).
The consolidated and separate financial statements disclose the combined financial position and results of operations of Amber Grid AB (hereinafter - the \"Company\") and the Group consisting of Amber Grid AB and its subsidiary GET Baltic UAB (hereinafter - the \"Group\") up to the date of the change of control (on 31 May 2023).
Information on the shareholding of GET Baltic UAB (hereinafter \u2013 \u201cGET Baltic\u201d) as at 31 December 2024 and 31 December 2023 is presented below:
Company name
Company\u2019s registered office
Shareholding
Profile of activities
As at 31 December 2024
As at 31 December 2023
GET Baltic UAB
Gele\u017einio Vilko st. 18A, LT-08104 Vilnius, the Republic of Lithuania
34%
34%
Licensed activities of natural gas market operator trading natural gas short-term and long-term products.
On 31 May 2023, upon sale of 66% shares in GET Baltic, the Company lost control in GET Baltic. The retained investment in GET Baltic is accounted for as investment in associate.
As at 31 December 2024, the number of employees on payroll at the Company was 349 (31 December 2023: 351).
The Group\u2019s and the Company\u2019s financial statements for the year ended 31 December 2024 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and are in compliance thereof.
These consolidated and separate 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 derivative financial instruments accounted for at fair value.
In accordance with the accounting principles of non-current assets of EPSO\u2013G UAB group companies, the non-current assets are accounted at revalued amount less accumulated depreciation and impairment losses, whereas grants are accounted for by reducing the carrying amount of the related asset.
These financial statements are presented in EUR \u2018000 unless otherwise stated.
The Group\u2019s and the Company\u2019s financial year coincides with the calendar year.
The Company\u2019s management authorized these financial statements on 7 April 2025. The shareholders of the Company have a statutory right to either approve or refuse to approve these financial statements and require the management to prepare a new set of financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "Amber Grid AB", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "Laisv\u0117s pr. 10, LT \u2013 04215, Vilnius", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Lithuania", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Lithuania", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "Acting as a natural gas transmission system operator, the Company provides the following services to the system users, other operators and gas market participants:\uf0b7natural gas transmission in the territory of Lithuania;\uf0b7natural gas flow balancing within the transmission system;\uf0b7administration of funds intended to compensate the construction and fixed operating expenses of the liquefied natural gas (LNG) terminal, its infrastructure, connector, and the reasonable supply costs of the required quantity of liquefied natural gas incurred by the designated supplier;\uf0b7administration of the register of guarantees of origin of gas produced from renewable energy sources.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "EPSO-G UAB", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "the Ministry of Energy of the Republic of Lithuania", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "
As at 31 December 2024, the number of employees on payroll at the Company was 349 (31 December 2023: 351).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "value": "
2. Summary of material accounting policies
The principal accounting policies applied in the preparation of the Company\u2019s and the Group\u2019s financial statements for the year ended 31 December 2024 are set out below:
2.1 Basis of preparation
The Group\u2019s and the Company\u2019s financial statements for the year ended 31 December 2024 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and are in compliance thereof.
These consolidated and separate 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 derivative financial instruments accounted for at fair value.
In accordance with the accounting principles of non-current assets of EPSO\u2013G UAB group companies, the non-current assets are accounted at revalued amount less accumulated depreciation and impairment losses, whereas grants are accounted for by reducing the carrying amount of the related asset.
These financial statements are presented in EUR \u2018000 unless otherwise stated.
The Group\u2019s and the Company\u2019s financial year coincides with the calendar year.
The Company\u2019s management authorized these financial statements on 7 April 2025. The shareholders of the Company have a statutory right to either approve or refuse to approve these financial statements and require the management to prepare a new set of financial statements.
The accounting policies applied in the preparation of the financial statements are consistent with those of the previous financial year except as follows:
Adoption of new and/or amended IFRS and interpretations of the International Financial Reporting Interpretations Committee (IFRIC)
The following IFRSs, amendments and IFRIC interpretations were adopted by the Group and the Company for the first time in the financial year ended 31 December 2024:
Amendments to IFRS 16 Leases \u2013 Lease Liability in a Sale and Leaseback (issued on 22 September 2022 and effective for annual periods beginning on or after 1 January 2024). The amendments relate to sale and leaseback transactions which satisfy the requirements of IFRS 15 to be accounted for as a sale. Based on the Company\u2019s management assessment, these amendments have not a material impact on the financial statements.
Amendments to IAS 1: Classification of liabilities as current or non-current (originally issued on 23 January 2020 and subsequently amended on 15 July 2020 and 31 October 2022, ultimately effective for annual periods beginning on or after 1 January 2024). These amendments clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities are non-current if the entity has a substantive right, at the end of the reporting period, to defer settlement for at least twelve months. The guidance no longer requires such a right to be unconditional. Management\u2019s expectations whether they will subsequently exercise the right to defer settlement do not affect classification of liabilities. A liability is classified as current if a condition is breached at or before the reporting date even if a waiver of that condition is obtained from the lender after the end of the reporting period. Conversely, a loan is classified as non-current if a loan covenant is breached only after the reporting date. In addition, the amendments include clarifying the classification requirements for debt a company might settle by converting it into equity \u201cSettlement\u201d is defined as the extinguishment of a liability with cash, other resources embodying economic benefits or an entity\u2019s own equity instruments. There is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion option is classified as an equity instrument as a separate component
of a compound financial instrument. Based on the Company\u2019s management assessment, these amendments did not have a material impact on the financial statements.
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (Issued on 25 May 2023 and effective for annual periods beginning on or after 1 January 2024). The amendments to IAS 7 and IFRS 7 introduced disclosure requirements about entity\u2019s supplier finance arrangements. These amendments require the disclosures of the entity\u2019s supplier finance arrangements that would enable the users of financial statements to assess the effects of those arrangements on the entity\u2019s liabilities and cash flows and on the entity\u2019s exposure to liquidity risk. The purpose of the additional disclosure requirements is to enhance the transparency of the supplier finance arrangements. The amendments do not affect recognition or measurement principles but only disclosure requirements. Based on the Company\u2019s management assessment, these amendments did not have a material impact on the financial statements.
Standards, interpretations and amendments that have been endorsed by the European Union, yet they have not been early adopted by the Group and the Company:
Amendments to IAS 21 Lack of Exchangeability (Issued on 15 August 2023 and effective for annual periods beginning on or after 1 January 2025). The amendments to IAS 21\u00a0help entities assess exchangeability between two currencies and determine the spot exchange rate, when exchangeability is\u00a0lacking. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. The amendments to IAS 21 do not provide detailed requirements on how to estimate the spot exchange rate. Instead, they set out a\u00a0framework under which an entity can determine the spot exchange rate at the measurement date. When applying the new requirements, it is not permitted to restate comparative information. It is required to translate the affected amounts at estimated spot exchange rates at the date of initial application, with an adjustment to retained earnings or to the reserve for cumulative translation differences. Based on the Company\u2019s management assessment, these amendments will not have a material impact on the financial statements.
2.2 Presentation currency
All amounts in these financial statements have been measured and presented in the euros (EUR), which is an official currency of the Republic of Lithuania.
2.3 Basis of consolidation
The Group\u2019s consolidated financial statements included Amber Grid AB and its subsidiary GET Baltic UAB until the loss of control. The financial statements of GET Baltic UAB have been prepared for the same reporting period and using the same accounting policies consistent with those applied by the parent company.
2.4 Investments in subsidiaries and associates in the Company\u2019s separate financial statements
Investments in subsidiaries are accounted for in the parent company\u2019s balance sheet at cost less impairment loss, when the carrying amount of investment reported in the parent company\u2019s balance sheet exceeds the expected recoverable amount.
Investments in associates are recorded in the subsidiary\u2019s separate financial statements using the equity method. Under the equity method, the carrying amount of investment in associate is subsequently increased or decreased by the post-acquisition change in the share of the associate\u2019s net assets, less any impairment of investments.
The Group\u2019s and Company\u2019s share of the acquired associate\u2019s post-acquisition profits or losses is recognised in profit or loss in the statement of comprehensive income, and the Group\u2019s and Company\u2019s share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. The carrying amounts of investments in associates are adjusted by these amounts.
2.5 Intangible assets
The Group\u2019s and the Company\u2019s intangible assets are recognised if it is probable that future economic benefits associated with the asset will flow to the Group and the Company and the cost of the asset can be measured reliably. Intangible assets are carried at cost, see Note 5.
The useful lives of intangible assets other than those with indefinite useful lives are 4 to 8 years.
After initial recognition, intangible assets are stated at cost less accumulated amortisation and impairment losses, if any.
Intangible assets mainly consist of software, licences and other intangible assets used in the Group\u2019s and the Company\u2019s activities.
Special land use conditions (protected areas)
In its financial statements for the year ended 31 December 2020, the Company recognised as intangible assets a commitment to register and a right to use the land parcels of third parties on the basis of the special land use conditions. The special land use conditions mean conditions involving certain restrictions or limitations on the activities carried out on the land parcel, which depend on the geographic location, the principal purpose of use, the method of use of the land parcel, and on the environmental and public health needs. The special land use conditions apply for as long as there is an object, in respect of which the protected areas have been established, irrespective of the physical condition of such object; or special land use conditions may be established when there is an intention to implement a project. The special land use conditions remain in force for indefinite period. Since the useful life of the intangible assets is indefinite, such assets are not amortised. The useful life is not limited because the special land use conditions are established for the land parcels for indefinite period.
A provision for non-current liabilities in relation to the commitment to register the special land use conditions (protected areas) has been formed under IAS 37 (see Note 22).
Maintenance costs and other subsequent expenditures of intangible assets
Maintenance costs of intangible assets are recognised as expenses in the reporting period when they are incurred. Updating and development costs of intangible assets incurred subsequent to their acquisition or creation are recognised as expenses in the reporting period when they are incurred, except for software updating, modification, upgrading or new version installation costs that are capitalised by adding them to the cost of that software or recognising as a separate item of non-current intangible assets. In such case, the remaining useful life of the former software is re-measured and impairment is recognised for the remaining net book amount, if any.
2.6 Property, plant and equipment
Assets with a useful life longer than one year are classified as property, plant and equipment.
The Company\u2019s items of property, plant and equipment are stated at revalued amounts, based on periodic (at least every 5 years) valuations performed by independent valuers, less accumulated depreciation and impairment losses (Note 6).
Any accumulated depreciation and impairment losses at the date of revaluation are eliminated against gross carrying amount of the asset and net amount is restated to the revalued amount of the assets.
Increases in the carrying amount arising on the first revaluation of property, plant and equipment are credited to revaluation reserve directly in equity and decreases are recognised in the profit and loss account. Decreases in the carrying amount arising on the subsequent revaluation of property, plant and equipment that offset previous increases of the same asset are charged against revaluation reserve directly in equity, whereas all other decreases are charged to the profit and loss account. Revaluation increases in property plant and equipment value that offset previous decreases are taken to the profit and loss account. All other increases in the carrying amount arising on subsequent revaluations of property, plant and equipment are credited to revaluation reserve. Each year the difference between depreciation based on the revalued carrying amount of the asset charged to the statement of comprehensive income and depreciation based on the asset\u2019s original cost is transferred from revaluation reserve to retained earnings, after considering the effect of deferred income tax. Upon the sale or write-off of an asset item, any balance related to these assets is transferred from revaluation reserve to retained earnings.
Interest and other borrowing costs (the bank\u2019s administration charges, etc.) are included in the acquisition cost of property, plant and equipment if they are directly attributable to the acquisition of a qualifying asset. A qualifying asset is asset that is developed on the basis of a project with the value of not less than EUR 1 million and that necessarily takes no less than 12 months to get ready for its intended use or sale.
Variable considerations for the separate acquisition of property, plant and equipment that are dependent on future performance (such as revenues or profits) are accounted for in the cost of property, plant and equipment and liabilities, when the variable considerations can be estimated reliably and the asset is able to operate in the manner intended by the Group\u2019s management.
After initial recognition, value changes of variable payments are recognised by the Group in profit or loss.
Property, plant and equipment also includes the minimum quantity of natural gas contained in the gas pipelines (line pack) which is necessary to ensure a stable functioning of the transmission system. This part of property, plant and equipment is not depreciated, because the Company will be able to sell such natural gas at the end of the useful life of the gas transmission pipeline, and accordingly, the value of such natural gas represents the residual value of the gas transmission pipeline.
Emergency reserve inventories meeting the criteria of non-current assets are classified as property, plant and equipment. The carrying amount of inventories written off during repair, technical maintenance and emergency liquidation are recorded in the statement of profit or loss or added to the carrying amount of assets under maintenance.
Depreciation is calculated on a straight-line basis over the following estimated useful lives:
Land
-
Buildings
25 - 60
years.
Other structures and engineering networks
18 \u2013 25
years.
Gas pipelines and associated equipment
55 \u2013 70
years.
Plant and machinery
5-25
years.
Motor vehicles
7
years.
Other PP&E
4-10
years.
The useful lives, residual values and depreciation method are reviewed annually to ensure that they are consistent with the expected pattern of economic benefits from items of property, plant and equipment.
The Company has land with indefinite useful life, which is not depreciated.
Construction work in progress includes items of property, plant and equipment that are under construction. The cost of such assets includes design, construction works, plant and equipment being installed, and other directly attributable costs. Construction work in progress is not depreciated until the construction of asset is completed and the asset is put into operation. Prepayments for non-current assets are classified as non-current assets because they are used in long-term activities and are presented in the balance sheet line item \u201cconstruction work in progress\u201d.
Maintenance, repair, reconstruction and other subsequent costs of property, plant and equipment
Maintenance costs of property, plant and equipment are recognised as expenses of the reporting period when they are incurred. The costs of the day-to-day servicing of an item of PP&E are not included in the cost of that item. Rather, these costs are recognised as expenses when they are incurred. The purpose of these expenditures is often described as for the \u2018repairs and maintenance\u2019 of the property, plant and equipment. When property, plant and equipment is subject to reconstruction (major enhancement), such reconstruction/major enhancement works are recognised as a separate component of PP&E and the net book amount of the component of the replaced part of assets is written off. A condition of continuing to operate an item of property, plant and equipment may be performing regular major inspections for faults regardless of whether parts of the item are replaced, its cost is recognized in the carrying amount of the item of property, plant and equipment as a separate component if the recognition criteria are satisfied and the costs of such inspection are material. Any remaining carrying amounts of the cost of previous inspection (as distinct from physical parts) are written-off to operating expenses of the reporting period in the statements of profit or loss and other comprehensive income.
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Group and the Company review the carrying amounts of their property, plant and equipment to determine whether there are any indications that those assets have suffered an impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable value is the higher of an asset\u2019s fair value less costs to sell and the value in use. In assessing the value in use, the expected future cash flows are discounted to their present value using the discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as an increase in revaluation reserve (without exceeding the amount of previous impairment).
2.7 Right of use assets
Right-of-use assets are assets that the Group and the Company have the right to manage during the lease term. The Group and the Company recognise right-of-use assets for all types of leases, including the lease of a right-of-use asset in case of sublease, but excluding leases of intangible assets, short-term leases and leases of low value assets.
Initial measurement of right-of-use assets
At the commencement date, the Group and the Company measure right-of-use assets at cost, which consists of: the present value of the initial measurement of the lease liability, initial costs incurred directly attributable to the underlying asset, any lease payments at the commencement date, less any lease incentives.
Subsequent measurement of right-of-use assets
After the initial recognition, the Group and the Company apply a cost method for right-of-use assets: the carrying amount of the asset at the respective date is calculated as the difference between the acquisition cost and the accumulated depreciation, plus any subsequent adjustments for the remeasurement of lease liability.
The calculation of depreciation of right-of-use assets is started from the date on which the assets are transferred for the use (the commencement date) until the earlier of these dates: the end of the lease term and the end of the useful life.
The Company calculates depreciation of right-of-use assets using the following rates:
Land*
99
years.
Buildings
from 5 to 10
years.
Motor vehicles
3
years.
* The Company applies the portfolio method for the land lease agreements concluded with the municipalities not by auction, i.e. a set of the agreements of the Company is accounted for as a single agreement due to similar criteria. Regardless of the remaining term of the land lease agreement, in accordance with the requirements of the legal acts, the agreements must be extended for as long as the facilities of the Company exist on the land plots. When assessing the flow generated by the infrastructure assets of the Company (for the calculation of the recoverable amount of assets), an infinite flow is projected as the ongoing reconstruction and repair works allow using the assets for a longer period than the established original depreciation rates. For this reason, the lease of land is subject to a substantially infinite rate corresponding to the original term of the agreement \u2013 99 years.
2.8 Financial assets and liabilities
The Group and the Company recognise a financial asset in the statement of financial position only when they become a party to the contractual provisions of the financial instrument, the purchase or sale of the financial asset is recognised or derecognised using the accounting at the trade date.
At initial recognition, the Group and the Company measure the financial assets at fair value, except for trade receivables that do not include a significant component of financing. Initial measurement of financial assets other than those measured at fair value through profit or loss, includes the fair value of the instrument and transaction costs directly attributable to the acquisition of the financial asset.
Transaction costs include all fees and commissions that the Group and the Company would not have paid if they had not entered into a financial instrument contract.
Financial assets measured at amortised cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are recognised as current assets, except for the loans and receivables with maturity term of more than 12 months after the date of the statement of financial position, in which case they are recognised as non-current assets.
Loans and receivables are initially recognised at cost (fair value of the amount receivable) and subsequently amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss when the assets are derecognised or impaired, as well as through the amortisation process.
Financial assets measured at fair value through profit or loss
The Group and the Company account for financial assets measured at fair value through profit or loss using a business model, the goal of which is achieved through the collection of contractual cash flows and the sale of financial assets.
The Group and the Company do not have financial assets held for trading that are acquired for the purpose of selling in the near future, and within such category only classify the financial asset that arises on disposal of a business or investment and that represents a non-equity contingent consideration.
Expected credit losses
The Group and the Company seek to recognise the expected credit losses for the period before the financial instrument becomes past due. Normally, credit risk increases significantly before a financial instrument becomes past due or other delay factors are observed from the debtor (such as restructuring, bankruptcy, other economic difficulties of a client, etc.).
Therefore, if there is a considerable amount of cost or effort to obtain reasonable and reliable information that is more forward-looking than past due payments, it should be based on the assessment of credit risk changes.
Expected credit losses are recognised based on individually or collectively assessed credit risk of loans and trade receivables, the assessment of which is based on all reasonable and supportable information, including forward-looking information.
Lifetime expected credit losses of trade receivables are assessed taking into consideration the level of credit risk. The individual assessment basis is applied to debts with a high level of credit risk concentration or when there is a significant increase in the probability of credit losses. During the individual assessment, information on the credit history of a particular borrower, its financial position as at the date of assessment is analysed, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgement on the recognition of lifetime expected credit losses in respect of that particular borrower.
Lifetime expected credit losses for loans receivable and trade receivables are accounted for through profit or loss using the contra account for doubtful receivables.
Loans receivable and trade receivables are written off when the Group and the Company lose the right to the contractual cash flows from the financial assets.
Trade payables and other financial liabilities, borrowings
Financial liabilities, borrowings
Financial liabilities, including borrowings, are recognised initially at fair value, less transaction costs.
Subsequently, financial liabilities are carried at amortised cost using the effective interest rate method. Interest expense is recognised using the effective interest rate method.
If a financing agreement concluded before the date of the statement of financial position proves that the liability was non-current as of the date of the statement of financial position, such financial liability is classified as non-current.
Trade payables
Trade payables represent commitments to pay for goods and services acquired from suppliers in the ordinary course of business. Trade payables are classified as current liabilities if the term of their settlement is no longer than one year; otherwise, they are included in non-current liabilities.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is settled or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss.
2.9 Inventories
Inventories consist of spare parts, consumables, and natural gas contained in the gas pipelines used in the activities and for provision of services. Inventories also include waste or metal scrap which is fit for use and was retrieved from written off items of property, plant and equipment.
Inventories are initially recorded at cost. Subsequent to initial recognition, inventories are stated at the lower of cost and net realisable value.
The cost of inventories includes acquisition price and related taxes that are not subsequently recovered from tax administration authorities and costs associated with bringing inventory into their current condition and location. Other costs are included in the cost of inventories to the extent they are related to bringing inventory into their current condition and location. The cost of inventories is determined net of trade discounts.
The cost of inventories, except for natural gas, is determined using the first-in, first-out (FIFO) method, according to which write-offs are firstly carried out in respect of the same type of inventories that were acquired first.
The cost of inventories which consist of natural gas contained in the gas pipelines is determined using the weighted average costing method. The cost of one unit of energy of natural gas (kWh) is determined by applying the weighted average costing method using the following formula:
The cost of one energy unit of natural gas (kWh) = (opening balance of natural gas (quantity * price) + purchases of natural gas over the period (quantity * price)) / opening balance of natural gas + purchases of natural gas over the period).
Purchases of natural gas from 1 March 2022 exclude gas purchased for the balancing of the system user.
2.10 Cash and cash equivalents
Cash includes cash at banks. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value.
If there are indications that cash and cash equivalents may not be recoverable, impairment is accounted for. Impairment is recorded in the statement of profit or loss within operating expenses for the period during which it occurred.
2.11 Grants
Grants are recognised when the Group and the Company comply with all conditions attached to the grants, as set out in the respective grant agreement, and when there is a reasonable assurance that the grant will be received.
Government grants or grants received from the EU in a form of non-current assets or intended for purchase of non-current assets are considered as grants related to assets.
At the Group and the Company grants are recognised by deducting them from the asset\u2019s carrying amount. For the purpose of the statement of profit or loss and other comprehensive income, grants are recognised over the useful life of the related asset as a deduction from depreciation expenses.
Accumulated grants receivable are classified as other amounts receivable when, according to the agreement, the European Commission undertakes a commitment to fund strategic projects and there is strong evidence that the funding will be received.
Grants received as a compensation for the expenses or unearned income in the current or previous reporting periods, also all grants other than grants related to assets, are considered as grants related to income. Income-related grants are recognised as utilised to the extent of the expenses incurred during the reporting period or unearned income to be compensated by that grant.
For the purpose of the statement of profit or loss, income-related grants are recognised when related costs are incurred, for which the grant was intended to compensate, by adding them to other income. If no connection can be established between the grants and incurred costs or deferred expenses, they are recognised as income during the period they are received or when the Group and the Company comply with all the conditions attached to grants, as established in the respective grant agreement, and there is a reasonable assurance that the grant will be received.
2.12 Lease liabilities
Initial measurement of the lease liability
The amount of the initial measurement of lease liability is calculated as the present value of lease payments not paid at the commencement date.
The lease payments are discounted using the incremental borrowing rate. The incremental borrowing rate is determined as the rate at which the Group and the Company would be able to borrow funds for the purpose of acquiring certain assets for a respective period.
At the commencement date, the lease payments included in the measurement of lease liability comprise the following payments:
\u2010fixed payments, less any lease incentives receivable;
\u2010variable lease payments that depend on an index or a rate;
\u2010amounts expected to be payable by the Group and the Company under residual value guarantees;
\u2010the exercise price of a purchase option if the Group and the Company are reasonably certain to exercise that option;
\u2010payments of penalties for terminating the lease, if the lease term reflects the Group and the Company exercising an option to terminate the lease.
Subsequent measurement of lease liability
Subsequent to initial recognition, the Group and the Company recognise a change in the value of the lease liability by:
\u2010increasing the carrying amount to reflect interest on the lease liability;
\u2010reducing the carrying amount to reflect the lease payments made; and
\u2010remeasuring the carrying amount to reflect any lease modifications or revised lease payments.
For a lease modification that is not accounted for as a separate lease, the Group and the Company account for the remeasurement of the lease liability by:
\u2010decreasing the carrying amount of the right-of-use asset to reflect the partial or full termination of the lease for lease modifications that decrease the scope of the lease. The Group and the Company recognise in profit or loss any gain or loss relating to the partial or full termination of the lease;
\u2010making a corresponding adjustment to the right-of-use asset for all other lease modifications.
The Company classifies assets as right-of-use assets by recognising under non-current assets in the statement of financial position, if the asset and lease contract meet all of the following criteria:
\u2010the lease is not a short-term (12 months or more) or short-term lease with a purchase option;
\u2010value of the leased item or group of items/underlying asset is not less than EUR 4,000 and therefore does not qualify as a lease of a low-value asset;
\u2010if the contract conveys the right to control the use of an identified asset for a period of time, i.e. to obtain economic benefits from use of the identified asset and to direct the use of the identified asset.
The Group and the Company present its lease liabilities separately from other liabilities in the statement of financial position. Interest expense on the lease liability is presented separately from the depreciation charge for the right-of-use assets. The interest expense on the lease liability is a component of finance costs recognised in the statement of comprehensive income.
2.13 Long-term employee benefits
Each employee of retirement age who terminates his/her employment with the Group and the Company upon retirement receives the payment, the amount of which is established by the Lithuanian laws. A liability for such payments is recognised in the balance sheet and it reflects the present value of these payments at the date of the financial statements. The non-current liability for payments to employees at the date of the financial statements is estimated with reference to actuary valuations using the projected relative unit method. The present value of the defined non-current liability for payments to employees is determined by discounting the estimated future cash flows using the effective interest rates as set for government debentures denominated in a currency in which payments to employees are expected to be made and with maturity similar to that of the related liability.
2.14 Provisions, contingent assets and liabilities
Provisions are recognised when the Group and the Company have a legal obligation or irrevocable commitment, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the estimate of the expenditure required to settle the obligation (the expected value). Where the effect of the time value of money is material, the amount of a provision is discounted using a pre-tax effective interest rate that, if necessary, reflects the risks specific to the liability. Where discounting is used, the carrying amount of a provision increases in each period to reflect the passage of time. This increase is recognised as borrowing cost.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the changes in circumstances. If the amount of the provision is discounted, the amount reversed at each reporting period is equal to the discounting effect (interest expenses). If circumstance change and the provision is no longer necessary, the provision is reversed in the statement of profit or loss and other comprehensive income through the expense line item where it has been recorded initially at the time of establishment.
Provisions are classified as non-current liabilities, if the Group\u2019s and the Company\u2019s management expect to settle them after twelve months from the date of the statement of financial position, and as current liabilities, if the Group\u2019s and the Company\u2019s management expect to settle them within twelve months from the date of the statement of financial position.
A contingent liability is a liability that may arise from past events, or a present obligation that arises from past events, when it is not probable that resources embodying economic benefits will be required to settle the obligation, or the amount of the obligation cannot be measured reliably.
Contingent liabilities are not accounted for, but are disclosed in the notes to the financial statements unless the probability of the loss of resources embodying economic benefits is remote.
A contingent asset is an asset that may arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, that are not wholly within the Group's and Company's control.
Contingent assets are not recognised in the financial statements, but are described in the notes to the financial statements when it is probable that income or economic benefits will be received.
2.15 Income tax
Income tax expense for the period comprises current and deferred income tax.
Income tax
Current income tax charges are calculated on current profit before tax, as adjusted for certain non-deductible expenses/non-taxable income. Income tax is calculated using the tax rate effective at the date of issue of the financial statements. Income tax rate of 15% was used in 2024 and 2023. Current year income tax may be reduced by tax losses carried forward. In addition, the Company can take over tax losses from the Group companies, provided it meets the requirements laid down in the Law on Corporate Income Tax.
Deferred income tax
Deferred taxes are calculated using the balance sheet liability method. Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred income tax liability is recognised for all temporary differences that will increase taxable profit in the future, and deferred tax asset is recognised only to the extent it is likely to reduce the taxable income in the future.
Deferred tax assets are reviewed at each financial reporting date, and if it is not probable that the Group and the Company will generate sufficient taxable profit to realize these assets, they are reduced to an amount which is likely to reduce the taxable profit in future. Deferred income tax assets and liabilities are estimated using the tax rate that has been applied when calculating income tax for the year when the related temporary differences are to be realised or settled.
Deferred tax assets and liabilities are offset only where they relate to income tax assessed by the same fiscal authority or where there is a legally enforceable right to offset current tax assets and current tax liabilities.
Current income tax and deferred income tax
Current income tax and deferred income tax are recognised as income or expenses and included in net profit or loss for the reporting period, except for the cases when tax arises from a transaction or event that is recognized directly in equity or in other comprehensive income, in which case taxes are also recorded in equity and other comprehensive income respectively.
2.16 Revenue recognition
Recognition and measurement of the Group\u2019s and the Company\u2019s revenue is based on a five-step revenue recognition model which is applied to all contracts with customers. The Group\u2019s and the Company\u2019s revenue is recognised at a point in time or over time, during which the performance obligation is settled, i.e. the control of services or goods is transferred to the customer.
The Group\u2019s revenue includes as follows:
\u2010revenue from natural gas transmission and related services;
\u2010revenue from administration of the LNG terminal funds;
\u2010revenue from the activities of the natural gas exchange operator;
\u2010other income;
\u2010finance income.
Revenue from natural gas transmission and related services
Revenue from transmission services
Revenue from system users for natural gas transmission services is recognised over time, based on the reported data on natural gas quantities, distributed to the system users connected to the distribution system, and based on the statements of transmitted natural gas that were signed with the system users directly connected to the transmission system.
Revenue from balancing services
The Company\u2019s revenue from system balancing products consists of technical balancing revenue, transit flow balancing revenue, and system users balancing revenue.
In transactions of balancing providing technical balancing and transit flow balancing services, the Company acts as principal. Below is described the revenue recognition for the provision of system user\u2019s balancing services.
Based on the EC regulation establishing a network code on gas balancing of transmission networks (the \u201cRegulation\u201c), the system users bear the responsibility of balancing their inputs against their off-takes. If the system users fail to balance gas at the entry/exit points, the Company is entitled to undertake the balancing actions as set forth in the Regulation. In accordance with the Regulation, the Company undertakes the balancing actions in respect of the system users with reference to measures on each gas day.
Revenue from balancing services is recognised when the transmission system user\u2018s imbalance quantity becomes negative, thereby causing natural gas shortfall. Expenses from balancing services are recognised when the transmission system user\u2018s imbalance quantity becomes positive, thereby causing natural gas surplus. As the Company seeks to ensure financial neutrality, it levies a neutrality charge for each reporting month with effect from 1 March 2022. Neutrality charge means a charge payable to/by the transmission system operator due to performance of its balancing activities. The neutrality charge represents the difference between the expenses and revenue of the transmission system operator from the balancing activities. The neutrality charge may be both positive and negative. When the neutrality charge is negative, the transmission system operator pays the neutrality charge to the system users. When the neutrality charge is positive, the system users pay the neutrality charge to the transmission system operator. The purpose of the neutrality charge is to ensure financial neutrality of the transmission system operator.
Due to amendments introduced in regulation of balancing activities with effect from 1 March 2022, the Company acts as an agent in its gas purchase/sale transactions and reports net result of balancing activities in the financial statements. The neutrality charge is expected to ensure a zero gain/(loss) from balancing activities. Acting as an agent in balancing gas purchase/sale transactions is explained by limited control of the balancing services and purchases of gas, absence of economic benefits, no discretion in establishing the price for the balancing services since the pricing is governed by law, no discretion in choosing a counterparty and inability to regulate demand. In addition, the activities of the Company, as the transmission system operator, are not associated with trade in natural gas, and the regulated balancing actions are performed for the benefit of all system users rather than for the benefit of a specific system user.
Revenue from administration of the LNG terminal funds
Based on the provisions of Article 5(2) of the Republic of Lithuania Law on Liquefied Natural Gas Terminal, the Company carries out the function of administration of the LNG terminal funds. The administration of the LNG terminal funds is performed in accordance with the Description of the procedure for the administration of funds intended to compensate for the construction and fixed operating expenses of the liquefied natural gas terminal, its infrastructure and connector, including subsequent amendments and supplements thereto (the title was changed on 18 December 2015 under the Commission\u2019s Resolution No 03-653 of 17 December 2015), as approved by the Commission\u2019s Resolution No O3-294 of 9 October 2012). The Company collects and administers the LNG terminal funds and acts as an agent on behalf of the State, and such activities do not generate any revenue/profit for the Company in the ordinary course of business. The LNG terminal funds are collected and transferred to the recipients of the LNG terminal funds. The share of the LNG terminal funds intended solely to cover the administration expenses of the LNG terminal funds is considered as the Company's revenue. The amount of administration of the LNG terminal funds is calculated as the amount of costs that are expected to be incurred, by taking into account the actual costs incurred in the previous periods, and such amount is specified in the NERC\u2019s certificate. The LNG terminal funds are not treated as the Company's revenue/expenses, but they are rather accounted for as other receivables/other payables and other financial assets.
Revenue from the activities of the natural gas exchange operator
The amounts collected by the exchange operator for the services provided in the course of trading are recognised as revenue of the exchange operator, based on the following service fees agreed with NERC:
\u2010initial registration fee: a one-off fee payable upon becoming an exchange participant which is recognised as revenue at a point in time when a service is rendered;
\u2010annual membership fee: a fixed membership fee payable annually by an exchange participant. The annual membership fee is payable for the calendar year (adjusted in proportion to the remaining number of days in a year in case the market participant joins the exchange at some point of time in the course of a year). This revenue is recognised over a period of time, during which the membership right is exercised;
\u2010floating trading fee: a fee estimated as EUR per 1 MWh, which is payable by a participant who is a party to the transaction for the quantity of natural gas purchased and/or sold on the exchange. It is recognised as revenue at a point in time when a service is rendered.
Other income
Connection fees on connection of new consumers and producers to the gas transmission network
The connection \"service\" is considered as a single performance obligation together with the future gas transmission services, as defined in IFRS 15 Revenue from contracts with customers, because the pricing of the connection fee is directly
linked to the pricing of the transmission services. Therefore revenue (including the compensation for the connection to the grid) are recognised in profit or loss over time during the useful life (or lives) of the connection assets constructed / built by Company and compensated by a consumer.
Accounting for the connection fees on connection of new producers is based on the accounting policies for grants (IAS 20 Accounting for government grants and disclosure of government assistance), and the acquisition cost of the assets is reduced by the amount of the connection fee.
Relocation (reconstruction) of infrastructure facilities owned under the title by the Company upon a customer\u2019s request
Upon a customer\u2019s request, the Company carries out relocation or reconstruction of infrastructure facilities and incurs related expenses. Such relocation work does not give rise to any economic benefits for the Company, and all expenses related to such work are compensated in full by a customer through acquisition of energy facility relocation service from the Company.
Based on IFRS and the Company\u2019s accounting policies, there are two approaches for recognition of such transactions:
1.When relocation of assets involves substantial improvement of assets. Under IAS 16 Property, plant and equipment, the relocation expenses incurred by the Company are added to the acquisition cost of the related assets. Accounting for the compensation (i.e. relocation fee) due from a customer is based on the accounting policies for grants (IAS 20 Government grants and disclosure of government assistance) and the acquisition cost of the assets is reduced by the amount of the relocation fee. Since all relocation costs are compensated in full for the Company by a customer, such transaction results in a zero impact on the Company\u2019s profit or loss, i.e. the Company neither incurs additional expenses nor earns additional revenue from such transaction.
2.When relocation of assets does not involve substantial improvement of assets. Under IFRS 15 Revenue from contracts with customers, the Company earns revenue from relocation service (i.e. revenue is recognised at the time of rendering the service) and incurs relocation service expenses (i.e. all costs incurred on relocation of assets are recognised as expenses in the same period as revenue from relocation service). Since all relocation costs are covered in full for the Company by a customer, such transaction results in a zero impact on the Company\u2019s profit or loss, i.e. revenue earned by the Company equals expenses incurred.
Gain from disposal of property, plant and equipment, lease income, income from sale of other goods and provision of other services, income from default charges and fines collected from the contractors as a result of late fulfilment of work, income-related grants are recognised by the Group as other income.
2.17 Expense recognition
Expenses incurred in relation to revenue earned during the reporting period are recognised by the Group and the Company on an accrual basis, and based on the following principles: 1) the costs are recognised as expenses to the extent of the value of goods sold or services rendered, since the criterion for recognition of expenses is that they have been incurred to earn revenue of the reporting period; 2) the costs incurred by the Group company during the reporting period are recognised as expenses of the reporting period immediately, unless they can be linked to earning of the specific revenue, and no income is expected to be earned in relation to such expenses in the next periods.
The Group and the Company use expense classification by type.
Taxes such as real estate tax, land tax, land rent tax, taxes related to environmental pollution, non-deductible value added tax, etc. are recognized as expenses.
2.18 Finance income and costs
Finance income
Finance income includes income earned by the Company from financing activities, such as foreign exchange gain, when cash balances are translated into the functional currency euro, interest income on cash balance.
The Group\u2018s and the Company\u2018s finance costs include as follows:
\u2010foreign exchange loss from financing transactions;
\u2010interest on borrowings.
Interest income and expenses are recognised on accrual basis considering the outstanding balance of debt and the applicable interest rate.
2.19 Cash flows
The Group and the Company report cash flows using the indirect method. Reporting of cash flows from operating activities based on the indirect method means that net profit/(loss) for the reporting period is presented as cash inflows or outflows from operating activities of the Group and the Company for the reporting period. Cash inflows and outflows from investing and financing activities for the reporting period are presented separately unless cash flows are presented on a net basis.
For the purpose of the Group\u2018s and the Company\u2018s financial statements, dividends paid are reported as cash flows of financing activities, whereas dividends received are reported as cash flows of investing activities.
For the purpose of the Group\u2018s and the Company\u2018s financial statements, interest paid is reported as cash flows of financing activities, whereas interest received is reported as cash flows of investing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "value": "
2.1 Basis of preparation
The Group\u2019s and the Company\u2019s financial statements for the year ended 31 December 2024 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and are in compliance thereof.
These consolidated and separate 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 derivative financial instruments accounted for at fair value.
In accordance with the accounting principles of non-current assets of EPSO\u2013G UAB group companies, the non-current assets are accounted at revalued amount less accumulated depreciation and impairment losses, whereas grants are accounted for by reducing the carrying amount of the related asset.
These financial statements are presented in EUR \u2018000 unless otherwise stated.
The Group\u2019s and the Company\u2019s financial year coincides with the calendar year.
The Company\u2019s management authorized these financial statements on 7 April 2025. The shareholders of the Company have a statutory right to either approve or refuse to approve these financial statements and require the management to prepare a new set of financial statements.
The accounting policies applied in the preparation of the financial statements are consistent with those of the previous financial year except as follows:
Adoption of new and/or amended IFRS and interpretations of the International Financial Reporting Interpretations Committee (IFRIC)
The following IFRSs, amendments and IFRIC interpretations were adopted by the Group and the Company for the first time in the financial year ended 31 December 2024:
Amendments to IFRS 16 Leases \u2013 Lease Liability in a Sale and Leaseback (issued on 22 September 2022 and effective for annual periods beginning on or after 1 January 2024). The amendments relate to sale and leaseback transactions which satisfy the requirements of IFRS 15 to be accounted for as a sale. Based on the Company\u2019s management assessment, these amendments have not a material impact on the financial statements.
Amendments to IAS 1: Classification of liabilities as current or non-current (originally issued on 23 January 2020 and subsequently amended on 15 July 2020 and 31 October 2022, ultimately effective for annual periods beginning on or after 1 January 2024). These amendments clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities are non-current if the entity has a substantive right, at the end of the reporting period, to defer settlement for at least twelve months. The guidance no longer requires such a right to be unconditional. Management\u2019s expectations whether they will subsequently exercise the right to defer settlement do not affect classification of liabilities. A liability is classified as current if a condition is breached at or before the reporting date even if a waiver of that condition is obtained from the lender after the end of the reporting period. Conversely, a loan is classified as non-current if a loan covenant is breached only after the reporting date. In addition, the amendments include clarifying the classification requirements for debt a company might settle by converting it into equity \u201cSettlement\u201d is defined as the extinguishment of a liability with cash, other resources embodying economic benefits or an entity\u2019s own equity instruments. There is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion option is classified as an equity instrument as a separate component
of a compound financial instrument. Based on the Company\u2019s management assessment, these amendments did not have a material impact on the financial statements.
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (Issued on 25 May 2023 and effective for annual periods beginning on or after 1 January 2024). The amendments to IAS 7 and IFRS 7 introduced disclosure requirements about entity\u2019s supplier finance arrangements. These amendments require the disclosures of the entity\u2019s supplier finance arrangements that would enable the users of financial statements to assess the effects of those arrangements on the entity\u2019s liabilities and cash flows and on the entity\u2019s exposure to liquidity risk. The purpose of the additional disclosure requirements is to enhance the transparency of the supplier finance arrangements. The amendments do not affect recognition or measurement principles but only disclosure requirements. Based on the Company\u2019s management assessment, these amendments did not have a material impact on the financial statements.
Standards, interpretations and amendments that have been endorsed by the European Union, yet they have not been early adopted by the Group and the Company:
Amendments to IAS 21 Lack of Exchangeability (Issued on 15 August 2023 and effective for annual periods beginning on or after 1 January 2025). The amendments to IAS 21\u00a0help entities assess exchangeability between two currencies and determine the spot exchange rate, when exchangeability is\u00a0lacking. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. The amendments to IAS 21 do not provide detailed requirements on how to estimate the spot exchange rate. Instead, they set out a\u00a0framework under which an entity can determine the spot exchange rate at the measurement date. When applying the new requirements, it is not permitted to restate comparative information. It is required to translate the affected amounts at estimated spot exchange rates at the date of initial application, with an adjustment to retained earnings or to the reserve for cumulative translation differences. Based on the Company\u2019s management assessment, these amendments will not have a material impact on the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "value": "
The Group\u2019s and the Company\u2019s financial statements for the year ended 31 December 2024 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and are in compliance thereof.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-14": { "value": "
The Company\u2019s management authorized these financial statements on 7 April 2025. The shareholders of the Company have a statutory right to either approve or refuse to approve these financial statements and require the management to prepare a new set of financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-15": { "value": "
2.2 Presentation currency
All amounts in these financial statements have been measured and presented in the euros (EUR), which is an official currency of the Republic of Lithuania.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-16": { "value": "
2.3 Basis of consolidation
The Group\u2019s consolidated financial statements included Amber Grid AB and its subsidiary GET Baltic UAB until the loss of control. The financial statements of GET Baltic UAB have been prepared for the same reporting period and using the same accounting policies consistent with those applied by the parent company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-17": { "value": "
2.4 Investments in subsidiaries and associates in the Company\u2019s separate financial statements
Investments in subsidiaries are accounted for in the parent company\u2019s balance sheet at cost less impairment loss, when the carrying amount of investment reported in the parent company\u2019s balance sheet exceeds the expected recoverable amount.
Investments in associates are recorded in the subsidiary\u2019s separate financial statements using the equity method. Under the equity method, the carrying amount of investment in associate is subsequently increased or decreased by the post-acquisition change in the share of the associate\u2019s net assets, less any impairment of investments.
The Group\u2019s and Company\u2019s share of the acquired associate\u2019s post-acquisition profits or losses is recognised in profit or loss in the statement of comprehensive income, and the Group\u2019s and Company\u2019s share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. The carrying amounts of investments in associates are adjusted by these amounts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-18": { "value": "
2.4 Investments in subsidiaries and associates in the Company\u2019s separate financial statements
Investments in subsidiaries are accounted for in the parent company\u2019s balance sheet at cost less impairment loss, when the carrying amount of investment reported in the parent company\u2019s balance sheet exceeds the expected recoverable amount.
Investments in associates are recorded in the subsidiary\u2019s separate financial statements using the equity method. Under the equity method, the carrying amount of investment in associate is subsequently increased or decreased by the post-acquisition change in the share of the associate\u2019s net assets, less any impairment of investments.
The Group\u2019s and Company\u2019s share of the acquired associate\u2019s post-acquisition profits or losses is recognised in profit or loss in the statement of comprehensive income, and the Group\u2019s and Company\u2019s share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. The carrying amounts of investments in associates are adjusted by these amounts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-19": { "value": "
2.5 Intangible assets
The Group\u2019s and the Company\u2019s intangible assets are recognised if it is probable that future economic benefits associated with the asset will flow to the Group and the Company and the cost of the asset can be measured reliably. Intangible assets are carried at cost, see Note 5.
The useful lives of intangible assets other than those with indefinite useful lives are 4 to 8 years.
After initial recognition, intangible assets are stated at cost less accumulated amortisation and impairment losses, if any.
Intangible assets mainly consist of software, licences and other intangible assets used in the Group\u2019s and the Company\u2019s activities.
Special land use conditions (protected areas)
In its financial statements for the year ended 31 December 2020, the Company recognised as intangible assets a commitment to register and a right to use the land parcels of third parties on the basis of the special land use conditions. The special land use conditions mean conditions involving certain restrictions or limitations on the activities carried out on the land parcel, which depend on the geographic location, the principal purpose of use, the method of use of the land parcel, and on the environmental and public health needs. The special land use conditions apply for as long as there is an object, in respect of which the protected areas have been established, irrespective of the physical condition of such object; or special land use conditions may be established when there is an intention to implement a project. The special land use conditions remain in force for indefinite period. Since the useful life of the intangible assets is indefinite, such assets are not amortised. The useful life is not limited because the special land use conditions are established for the land parcels for indefinite period.
A provision for non-current liabilities in relation to the commitment to register the special land use conditions (protected areas) has been formed under IAS 37 (see Note 22).
Maintenance costs and other subsequent expenditures of intangible assets
Maintenance costs of intangible assets are recognised as expenses in the reporting period when they are incurred. Updating and development costs of intangible assets incurred subsequent to their acquisition or creation are recognised as expenses in the reporting period when they are incurred, except for software updating, modification, upgrading or new version installation costs that are capitalised by adding them to the cost of that software or recognising as a separate item of non-current intangible assets. In such case, the remaining useful life of the former software is re-measured and impairment is recognised for the remaining net book amount, if any.
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Group and the Company review the carrying amounts of their property, plant and equipment to determine whether there are any indications that those assets have suffered an impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable value is the higher of an asset\u2019s fair value less costs to sell and the value in use. In assessing the value in use, the expected future cash flows are discounted to their present value using the discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as an increase in revaluation reserve (without exceeding the amount of previous impairment).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-20": { "value": "
2.6 Property, plant and equipment
Assets with a useful life longer than one year are classified as property, plant and equipment.
The Company\u2019s items of property, plant and equipment are stated at revalued amounts, based on periodic (at least every 5 years) valuations performed by independent valuers, less accumulated depreciation and impairment losses (Note 6).
Any accumulated depreciation and impairment losses at the date of revaluation are eliminated against gross carrying amount of the asset and net amount is restated to the revalued amount of the assets.
Increases in the carrying amount arising on the first revaluation of property, plant and equipment are credited to revaluation reserve directly in equity and decreases are recognised in the profit and loss account. Decreases in the carrying amount arising on the subsequent revaluation of property, plant and equipment that offset previous increases of the same asset are charged against revaluation reserve directly in equity, whereas all other decreases are charged to the profit and loss account. Revaluation increases in property plant and equipment value that offset previous decreases are taken to the profit and loss account. All other increases in the carrying amount arising on subsequent revaluations of property, plant and equipment are credited to revaluation reserve. Each year the difference between depreciation based on the revalued carrying amount of the asset charged to the statement of comprehensive income and depreciation based on the asset\u2019s original cost is transferred from revaluation reserve to retained earnings, after considering the effect of deferred income tax. Upon the sale or write-off of an asset item, any balance related to these assets is transferred from revaluation reserve to retained earnings.
Interest and other borrowing costs (the bank\u2019s administration charges, etc.) are included in the acquisition cost of property, plant and equipment if they are directly attributable to the acquisition of a qualifying asset. A qualifying asset is asset that is developed on the basis of a project with the value of not less than EUR 1 million and that necessarily takes no less than 12 months to get ready for its intended use or sale.
Variable considerations for the separate acquisition of property, plant and equipment that are dependent on future performance (such as revenues or profits) are accounted for in the cost of property, plant and equipment and liabilities, when the variable considerations can be estimated reliably and the asset is able to operate in the manner intended by the Group\u2019s management.
After initial recognition, value changes of variable payments are recognised by the Group in profit or loss.
Property, plant and equipment also includes the minimum quantity of natural gas contained in the gas pipelines (line pack) which is necessary to ensure a stable functioning of the transmission system. This part of property, plant and equipment is not depreciated, because the Company will be able to sell such natural gas at the end of the useful life of the gas transmission pipeline, and accordingly, the value of such natural gas represents the residual value of the gas transmission pipeline.
Emergency reserve inventories meeting the criteria of non-current assets are classified as property, plant and equipment. The carrying amount of inventories written off during repair, technical maintenance and emergency liquidation are recorded in the statement of profit or loss or added to the carrying amount of assets under maintenance.
Depreciation is calculated on a straight-line basis over the following estimated useful lives:
Land
-
Buildings
25 - 60
years.
Other structures and engineering networks
18 \u2013 25
years.
Gas pipelines and associated equipment
55 \u2013 70
years.
Plant and machinery
5-25
years.
Motor vehicles
7
years.
Other PP&E
4-10
years.
The useful lives, residual values and depreciation method are reviewed annually to ensure that they are consistent with the expected pattern of economic benefits from items of property, plant and equipment.
The Company has land with indefinite useful life, which is not depreciated.
Construction work in progress includes items of property, plant and equipment that are under construction. The cost of such assets includes design, construction works, plant and equipment being installed, and other directly attributable costs. Construction work in progress is not depreciated until the construction of asset is completed and the asset is put into operation. Prepayments for non-current assets are classified as non-current assets because they are used in long-term activities and are presented in the balance sheet line item \u201cconstruction work in progress\u201d.
Maintenance, repair, reconstruction and other subsequent costs of property, plant and equipment
Maintenance costs of property, plant and equipment are recognised as expenses of the reporting period when they are incurred. The costs of the day-to-day servicing of an item of PP&E are not included in the cost of that item. Rather, these costs are recognised as expenses when they are incurred. The purpose of these expenditures is often described as for the \u2018repairs and maintenance\u2019 of the property, plant and equipment. When property, plant and equipment is subject to reconstruction (major enhancement), such reconstruction/major enhancement works are recognised as a separate component of PP&E and the net book amount of the component of the replaced part of assets is written off. A condition of continuing to operate an item of property, plant and equipment may be performing regular major inspections for faults regardless of whether parts of the item are replaced, its cost is recognized in the carrying amount of the item of property, plant and equipment as a separate component if the recognition criteria are satisfied and the costs of such inspection are material. Any remaining carrying amounts of the cost of previous inspection (as distinct from physical parts) are written-off to operating expenses of the reporting period in the statements of profit or loss and other comprehensive income.
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Group and the Company review the carrying amounts of their property, plant and equipment to determine whether there are any indications that those assets have suffered an impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable value is the higher of an asset\u2019s fair value less costs to sell and the value in use. In assessing the value in use, the expected future cash flows are discounted to their present value using the discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as an increase in revaluation reserve (without exceeding the amount of previous impairment).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-21": { "value": "
Property, plant and equipment also includes the minimum quantity of natural gas contained in the gas pipelines (line pack) which is necessary to ensure a stable functioning of the transmission system. This part of property, plant and equipment is not depreciated, because the Company will be able to sell such natural gas at the end of the useful life of the gas transmission pipeline, and accordingly, the value of such natural gas represents the residual value of the gas transmission pipeline.
Emergency reserve inventories meeting the criteria of non-current assets are classified as property, plant and equipment. The carrying amount of inventories written off during repair, technical maintenance and emergency liquidation are recorded in the statement of profit or loss or added to the carrying amount of assets under maintenance.
Depreciation is calculated on a straight-line basis over the following estimated useful lives:
Land
-
Buildings
25 - 60
years.
Other structures and engineering networks
18 \u2013 25
years.
Gas pipelines and associated equipment
55 \u2013 70
years.
Plant and machinery
5-25
years.
Motor vehicles
7
years.
Other PP&E
4-10
years.
The useful lives, residual values and depreciation method are reviewed annually to ensure that they are consistent with the expected pattern of economic benefits from items of property, plant and equipment.
The Company has land with indefinite useful life, which is not depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-22": { "value": "
Construction work in progress includes items of property, plant and equipment that are under construction. The cost of such assets includes design, construction works, plant and equipment being installed, and other directly attributable costs. Construction work in progress is not depreciated until the construction of asset is completed and the asset is put into operation. Prepayments for non-current assets are classified as non-current assets because they are used in long-term activities and are presented in the balance sheet line item \u201cconstruction work in progress\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-23": { "value": "
Maintenance, repair, reconstruction and other subsequent costs of property, plant and equipment
Maintenance costs of property, plant and equipment are recognised as expenses of the reporting period when they are incurred. The costs of the day-to-day servicing of an item of PP&E are not included in the cost of that item. Rather, these costs are recognised as expenses when they are incurred. The purpose of these expenditures is often described as for the \u2018repairs and maintenance\u2019 of the property, plant and equipment. When property, plant and equipment is subject to reconstruction (major enhancement), such reconstruction/major enhancement works are recognised as a separate component of PP&E and the net book amount of the component of the replaced part of assets is written off. A condition of continuing to operate an item of property, plant and equipment may be performing regular major inspections for faults regardless of whether parts of the item are replaced, its cost is recognized in the carrying amount of the item of property, plant and equipment as a separate component if the recognition criteria are satisfied and the costs of such inspection are material. Any remaining carrying amounts of the cost of previous inspection (as distinct from physical parts) are written-off to operating expenses of the reporting period in the statements of profit or loss and other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-24": { "value": "
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Group and the Company review the carrying amounts of their property, plant and equipment to determine whether there are any indications that those assets have suffered an impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable value is the higher of an asset\u2019s fair value less costs to sell and the value in use. In assessing the value in use, the expected future cash flows are discounted to their present value using the discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as an increase in revaluation reserve (without exceeding the amount of previous impairment).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-25": { "value": "
At each reporting date, the Group and the Company review the carrying amounts of their property, plant and equipment to determine whether there are any indications that those assets have suffered an impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable value is the higher of an asset\u2019s fair value less costs to sell and the value in use. In assessing the value in use, the expected future cash flows are discounted to their present value using the discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as an increase in revaluation reserve (without exceeding the amount of previous impairment).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-26": { "value": "
2.7 Right of use assets
Right-of-use assets are assets that the Group and the Company have the right to manage during the lease term. The Group and the Company recognise right-of-use assets for all types of leases, including the lease of a right-of-use asset in case of sublease, but excluding leases of intangible assets, short-term leases and leases of low value assets.
Initial measurement of right-of-use assets
At the commencement date, the Group and the Company measure right-of-use assets at cost, which consists of: the present value of the initial measurement of the lease liability, initial costs incurred directly attributable to the underlying asset, any lease payments at the commencement date, less any lease incentives.
Subsequent measurement of right-of-use assets
After the initial recognition, the Group and the Company apply a cost method for right-of-use assets: the carrying amount of the asset at the respective date is calculated as the difference between the acquisition cost and the accumulated depreciation, plus any subsequent adjustments for the remeasurement of lease liability.
The calculation of depreciation of right-of-use assets is started from the date on which the assets are transferred for the use (the commencement date) until the earlier of these dates: the end of the lease term and the end of the useful life.
The Company calculates depreciation of right-of-use assets using the following rates:
Land*
99
years.
Buildings
from 5 to 10
years.
Motor vehicles
3
years.
* The Company applies the portfolio method for the land lease agreements concluded with the municipalities not by auction, i.e. a set of the agreements of the Company is accounted for as a single agreement due to similar criteria. Regardless of the remaining term of the land lease agreement, in accordance with the requirements of the legal acts, the agreements must be extended for as long as the facilities of the Company exist on the land plots. When assessing the flow generated by the infrastructure assets of the Company (for the calculation of the recoverable amount of assets), an infinite flow is projected as the ongoing reconstruction and repair works allow using the assets for a longer period than the established original depreciation rates. For this reason, the lease of land is subject to a substantially infinite rate corresponding to the original term of the agreement \u2013 99 years.
2.12 Lease liabilities
Initial measurement of the lease liability
The amount of the initial measurement of lease liability is calculated as the present value of lease payments not paid at the commencement date.
The lease payments are discounted using the incremental borrowing rate. The incremental borrowing rate is determined as the rate at which the Group and the Company would be able to borrow funds for the purpose of acquiring certain assets for a respective period.
At the commencement date, the lease payments included in the measurement of lease liability comprise the following payments:
\u2010fixed payments, less any lease incentives receivable;
\u2010variable lease payments that depend on an index or a rate;
\u2010amounts expected to be payable by the Group and the Company under residual value guarantees;
\u2010the exercise price of a purchase option if the Group and the Company are reasonably certain to exercise that option;
\u2010payments of penalties for terminating the lease, if the lease term reflects the Group and the Company exercising an option to terminate the lease.
Subsequent measurement of lease liability
Subsequent to initial recognition, the Group and the Company recognise a change in the value of the lease liability by:
\u2010increasing the carrying amount to reflect interest on the lease liability;
\u2010reducing the carrying amount to reflect the lease payments made; and
\u2010remeasuring the carrying amount to reflect any lease modifications or revised lease payments.
For a lease modification that is not accounted for as a separate lease, the Group and the Company account for the remeasurement of the lease liability by:
\u2010decreasing the carrying amount of the right-of-use asset to reflect the partial or full termination of the lease for lease modifications that decrease the scope of the lease. The Group and the Company recognise in profit or loss any gain or loss relating to the partial or full termination of the lease;
\u2010making a corresponding adjustment to the right-of-use asset for all other lease modifications.
The Company classifies assets as right-of-use assets by recognising under non-current assets in the statement of financial position, if the asset and lease contract meet all of the following criteria:
\u2010the lease is not a short-term (12 months or more) or short-term lease with a purchase option;
\u2010value of the leased item or group of items/underlying asset is not less than EUR 4,000 and therefore does not qualify as a lease of a low-value asset;
\u2010if the contract conveys the right to control the use of an identified asset for a period of time, i.e. to obtain economic benefits from use of the identified asset and to direct the use of the identified asset.
The Group and the Company present its lease liabilities separately from other liabilities in the statement of financial position. Interest expense on the lease liability is presented separately from the depreciation charge for the right-of-use assets. The interest expense on the lease liability is a component of finance costs recognised in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-27": { "value": "
2.8 Financial assets and liabilities
The Group and the Company recognise a financial asset in the statement of financial position only when they become a party to the contractual provisions of the financial instrument, the purchase or sale of the financial asset is recognised or derecognised using the accounting at the trade date.
At initial recognition, the Group and the Company measure the financial assets at fair value, except for trade receivables that do not include a significant component of financing. Initial measurement of financial assets other than those measured at fair value through profit or loss, includes the fair value of the instrument and transaction costs directly attributable to the acquisition of the financial asset.
Transaction costs include all fees and commissions that the Group and the Company would not have paid if they had not entered into a financial instrument contract.
Financial assets measured at amortised cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are recognised as current assets, except for the loans and receivables with maturity term of more than 12 months after the date of the statement of financial position, in which case they are recognised as non-current assets.
Loans and receivables are initially recognised at cost (fair value of the amount receivable) and subsequently amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss when the assets are derecognised or impaired, as well as through the amortisation process.
Financial assets measured at fair value through profit or loss
The Group and the Company account for financial assets measured at fair value through profit or loss using a business model, the goal of which is achieved through the collection of contractual cash flows and the sale of financial assets.
The Group and the Company do not have financial assets held for trading that are acquired for the purpose of selling in the near future, and within such category only classify the financial asset that arises on disposal of a business or investment and that represents a non-equity contingent consideration.
Expected credit losses
The Group and the Company seek to recognise the expected credit losses for the period before the financial instrument becomes past due. Normally, credit risk increases significantly before a financial instrument becomes past due or other delay factors are observed from the debtor (such as restructuring, bankruptcy, other economic difficulties of a client, etc.).
Therefore, if there is a considerable amount of cost or effort to obtain reasonable and reliable information that is more forward-looking than past due payments, it should be based on the assessment of credit risk changes.
Expected credit losses are recognised based on individually or collectively assessed credit risk of loans and trade receivables, the assessment of which is based on all reasonable and supportable information, including forward-looking information.
Lifetime expected credit losses of trade receivables are assessed taking into consideration the level of credit risk. The individual assessment basis is applied to debts with a high level of credit risk concentration or when there is a significant increase in the probability of credit losses. During the individual assessment, information on the credit history of a particular borrower, its financial position as at the date of assessment is analysed, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgement on the recognition of lifetime expected credit losses in respect of that particular borrower.
Lifetime expected credit losses for loans receivable and trade receivables are accounted for through profit or loss using the contra account for doubtful receivables.
Loans receivable and trade receivables are written off when the Group and the Company lose the right to the contractual cash flows from the financial assets.
Trade payables and other financial liabilities, borrowings
Financial liabilities, borrowings
Financial liabilities, including borrowings, are recognised initially at fair value, less transaction costs.
Subsequently, financial liabilities are carried at amortised cost using the effective interest rate method. Interest expense is recognised using the effective interest rate method.
If a financing agreement concluded before the date of the statement of financial position proves that the liability was non-current as of the date of the statement of financial position, such financial liability is classified as non-current.
Trade payables
Trade payables represent commitments to pay for goods and services acquired from suppliers in the ordinary course of business. Trade payables are classified as current liabilities if the term of their settlement is no longer than one year; otherwise, they are included in non-current liabilities.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is settled or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-28": { "value": "
The Group and the Company recognise a financial asset in the statement of financial position only when they become a party to the contractual provisions of the financial instrument, the purchase or sale of the financial asset is recognised or derecognised using the accounting at the trade date.
At initial recognition, the Group and the Company measure the financial assets at fair value, except for trade receivables that do not include a significant component of financing. Initial measurement of financial assets other than those measured at fair value through profit or loss, includes the fair value of the instrument and transaction costs directly attributable to the acquisition of the financial asset.
Transaction costs include all fees and commissions that the Group and the Company would not have paid if they had not entered into a financial instrument contract.
Financial assets measured at amortised cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are recognised as current assets, except for the loans and receivables with maturity term of more than 12 months after the date of the statement of financial position, in which case they are recognised as non-current assets.
Loans and receivables are initially recognised at cost (fair value of the amount receivable) and subsequently amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss when the assets are derecognised or impaired, as well as through the amortisation process.
Financial assets measured at fair value through profit or loss
The Group and the Company account for financial assets measured at fair value through profit or loss using a business model, the goal of which is achieved through the collection of contractual cash flows and the sale of financial assets.
The Group and the Company do not have financial assets held for trading that are acquired for the purpose of selling in the near future, and within such category only classify the financial asset that arises on disposal of a business or investment and that represents a non-equity contingent consideration.
Expected credit losses
The Group and the Company seek to recognise the expected credit losses for the period before the financial instrument becomes past due. Normally, credit risk increases significantly before a financial instrument becomes past due or other delay factors are observed from the debtor (such as restructuring, bankruptcy, other economic difficulties of a client, etc.).
Therefore, if there is a considerable amount of cost or effort to obtain reasonable and reliable information that is more forward-looking than past due payments, it should be based on the assessment of credit risk changes.
Expected credit losses are recognised based on individually or collectively assessed credit risk of loans and trade receivables, the assessment of which is based on all reasonable and supportable information, including forward-looking information.
Lifetime expected credit losses of trade receivables are assessed taking into consideration the level of credit risk. The individual assessment basis is applied to debts with a high level of credit risk concentration or when there is a significant increase in the probability of credit losses. During the individual assessment, information on the credit history of a particular borrower, its financial position as at the date of assessment is analysed, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgement on the recognition of lifetime expected credit losses in respect of that particular borrower.
Lifetime expected credit losses for loans receivable and trade receivables are accounted for through profit or loss using the contra account for doubtful receivables.
Loans receivable and trade receivables are written off when the Group and the Company lose the right to the contractual cash flows from the financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-29": { "value": "
The Group and the Company recognise a financial asset in the statement of financial position only when they become a party to the contractual provisions of the financial instrument, the purchase or sale of the financial asset is recognised or derecognised using the accounting at the trade date.
At initial recognition, the Group and the Company measure the financial assets at fair value, except for trade receivables that do not include a significant component of financing. Initial measurement of financial assets other than those measured at fair value through profit or loss, includes the fair value of the instrument and transaction costs directly attributable to the acquisition of the financial asset.
Transaction costs include all fees and commissions that the Group and the Company would not have paid if they had not entered into a financial instrument contract.
Financial assets measured at amortised cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are recognised as current assets, except for the loans and receivables with maturity term of more than 12 months after the date of the statement of financial position, in which case they are recognised as non-current assets.
Loans and receivables are initially recognised at cost (fair value of the amount receivable) and subsequently amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss when the assets are derecognised or impaired, as well as through the amortisation process.
Financial assets measured at fair value through profit or loss
The Group and the Company account for financial assets measured at fair value through profit or loss using a business model, the goal of which is achieved through the collection of contractual cash flows and the sale of financial assets.
The Group and the Company do not have financial assets held for trading that are acquired for the purpose of selling in the near future, and within such category only classify the financial asset that arises on disposal of a business or investment and that represents a non-equity contingent consideration.
Expected credit losses
The Group and the Company seek to recognise the expected credit losses for the period before the financial instrument becomes past due. Normally, credit risk increases significantly before a financial instrument becomes past due or other delay factors are observed from the debtor (such as restructuring, bankruptcy, other economic difficulties of a client, etc.).
Therefore, if there is a considerable amount of cost or effort to obtain reasonable and reliable information that is more forward-looking than past due payments, it should be based on the assessment of credit risk changes.
Expected credit losses are recognised based on individually or collectively assessed credit risk of loans and trade receivables, the assessment of which is based on all reasonable and supportable information, including forward-looking information.
Lifetime expected credit losses of trade receivables are assessed taking into consideration the level of credit risk. The individual assessment basis is applied to debts with a high level of credit risk concentration or when there is a significant increase in the probability of credit losses. During the individual assessment, information on the credit history of a particular borrower, its financial position as at the date of assessment is analysed, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgement on the recognition of lifetime expected credit losses in respect of that particular borrower.
Lifetime expected credit losses for loans receivable and trade receivables are accounted for through profit or loss using the contra account for doubtful receivables.
Loans receivable and trade receivables are written off when the Group and the Company lose the right to the contractual cash flows from the financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-30": { "value": "
The Group and the Company recognise a financial asset in the statement of financial position only when they become a party to the contractual provisions of the financial instrument, the purchase or sale of the financial asset is recognised or derecognised using the accounting at the trade date.
At initial recognition, the Group and the Company measure the financial assets at fair value, except for trade receivables that do not include a significant component of financing. Initial measurement of financial assets other than those measured at fair value through profit or loss, includes the fair value of the instrument and transaction costs directly attributable to the acquisition of the financial asset.
Transaction costs include all fees and commissions that the Group and the Company would not have paid if they had not entered into a financial instrument contract.
Financial assets measured at amortised cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are recognised as current assets, except for the loans and receivables with maturity term of more than 12 months after the date of the statement of financial position, in which case they are recognised as non-current assets.
Loans and receivables are initially recognised at cost (fair value of the amount receivable) and subsequently amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss when the assets are derecognised or impaired, as well as through the amortisation process.
Financial assets measured at fair value through profit or loss
The Group and the Company account for financial assets measured at fair value through profit or loss using a business model, the goal of which is achieved through the collection of contractual cash flows and the sale of financial assets.
The Group and the Company do not have financial assets held for trading that are acquired for the purpose of selling in the near future, and within such category only classify the financial asset that arises on disposal of a business or investment and that represents a non-equity contingent consideration.
Expected credit losses
The Group and the Company seek to recognise the expected credit losses for the period before the financial instrument becomes past due. Normally, credit risk increases significantly before a financial instrument becomes past due or other delay factors are observed from the debtor (such as restructuring, bankruptcy, other economic difficulties of a client, etc.).
Therefore, if there is a considerable amount of cost or effort to obtain reasonable and reliable information that is more forward-looking than past due payments, it should be based on the assessment of credit risk changes.
Expected credit losses are recognised based on individually or collectively assessed credit risk of loans and trade receivables, the assessment of which is based on all reasonable and supportable information, including forward-looking information.
Lifetime expected credit losses of trade receivables are assessed taking into consideration the level of credit risk. The individual assessment basis is applied to debts with a high level of credit risk concentration or when there is a significant increase in the probability of credit losses. During the individual assessment, information on the credit history of a particular borrower, its financial position as at the date of assessment is analysed, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgement on the recognition of lifetime expected credit losses in respect of that particular borrower.
Lifetime expected credit losses for loans receivable and trade receivables are accounted for through profit or loss using the contra account for doubtful receivables.
Loans receivable and trade receivables are written off when the Group and the Company lose the right to the contractual cash flows from the financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-31": { "value": "
Expected credit losses
The Group and the Company seek to recognise the expected credit losses for the period before the financial instrument becomes past due. Normally, credit risk increases significantly before a financial instrument becomes past due or other delay factors are observed from the debtor (such as restructuring, bankruptcy, other economic difficulties of a client, etc.).
Therefore, if there is a considerable amount of cost or effort to obtain reasonable and reliable information that is more forward-looking than past due payments, it should be based on the assessment of credit risk changes.
Expected credit losses are recognised based on individually or collectively assessed credit risk of loans and trade receivables, the assessment of which is based on all reasonable and supportable information, including forward-looking information.
Lifetime expected credit losses of trade receivables are assessed taking into consideration the level of credit risk. The individual assessment basis is applied to debts with a high level of credit risk concentration or when there is a significant increase in the probability of credit losses. During the individual assessment, information on the credit history of a particular borrower, its financial position as at the date of assessment is analysed, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgement on the recognition of lifetime expected credit losses in respect of that particular borrower.
Lifetime expected credit losses for loans receivable and trade receivables are accounted for through profit or loss using the contra account for doubtful receivables.
Loans receivable and trade receivables are written off when the Group and the Company lose the right to the contractual cash flows from the financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-32": { "value": "
Trade payables and other financial liabilities, borrowings
Financial liabilities, borrowings
Financial liabilities, including borrowings, are recognised initially at fair value, less transaction costs.
Subsequently, financial liabilities are carried at amortised cost using the effective interest rate method. Interest expense is recognised using the effective interest rate method.
If a financing agreement concluded before the date of the statement of financial position proves that the liability was non-current as of the date of the statement of financial position, such financial liability is classified as non-current.
Trade payables
Trade payables represent commitments to pay for goods and services acquired from suppliers in the ordinary course of business. Trade payables are classified as current liabilities if the term of their settlement is no longer than one year; otherwise, they are included in non-current liabilities.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is settled or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-33": { "value": "
Financial liabilities, borrowings
Financial liabilities, including borrowings, are recognised initially at fair value, less transaction costs.
Subsequently, financial liabilities are carried at amortised cost using the effective interest rate method. Interest expense is recognised using the effective interest rate method.
If a financing agreement concluded before the date of the statement of financial position proves that the liability was non-current as of the date of the statement of financial position, such financial liability is classified as non-current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-34": { "value": "
Trade payables
Trade payables represent commitments to pay for goods and services acquired from suppliers in the ordinary course of business. Trade payables are classified as current liabilities if the term of their settlement is no longer than one year; otherwise, they are included in non-current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-35": { "value": "
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is settled or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-36": { "value": "
2.9 Inventories
Inventories consist of spare parts, consumables, and natural gas contained in the gas pipelines used in the activities and for provision of services. Inventories also include waste or metal scrap which is fit for use and was retrieved from written off items of property, plant and equipment.
Inventories are initially recorded at cost. Subsequent to initial recognition, inventories are stated at the lower of cost and net realisable value.
The cost of inventories includes acquisition price and related taxes that are not subsequently recovered from tax administration authorities and costs associated with bringing inventory into their current condition and location. Other costs are included in the cost of inventories to the extent they are related to bringing inventory into their current condition and location. The cost of inventories is determined net of trade discounts.
The cost of inventories, except for natural gas, is determined using the first-in, first-out (FIFO) method, according to which write-offs are firstly carried out in respect of the same type of inventories that were acquired first.
The cost of inventories which consist of natural gas contained in the gas pipelines is determined using the weighted average costing method. The cost of one unit of energy of natural gas (kWh) is determined by applying the weighted average costing method using the following formula:
The cost of one energy unit of natural gas (kWh) = (opening balance of natural gas (quantity * price) + purchases of natural gas over the period (quantity * price)) / opening balance of natural gas + purchases of natural gas over the period).
Purchases of natural gas from 1 March 2022 exclude gas purchased for the balancing of the system user.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-37": { "value": "
2.9 Inventories
Inventories consist of spare parts, consumables, and natural gas contained in the gas pipelines used in the activities and for provision of services. Inventories also include waste or metal scrap which is fit for use and was retrieved from written off items of property, plant and equipment.
Inventories are initially recorded at cost. Subsequent to initial recognition, inventories are stated at the lower of cost and net realisable value.
The cost of inventories includes acquisition price and related taxes that are not subsequently recovered from tax administration authorities and costs associated with bringing inventory into their current condition and location. Other costs are included in the cost of inventories to the extent they are related to bringing inventory into their current condition and location. The cost of inventories is determined net of trade discounts.
The cost of inventories, except for natural gas, is determined using the first-in, first-out (FIFO) method, according to which write-offs are firstly carried out in respect of the same type of inventories that were acquired first.
The cost of inventories which consist of natural gas contained in the gas pipelines is determined using the weighted average costing method. The cost of one unit of energy of natural gas (kWh) is determined by applying the weighted average costing method using the following formula:
The cost of one energy unit of natural gas (kWh) = (opening balance of natural gas (quantity * price) + purchases of natural gas over the period (quantity * price)) / opening balance of natural gas + purchases of natural gas over the period).
Purchases of natural gas from 1 March 2022 exclude gas purchased for the balancing of the system user.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-38": { "value": "
2.10 Cash and cash equivalents
Cash includes cash at banks. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value.
If there are indications that cash and cash equivalents may not be recoverable, impairment is accounted for. Impairment is recorded in the statement of profit or loss within operating expenses for the period during which it occurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-39": { "value": "
2.11 Grants
Grants are recognised when the Group and the Company comply with all conditions attached to the grants, as set out in the respective grant agreement, and when there is a reasonable assurance that the grant will be received.
Government grants or grants received from the EU in a form of non-current assets or intended for purchase of non-current assets are considered as grants related to assets.
At the Group and the Company grants are recognised by deducting them from the asset\u2019s carrying amount. For the purpose of the statement of profit or loss and other comprehensive income, grants are recognised over the useful life of the related asset as a deduction from depreciation expenses.
Accumulated grants receivable are classified as other amounts receivable when, according to the agreement, the European Commission undertakes a commitment to fund strategic projects and there is strong evidence that the funding will be received.
Grants received as a compensation for the expenses or unearned income in the current or previous reporting periods, also all grants other than grants related to assets, are considered as grants related to income. Income-related grants are recognised as utilised to the extent of the expenses incurred during the reporting period or unearned income to be compensated by that grant.
For the purpose of the statement of profit or loss, income-related grants are recognised when related costs are incurred, for which the grant was intended to compensate, by adding them to other income. If no connection can be established between the grants and incurred costs or deferred expenses, they are recognised as income during the period they are received or when the Group and the Company comply with all the conditions attached to grants, as established in the respective grant agreement, and there is a reasonable assurance that the grant will be received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-40": { "value": "
2.13 Long-term employee benefits
Each employee of retirement age who terminates his/her employment with the Group and the Company upon retirement receives the payment, the amount of which is established by the Lithuanian laws. A liability for such payments is recognised in the balance sheet and it reflects the present value of these payments at the date of the financial statements. The non-current liability for payments to employees at the date of the financial statements is estimated with reference to actuary valuations using the projected relative unit method. The present value of the defined non-current liability for payments to employees is determined by discounting the estimated future cash flows using the effective interest rates as set for government debentures denominated in a currency in which payments to employees are expected to be made and with maturity similar to that of the related liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-41": { "value": "
2.13 Long-term employee benefits
Each employee of retirement age who terminates his/her employment with the Group and the Company upon retirement receives the payment, the amount of which is established by the Lithuanian laws. A liability for such payments is recognised in the balance sheet and it reflects the present value of these payments at the date of the financial statements. The non-current liability for payments to employees at the date of the financial statements is estimated with reference to actuary valuations using the projected relative unit method. The present value of the defined non-current liability for payments to employees is determined by discounting the estimated future cash flows using the effective interest rates as set for government debentures denominated in a currency in which payments to employees are expected to be made and with maturity similar to that of the related liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-42": { "value": "
2.14 Provisions, contingent assets and liabilities
Provisions are recognised when the Group and the Company have a legal obligation or irrevocable commitment, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the estimate of the expenditure required to settle the obligation (the expected value). Where the effect of the time value of money is material, the amount of a provision is discounted using a pre-tax effective interest rate that, if necessary, reflects the risks specific to the liability. Where discounting is used, the carrying amount of a provision increases in each period to reflect the passage of time. This increase is recognised as borrowing cost.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the changes in circumstances. If the amount of the provision is discounted, the amount reversed at each reporting period is equal to the discounting effect (interest expenses). If circumstance change and the provision is no longer necessary, the provision is reversed in the statement of profit or loss and other comprehensive income through the expense line item where it has been recorded initially at the time of establishment.
Provisions are classified as non-current liabilities, if the Group\u2019s and the Company\u2019s management expect to settle them after twelve months from the date of the statement of financial position, and as current liabilities, if the Group\u2019s and the Company\u2019s management expect to settle them within twelve months from the date of the statement of financial position.
A contingent liability is a liability that may arise from past events, or a present obligation that arises from past events, when it is not probable that resources embodying economic benefits will be required to settle the obligation, or the amount of the obligation cannot be measured reliably.
Contingent liabilities are not accounted for, but are disclosed in the notes to the financial statements unless the probability of the loss of resources embodying economic benefits is remote.
A contingent asset is an asset that may arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, that are not wholly within the Group's and Company's control.
Contingent assets are not recognised in the financial statements, but are described in the notes to the financial statements when it is probable that income or economic benefits will be received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-43": { "value": "
2.14 Provisions, contingent assets and liabilities
Provisions are recognised when the Group and the Company have a legal obligation or irrevocable commitment, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the estimate of the expenditure required to settle the obligation (the expected value). Where the effect of the time value of money is material, the amount of a provision is discounted using a pre-tax effective interest rate that, if necessary, reflects the risks specific to the liability. Where discounting is used, the carrying amount of a provision increases in each period to reflect the passage of time. This increase is recognised as borrowing cost.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the changes in circumstances. If the amount of the provision is discounted, the amount reversed at each reporting period is equal to the discounting effect (interest expenses). If circumstance change and the provision is no longer necessary, the provision is reversed in the statement of profit or loss and other comprehensive income through the expense line item where it has been recorded initially at the time of establishment.
Provisions are classified as non-current liabilities, if the Group\u2019s and the Company\u2019s management expect to settle them after twelve months from the date of the statement of financial position, and as current liabilities, if the Group\u2019s and the Company\u2019s management expect to settle them within twelve months from the date of the statement of financial position.
A contingent liability is a liability that may arise from past events, or a present obligation that arises from past events, when it is not probable that resources embodying economic benefits will be required to settle the obligation, or the amount of the obligation cannot be measured reliably.
Contingent liabilities are not accounted for, but are disclosed in the notes to the financial statements unless the probability of the loss of resources embodying economic benefits is remote.
A contingent asset is an asset that may arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, that are not wholly within the Group's and Company's control.
Contingent assets are not recognised in the financial statements, but are described in the notes to the financial statements when it is probable that income or economic benefits will be received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-44": { "value": "
2.15 Income tax
Income tax expense for the period comprises current and deferred income tax.
Income tax
Current income tax charges are calculated on current profit before tax, as adjusted for certain non-deductible expenses/non-taxable income. Income tax is calculated using the tax rate effective at the date of issue of the financial statements. Income tax rate of 15% was used in 2024 and 2023. Current year income tax may be reduced by tax losses carried forward. In addition, the Company can take over tax losses from the Group companies, provided it meets the requirements laid down in the Law on Corporate Income Tax.
Deferred income tax
Deferred taxes are calculated using the balance sheet liability method. Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred income tax liability is recognised for all temporary differences that will increase taxable profit in the future, and deferred tax asset is recognised only to the extent it is likely to reduce the taxable income in the future.
Deferred tax assets are reviewed at each financial reporting date, and if it is not probable that the Group and the Company will generate sufficient taxable profit to realize these assets, they are reduced to an amount which is likely to reduce the taxable profit in future. Deferred income tax assets and liabilities are estimated using the tax rate that has been applied when calculating income tax for the year when the related temporary differences are to be realised or settled.
Deferred tax assets and liabilities are offset only where they relate to income tax assessed by the same fiscal authority or where there is a legally enforceable right to offset current tax assets and current tax liabilities.
Current income tax and deferred income tax
Current income tax and deferred income tax are recognised as income or expenses and included in net profit or loss for the reporting period, except for the cases when tax arises from a transaction or event that is recognized directly in equity or in other comprehensive income, in which case taxes are also recorded in equity and other comprehensive income respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-45": { "value": "
Deferred income tax
Deferred taxes are calculated using the balance sheet liability method. Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred income tax liability is recognised for all temporary differences that will increase taxable profit in the future, and deferred tax asset is recognised only to the extent it is likely to reduce the taxable income in the future.
Deferred tax assets are reviewed at each financial reporting date, and if it is not probable that the Group and the Company will generate sufficient taxable profit to realize these assets, they are reduced to an amount which is likely to reduce the taxable profit in future. Deferred income tax assets and liabilities are estimated using the tax rate that has been applied when calculating income tax for the year when the related temporary differences are to be realised or settled.
Deferred tax assets and liabilities are offset only where they relate to income tax assessed by the same fiscal authority or where there is a legally enforceable right to offset current tax assets and current tax liabilities.
Current income tax and deferred income tax
Current income tax and deferred income tax are recognised as income or expenses and included in net profit or loss for the reporting period, except for the cases when tax arises from a transaction or event that is recognized directly in equity or in other comprehensive income, in which case taxes are also recorded in equity and other comprehensive income respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-46": { "value": "
2.16 Revenue recognition
Recognition and measurement of the Group\u2019s and the Company\u2019s revenue is based on a five-step revenue recognition model which is applied to all contracts with customers. The Group\u2019s and the Company\u2019s revenue is recognised at a point in time or over time, during which the performance obligation is settled, i.e. the control of services or goods is transferred to the customer.
The Group\u2019s revenue includes as follows:
\u2010revenue from natural gas transmission and related services;
\u2010revenue from administration of the LNG terminal funds;
\u2010revenue from the activities of the natural gas exchange operator;
\u2010other income;
\u2010finance income.
Revenue from natural gas transmission and related services
Revenue from transmission services
Revenue from system users for natural gas transmission services is recognised over time, based on the reported data on natural gas quantities, distributed to the system users connected to the distribution system, and based on the statements of transmitted natural gas that were signed with the system users directly connected to the transmission system.
Revenue from balancing services
The Company\u2019s revenue from system balancing products consists of technical balancing revenue, transit flow balancing revenue, and system users balancing revenue.
In transactions of balancing providing technical balancing and transit flow balancing services, the Company acts as principal. Below is described the revenue recognition for the provision of system user\u2019s balancing services.
Based on the EC regulation establishing a network code on gas balancing of transmission networks (the \u201cRegulation\u201c), the system users bear the responsibility of balancing their inputs against their off-takes. If the system users fail to balance gas at the entry/exit points, the Company is entitled to undertake the balancing actions as set forth in the Regulation. In accordance with the Regulation, the Company undertakes the balancing actions in respect of the system users with reference to measures on each gas day.
Revenue from balancing services is recognised when the transmission system user\u2018s imbalance quantity becomes negative, thereby causing natural gas shortfall. Expenses from balancing services are recognised when the transmission system user\u2018s imbalance quantity becomes positive, thereby causing natural gas surplus. As the Company seeks to ensure financial neutrality, it levies a neutrality charge for each reporting month with effect from 1 March 2022. Neutrality charge means a charge payable to/by the transmission system operator due to performance of its balancing activities. The neutrality charge represents the difference between the expenses and revenue of the transmission system operator from the balancing activities. The neutrality charge may be both positive and negative. When the neutrality charge is negative, the transmission system operator pays the neutrality charge to the system users. When the neutrality charge is positive, the system users pay the neutrality charge to the transmission system operator. The purpose of the neutrality charge is to ensure financial neutrality of the transmission system operator.
Due to amendments introduced in regulation of balancing activities with effect from 1 March 2022, the Company acts as an agent in its gas purchase/sale transactions and reports net result of balancing activities in the financial statements. The neutrality charge is expected to ensure a zero gain/(loss) from balancing activities. Acting as an agent in balancing gas purchase/sale transactions is explained by limited control of the balancing services and purchases of gas, absence of economic benefits, no discretion in establishing the price for the balancing services since the pricing is governed by law, no discretion in choosing a counterparty and inability to regulate demand. In addition, the activities of the Company, as the transmission system operator, are not associated with trade in natural gas, and the regulated balancing actions are performed for the benefit of all system users rather than for the benefit of a specific system user.
Revenue from administration of the LNG terminal funds
Based on the provisions of Article 5(2) of the Republic of Lithuania Law on Liquefied Natural Gas Terminal, the Company carries out the function of administration of the LNG terminal funds. The administration of the LNG terminal funds is performed in accordance with the Description of the procedure for the administration of funds intended to compensate for the construction and fixed operating expenses of the liquefied natural gas terminal, its infrastructure and connector, including subsequent amendments and supplements thereto (the title was changed on 18 December 2015 under the Commission\u2019s Resolution No 03-653 of 17 December 2015), as approved by the Commission\u2019s Resolution No O3-294 of 9 October 2012). The Company collects and administers the LNG terminal funds and acts as an agent on behalf of the State, and such activities do not generate any revenue/profit for the Company in the ordinary course of business. The LNG terminal funds are collected and transferred to the recipients of the LNG terminal funds. The share of the LNG terminal funds intended solely to cover the administration expenses of the LNG terminal funds is considered as the Company's revenue. The amount of administration of the LNG terminal funds is calculated as the amount of costs that are expected to be incurred, by taking into account the actual costs incurred in the previous periods, and such amount is specified in the NERC\u2019s certificate. The LNG terminal funds are not treated as the Company's revenue/expenses, but they are rather accounted for as other receivables/other payables and other financial assets.
Revenue from the activities of the natural gas exchange operator
The amounts collected by the exchange operator for the services provided in the course of trading are recognised as revenue of the exchange operator, based on the following service fees agreed with NERC:
\u2010initial registration fee: a one-off fee payable upon becoming an exchange participant which is recognised as revenue at a point in time when a service is rendered;
\u2010annual membership fee: a fixed membership fee payable annually by an exchange participant. The annual membership fee is payable for the calendar year (adjusted in proportion to the remaining number of days in a year in case the market participant joins the exchange at some point of time in the course of a year). This revenue is recognised over a period of time, during which the membership right is exercised;
\u2010floating trading fee: a fee estimated as EUR per 1 MWh, which is payable by a participant who is a party to the transaction for the quantity of natural gas purchased and/or sold on the exchange. It is recognised as revenue at a point in time when a service is rendered.
Other income
Connection fees on connection of new consumers and producers to the gas transmission network
The connection \"service\" is considered as a single performance obligation together with the future gas transmission services, as defined in IFRS 15 Revenue from contracts with customers, because the pricing of the connection fee is directly
linked to the pricing of the transmission services. Therefore revenue (including the compensation for the connection to the grid) are recognised in profit or loss over time during the useful life (or lives) of the connection assets constructed / built by Company and compensated by a consumer.
Accounting for the connection fees on connection of new producers is based on the accounting policies for grants (IAS 20 Accounting for government grants and disclosure of government assistance), and the acquisition cost of the assets is reduced by the amount of the connection fee.
Relocation (reconstruction) of infrastructure facilities owned under the title by the Company upon a customer\u2019s request
Upon a customer\u2019s request, the Company carries out relocation or reconstruction of infrastructure facilities and incurs related expenses. Such relocation work does not give rise to any economic benefits for the Company, and all expenses related to such work are compensated in full by a customer through acquisition of energy facility relocation service from the Company.
Based on IFRS and the Company\u2019s accounting policies, there are two approaches for recognition of such transactions:
1.When relocation of assets involves substantial improvement of assets. Under IAS 16 Property, plant and equipment, the relocation expenses incurred by the Company are added to the acquisition cost of the related assets. Accounting for the compensation (i.e. relocation fee) due from a customer is based on the accounting policies for grants (IAS 20 Government grants and disclosure of government assistance) and the acquisition cost of the assets is reduced by the amount of the relocation fee. Since all relocation costs are compensated in full for the Company by a customer, such transaction results in a zero impact on the Company\u2019s profit or loss, i.e. the Company neither incurs additional expenses nor earns additional revenue from such transaction.
2.When relocation of assets does not involve substantial improvement of assets. Under IFRS 15 Revenue from contracts with customers, the Company earns revenue from relocation service (i.e. revenue is recognised at the time of rendering the service) and incurs relocation service expenses (i.e. all costs incurred on relocation of assets are recognised as expenses in the same period as revenue from relocation service). Since all relocation costs are covered in full for the Company by a customer, such transaction results in a zero impact on the Company\u2019s profit or loss, i.e. revenue earned by the Company equals expenses incurred.
Gain from disposal of property, plant and equipment, lease income, income from sale of other goods and provision of other services, income from default charges and fines collected from the contractors as a result of late fulfilment of work, income-related grants are recognised by the Group as other income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-47": { "value": "
2.17 Expense recognition
Expenses incurred in relation to revenue earned during the reporting period are recognised by the Group and the Company on an accrual basis, and based on the following principles: 1) the costs are recognised as expenses to the extent of the value of goods sold or services rendered, since the criterion for recognition of expenses is that they have been incurred to earn revenue of the reporting period; 2) the costs incurred by the Group company during the reporting period are recognised as expenses of the reporting period immediately, unless they can be linked to earning of the specific revenue, and no income is expected to be earned in relation to such expenses in the next periods.
The Group and the Company use expense classification by type.
Taxes such as real estate tax, land tax, land rent tax, taxes related to environmental pollution, non-deductible value added tax, etc. are recognized as expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-48": { "value": "
Taxes such as real estate tax, land tax, land rent tax, taxes related to environmental pollution, non-deductible value added tax, etc. are recognized as expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-49": { "value": "
2.18 Finance income and costs
Finance income
Finance income includes income earned by the Company from financing activities, such as foreign exchange gain, when cash balances are translated into the functional currency euro, interest income on cash balance.
The Group\u2018s and the Company\u2018s finance costs include as follows:
\u2010foreign exchange loss from financing transactions;
\u2010interest on borrowings.
Interest income and expenses are recognised on accrual basis considering the outstanding balance of debt and the applicable interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-50": { "value": "
2.18 Finance income and costs
Finance income
Finance income includes income earned by the Company from financing activities, such as foreign exchange gain, when cash balances are translated into the functional currency euro, interest income on cash balance.
The Group\u2018s and the Company\u2018s finance costs include as follows:
\u2010foreign exchange loss from financing transactions;
\u2010interest on borrowings.
Interest income and expenses are recognised on accrual basis considering the outstanding balance of debt and the applicable interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-51": { "value": "
Interest income and expenses are recognised on accrual basis considering the outstanding balance of debt and the applicable interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-52": { "value": "
2.19 Cash flows
The Group and the Company report cash flows using the indirect method. Reporting of cash flows from operating activities based on the indirect method means that net profit/(loss) for the reporting period is presented as cash inflows or outflows from operating activities of the Group and the Company for the reporting period. Cash inflows and outflows from investing and financing activities for the reporting period are presented separately unless cash flows are presented on a net basis.
For the purpose of the Group\u2018s and the Company\u2018s financial statements, dividends paid are reported as cash flows of financing activities, whereas dividends received are reported as cash flows of investing activities.
For the purpose of the Group\u2018s and the Company\u2018s financial statements, interest paid is reported as cash flows of financing activities, whereas interest received is reported as cash flows of investing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-53": { "value": "3. Accounting estimates and assumptionsThe preparation of financial statements in conformity with International Financial Reporting Standards requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and disclosure of contingencies. The material areas of estimation used in the preparation of these financial statements relate to GET Baltic\u2019s share call/put options (Notes 3.1 and 9), provisions (Notes 3.2 and 22), the fair value of property, plant and equipment, the useful life of non-current assets, estimation of a revalued amount (Notes 3.3, 6).Future events may occur which may cause the assumptions used in arriving at the estimates to change. The effect of any changes in estimates will be recorded in the financial statements, when determinable.3.1 GET Baltic\u2019s share optionsOn 31 May 2023, the Company purchased a put option enabling the Company to sell the remaining shareholding in GET Baltic at a fixed price. Under the same option agreement, the Company issued a call option for the investor to purchase the remaining shares of GET Baltic at a fixed price. In the Company management\u2019s assessment, these options meet the definition of derivatives. The put option, given the maximum 48-month option expiration term, creates a non-current financial asset for the Company that is measured at fair value. The investor\u2019s call option creates a financial liability for the Company. Based on the Company management\u2019s estimates, the expected exercise period of the call option is 24 months from the reporting date, i.e. upon fulfillment of the contractual obligations by the investor. As the Company does not have an irrevocable right to defer the put option, the liability is recognised as a current liability and measured at fair value. More information on options is disclosed in Note 9.3.2 ProvisionsThe Company has a legal dispute with a construction contractor over the non-performance or improper performance of warranty obligations regarding the defects identified in the works during the construction of the gas pipeline interconnection between Poland and Lithuania (GIPL), which the contractor refuses to remedy. As a result of the non-performance or improper performance of the guarantee obligations, the Company has lodged claims for payment of the guarantee funds, and has guarantee funds received in the amount of EUR 5,815 thousand. The lawfulness of the claims for payment of the guarantee funds is being challenged by the contractor in court. In view of the uncertainties surrounding the outcome of the legal proceedings, the Company has recognised a provision for the potential repayment of the guarantee funds. More information on the provision and legal dispute is provided in Notes 22 and 38. 3.3 Valuation of property, plant and equipmentBased on the Company\u2019s assessment, the carrying amount of property, plant and equipment as at 31 December 2024 approximated the fair value of the asset, as there were no changes that could have a material effect on the changes in the fair value, the impairment of non-current assets, or the changes in useful life. The remaining useful life of property, plant and equipment and the depreciation method used reflect the actual period during which the asset will provide economic benefit. No indications of impairment were identified. As at 31 December 2023, the Company revalued its property, plant and equipment by recognising a EUR 4,685 thousand revaluation loss. An increase in value of property, plant and equipment of EUR 3,255 thousand was recognised in other comprehensive income, and the impairment of EUR 7,940 thousand was recognised in profit or loss. The assumptions used in determining the fair value are described in more detail in Note 6.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-54": { "value": "
3. Accounting estimates and assumptions
The preparation of financial statements in conformity with International Financial Reporting Standards requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and disclosure of contingencies. The material areas of estimation used in the preparation of these financial statements relate to GET Baltic\u2019s share call/put options (Notes 3.1 and 9), provisions (Notes 3.2 and 22), the fair value of property, plant and equipment, the useful life of non-current assets, estimation of a revalued amount (Notes 3.3, 6).Future events may occur which may cause the assumptions used in arriving at the estimates to change. The effect of any changes in estimates will be recorded in the financial statements, when determinable.
3.1 GET Baltic\u2019s share options
On 31 May 2023, the Company purchased a put option enabling the Company to sell the remaining shareholding in GET Baltic at a fixed price. Under the same option agreement, the Company issued a call option for the investor to purchase the remaining shares of GET Baltic at a fixed price. In the Company management\u2019s assessment, these options meet the definition of derivatives. The put option, given the maximum 48-month option expiration term, creates a non-current financial asset for the Company that is measured at fair value. The investor\u2019s call option creates a financial liability for the Company. Based on the Company management\u2019s estimates, the expected exercise period of the call option is 24 months from the reporting date, i.e. upon fulfillment of the contractual obligations by the investor. As the Company does not have an irrevocable right to defer the put option, the liability is recognised as a current liability and measured at fair value. More information on options is disclosed in Note 9.
3.2 Provisions
The Company has a legal dispute with a construction contractor over the non-performance or improper performance of warranty obligations regarding the defects identified in the works during the construction of the gas pipeline interconnection between Poland and Lithuania (GIPL), which the contractor refuses to remedy. As a result of the non-performance or improper performance of the guarantee obligations, the Company has lodged claims for payment of the guarantee funds, and has guarantee funds received in the amount of EUR 5,815 thousand. The lawfulness of the claims for payment of the guarantee funds is being challenged by the contractor in court. In view of the uncertainties surrounding the outcome of the legal proceedings, the Company has recognised a provision for the potential repayment of the guarantee funds. More information on the provision and legal dispute is provided in Notes 22 and 38.
3.3 Valuation of property, plant and equipment
Based on the Company\u2019s assessment, the carrying amount of property, plant and equipment as at 31 December 2024 approximated the fair value of the asset, as there were no changes that could have a material effect on the changes in the fair value, the impairment of non-current assets, or the changes in useful life. The remaining useful life of property, plant and equipment and the depreciation method used reflect the actual period during which the asset will provide economic benefit. No indications of impairment were identified. As at 31 December 2023, the Company revalued its property, plant and equipment by recognising a EUR 4,685 thousand revaluation loss. An increase in value of property, plant and equipment of EUR 3,255 thousand was recognised in other comprehensive income, and the impairment of EUR 7,940 thousand was recognised in profit or loss. The assumptions used in determining the fair value are described in more detail in Note 6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-55": { "value": "
4. Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Group\u2019s chief operating decision-maker, who is responsible for allocating resources and assessing performance, has been identified as the Board of Directors that makes strategic decisions.
Until 31 May 2023, the Group has two business segments which are consistent with the business directions stipulated in the Group\u2019s strategy:
\uf0b7natural gas transmission segment;
\uf0b7natural gas exchange operator\u2019s segment (activities of GET Baltic until 31 May 2023).
From the 1 June 2023, the Group has only one operating segment, natural gas transmission segment.
The Group has a single geographical segment \u2013 the Republic of Lithuania. All non-current assets of the Group are domiciled in Lithuania, where the Group operates.
The Board as the main decision-making body monitors the results with reference to the financial reports that have been prepared using the same accounting policies as those used for the preparation of the financial statements, i.e., information on profit or loss, including the reported amounts of income and expenses.
Key performance indicators are net profit and profit before interest, taxes, depreciation and amortisation, loss on revaluation, impairment and write-off of property, plant and equipment (EBITDA, which is non-GAAP performance indicator). These indicators are calculated on the basis of data reported in the financial statements.
EBIT, which is non-GAAP performance indicator, represent profit before interest and taxes.
The Board also monitors adjusted performance indicators, particularly the adjusted EBITDA. Adjusted EBITDA ratio is EBITDA ratio further adjusted by adding management\u2019s adjustments. That is non-IFRS alternative performance measure. Management\u2019s adjustments include temporary regulatory differences resulting from the Council\u2019s decisions. Management\u2019s adjustments may have both positive and negative impact on the adjusted ratios for the period. In management\u2019s view, adjusted EBITDA ratio more accurately presents results of the operations and allows for an objective comparison of the results between the periods as revenue and costs have been adjusted due to the regulator\u2019s decisions or are of a one-off nature.
Management also analyses investments and net debt of each individual segment.
The table below contains information on the Group\u2019s operating segments for the year ended 31 December 2024:
Transmission of natural gas
Revenue and other income
74,583
Operating expenses, excl. depreciation, write-off and impairment
(48,056)
EBITDA
26,527
Adjusted EBITDA
27,373
Temporary regulatory differences for previous periods
2,006
Temporary regulatory differences for reporting period
(1,160)
Overall effect of management\u2019s adjustments on EBITDA
846
EBITDA (under IFRS) reconciliation to Net profit/loss
(18,221)
Depreciation and amortisation
(14,932)
Loss on impairment and write-off of property, plant and equipment
(43)
Total finance costs, net
(2,166)
Income tax
(1,196)
Gains (losses) on derivative financial instruments
(364)
Share of net profit of associates
480
Net profit/(loss)
8,306
Total assets
327,196
Net debt
82,534
Investments (additions of property, plant and equipment and intangible assets)
6,405
The table below contains information on the Group\u2019s operating segments for the year ended 31 December 2023:
Transmission of natural gas
Natural gas exchange operator\u2019s activities
Total
Revenue and other income
81,337
892
82,229
Operating expenses, excl. depreciation, write-off and impairment
(55,598)
(324)
(55,922)
EBITDA
25,739
568
26,307
Adjusted EBITDA
24,680
568
25,248
Temporary regulatory differences for previous periods
(2,883)
-
(2,883)
Temporary regulatory differences for reporting period
1,824
-
1,824
Overall effect of management\u2019s adjustments on EBITDA
(1,059)
-
(1,059)
EBITDA (under IFRS) reconciliation to Net profit/loss
(12,314)
(980)
(13,294)
Depreciation and amortisation
(12,595)
(85)
(12,680)
Revaluation of property, plant and equipment
(7.940)
-
(7.940)
Loss on impairment and write-off of property, plant and equipment
(229)
-
(229)
Finance costs, net
(1,758)
444
(1,314)
Income tax
(567)
(140)
(707)
Dividend income
542
(542)
-
Result on loss of control and revaluation of associates
10.146
(657)
9.489
Gains (losses) on derivative financial instruments
(208)
-
(208)
Share of net profit of associates
295
-
295
Net profit/(loss)
13,425
(412)
13,013
Total assets
333,389
-
333,389
Net debt
95,175
-
95,175
Investments (additions of property, plant and equipment and intangible assets)
35,703
-
35,703
As at 31 December 2024, there were three customers of the Company each generating over 10% of the Company\u2019s total revenue. Revenue from customers totalled EUR 45,730 thousand, whereof:
Customer A \u2013 EUR 25,257 thousand;
Customer B \u2013 EUR 11,120 thousand;
Customer C \u2013 EUR 9,353 thousand.
As at 31 December 2023, there were two customers of the Company each generating over 10% of the Company\u2019s total revenue. Revenue from customers totalled EUR 37,504 thousand, whereof:
Customer A \u2013 EUR 25,653 thousand; Customer B \u2013 EUR 11,851 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-56": { "value": "
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Group\u2019s chief operating decision-maker, who is responsible for allocating resources and assessing performance, has been identified as the Board of Directors that makes strategic decisions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-57": { "value": "
5. Intangible assets
Movements on intangible assets account during the current and previous reporting period were as follows:
Patents and licences
Computer software
Other
intangible
assets
Protected areas
Total
As at 31 December 2022
6
1,288
-
1,290
2,584
Cost (revalued amount)
51
4,808
5
1,290
6,154
Accumulated amortisation
(45)
(3,520)
(5)
-
(3,570)
Net book value as at 31 December 2022
6
1,288
-
1,290
2,584
Additions
4
767
-
-
771
Write-offs
-
(4)
-
-
(4)
Adjustment for changes in assumptions
-
-
-
(264)
(264)
Amortisation charge
(3)
(525)
-
-
(528)
Off-set of grants against non-current assets
-
-
-
-
-
As at 31 December 2023
7
1,526
-
1,026
2,559
Acquisition/revaluation amount
55
5,571
5
1,026
6,657
Accumulated amortisation
(48)
(4,045)
(5)
-
(4,098)
Net book value as at 31 December 2023
7
1,526
-
1,026
2,559
Net book value as at 31 December 2023
7
1,526
-
1,026
2,559
Additions
-
460
-
-
460
Write-offs
-
(12)
-
-
(12)
Adjustment for changes in assumptions
-
-
-
(48)
(48)
Amortisation charge
(3)
(746)
-
-
(749)
Off-set of grants against non-current assets
-
-
-
-
-
As at 31 December 2024
4
1,228
-
978
2,210
Acquisition/revaluation amount
55
6,019
5
978
7,057
Accumulated amortisation
(51)
(4,791)
(5)
-
(4,847)
Net book value as at 31 December 2024
4
1,228
-
978
2,210
The Company\u2019s intangible assets with the acquisition cost of EUR 63 thousand as at 31 December 2024 (31 December 2023: EUR 101 thousand) was fully amortised but still in use.
Depreciation of grants in amount of EUR 177 thousand as at 31 December 2024 (31 December 2023: EUR 205 thousand) was reported in the statement of profit or loss as an offsetting of depreciation of related assets against proceeds from grants.
Taking into account changes in the regulatory framework, the value of services for the establishment of protected zones and classes of the areas acquired through public procurement, changes in the prices of services provided by the State Enterprise Centre of Registers (e-delivery, submission of registration data), the Company reviews the estimated cost of establishing special land use conditions and remeasures the intangible asset and liability over the expected term of fulfilment of obligation. Due to changes in assumptions, the value of provision and related intangible assets was reduced by EUR 48 thousand as at 31 December 2024, and by EUR 264 thousand as at 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-58": { "value": "
Movements on intangible assets account during the current and previous reporting period were as follows:
Patents and licences
Computer software
Other
intangible
assets
Protected areas
Total
As at 31 December 2022
6
1,288
-
1,290
2,584
Cost (revalued amount)
51
4,808
5
1,290
6,154
Accumulated amortisation
(45)
(3,520)
(5)
-
(3,570)
Net book value as at 31 December 2022
6
1,288
-
1,290
2,584
Additions
4
767
-
-
771
Write-offs
-
(4)
-
-
(4)
Adjustment for changes in assumptions
-
-
-
(264)
(264)
Amortisation charge
(3)
(525)
-
-
(528)
Off-set of grants against non-current assets
-
-
-
-
-
As at 31 December 2023
7
1,526
-
1,026
2,559
Acquisition/revaluation amount
55
5,571
5
1,026
6,657
Accumulated amortisation
(48)
(4,045)
(5)
-
(4,098)
Net book value as at 31 December 2023
7
1,526
-
1,026
2,559
Net book value as at 31 December 2023
7
1,526
-
1,026
2,559
Additions
-
460
-
-
460
Write-offs
-
(12)
-
-
(12)
Adjustment for changes in assumptions
-
-
-
(48)
(48)
Amortisation charge
(3)
(746)
-
-
(749)
Off-set of grants against non-current assets
-
-
-
-
-
As at 31 December 2024
4
1,228
-
978
2,210
Acquisition/revaluation amount
55
6,019
5
978
7,057
Accumulated amortisation
(51)
(4,791)
(5)
-
(4,847)
Net book value as at 31 December 2024
4
1,228
-
978
2,210
The Company\u2019s intangible assets with the acquisition cost of EUR 63 thousand as at 31 December 2024 (31 December 2023: EUR 101 thousand) was fully amortised but still in use.
Depreciation of grants in amount of EUR 177 thousand as at 31 December 2024 (31 December 2023: EUR 205 thousand) was reported in the statement of profit or loss as an offsetting of depreciation of related assets against proceeds from grants.
Land
Buildings
Structures and equip-
ment
Plant and machinery
Vehicles
Other
PP&E
Constru-
ction work in progress
Total
As at 31 December 2022
125
6,527
229,891
33,831
220
3,849
6,646
281,089
Acquisition/revaluation amount
125
7,720
250,016
47,571
967
8,702
6,646
321,747
Accumulated depreciation
-
(1,193)
(20,125)
(13,740)
(747)
(4,853)
-
(40,658)
Net book value as at 31 December 2022
125
6,527
229,891
33,831
220
3,849
6,646
281,089
Additions
-
-
83
25
2
55
34,767
34,932
Write-offs
-
(13)
(440)
(183)
-
(9)
-
(645)
Sales
-
-
-
-
-
(1)
-
(1)
Impairment (reversal) of assets
-
-
(57)
-
-
-
11
(46)
Revaluation
11
85
(8,821)
4,010
21
9
-
(4,685)
Reclassification from/to inventories
-
-
(38)
(12)
-
(1)
-
(51)
Reclassifications between categories
-
1,343
13,727
3,414
-
2,378
(20,862)
-
Depreciation charge
-
(295)
(6,156)
(3,383)
(108)
(1,612)
-
(11,554)
Off-set of grants against non-current assets
-
-
-
-
-
-
(14,686)
(14,686)
As at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Acquisition/revaluation amount
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Accumulated depreciation
-
-
-
-
-
-
-
-
Net book value as at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Net book value as at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Additions
-
-
(2)
191
3
165
5,588
5,945
Write-offs
-
-
(441)
-
(2)
(1)
(29)
(473)
Disposals
-
-
-
-
-
(2)
-
(2)
Reclassification from/to inventories
-
-
(7)
77
(40)
-
-
30
Reclassifications between categories
-
1,278
6,064
259
-
1,344
(8,945)
-
Depreciation charge
-
(351)
(6,855)
(3,989)
(92)
(1,973)
-
(13,260)
Reversal of grants recognised
-
34
193
77
-
27
(170)
161
As at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
Acquisition/revaluation amount
136
8,959
233,996
38,306
96
6,201
2,320
290,014
Accumulated depreciation after revaluation
-
(351)
(6,855)
(3,989)
(92)
(1,973)
-
(13,260)
Net book value as at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
As at 31 December 2024
As at 31 December 2023
Carrying amount at the beginning of the period
137,451
127,087
Grants used for the acquisition of fixed assets
-
14,686
Depreciation charge
(5,181)
(4,293)
Write-offs
(161)
(29)
Carrying amount at the end of the period
132,109
137,451
Buildings
Land
Vehicles
Total
Net book value at 31 December 2022
1,495
1,478
392
3,365
New leases
-
-
217
217
Indexation
31
-
-
31
Write-offs
-
-
-
-
Depreciation charge
(180)
(16)
(317)
(513)
Net book value as at 31 December 2023
1,346
1,462
292
3,100
Initial cost
1,747
1,534
1,442
4,723
Accumulated depreciation
(401)
(72)
(1,150)
(1,623)
Net book value as at 31 December 2023
1,346
1,462
292
3,100
-
Net book value as at 31 December 2023
1,346
1,462
292
3,100
New leases
-
-
2,076
2,076
Indexation
28
-
-
28
Write-offs
-
-
-
-
Depreciation charge
(184)
(16)
(723)
(923)
Net book value as at 31 December 2024
1,190
1,446
1,645
4,281
Initial cost
1,775
1,534
2,399
5,708
Accumulated depreciation
(585)
(88)
(754)
(1,427)
Net book value as at 31 December 2024
1,190
1,446
1,645
4,281
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-59": { "value": "
6. Property, plant and equipment
Movements on the property, plant and equipment account during the current and previous reporting period were as follows:
Land
Buildings
Structures and equip-
ment
Plant and machinery
Vehicles
Other
PP&E
Constru-
ction work in progress
Total
As at 31 December 2022
125
6,527
229,891
33,831
220
3,849
6,646
281,089
Acquisition/revaluation amount
125
7,720
250,016
47,571
967
8,702
6,646
321,747
Accumulated depreciation
-
(1,193)
(20,125)
(13,740)
(747)
(4,853)
-
(40,658)
Net book value as at 31 December 2022
125
6,527
229,891
33,831
220
3,849
6,646
281,089
Additions
-
-
83
25
2
55
34,767
34,932
Write-offs
-
(13)
(440)
(183)
-
(9)
-
(645)
Sales
-
-
-
-
-
(1)
-
(1)
Impairment (reversal) of assets
-
-
(57)
-
-
-
11
(46)
Revaluation
11
85
(8,821)
4,010
21
9
-
(4,685)
Reclassification from/to inventories
-
-
(38)
(12)
-
(1)
-
(51)
Reclassifications between categories
-
1,343
13,727
3,414
-
2,378
(20,862)
-
Depreciation charge
-
(295)
(6,156)
(3,383)
(108)
(1,612)
-
(11,554)
Off-set of grants against non-current assets
-
-
-
-
-
-
(14,686)
(14,686)
As at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Acquisition/revaluation amount
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Accumulated depreciation
-
-
-
-
-
-
-
-
Net book value as at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Net book value as at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Additions
-
-
(2)
191
3
165
5,588
5,945
Write-offs
-
-
(441)
-
(2)
(1)
(29)
(473)
Disposals
-
-
-
-
-
(2)
-
(2)
Reclassification from/to inventories
-
-
(7)
77
(40)
-
-
30
Reclassifications between categories
-
1,278
6,064
259
-
1,344
(8,945)
-
Depreciation charge
-
(351)
(6,855)
(3,989)
(92)
(1,973)
-
(13,260)
Reversal of grants recognised
-
34
193
77
-
27
(170)
161
As at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
Acquisition/revaluation amount
136
8,959
233,996
38,306
96
6,201
2,320
290,014
Accumulated depreciation after revaluation
-
(351)
(6,855)
(3,989)
(92)
(1,973)
-
(13,260)
Net book value as at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
The Company\u2019s part of property, plant and equipment with the acquisition (revaluation) cost of EUR 196 thousand as at 31 December 2024 (31 December 2023: EUR 94 thousand) was fully depreciated but still in use.
In the Company non-current assets are accounted at revalued amount of assets, reduced by the amount of accumulated depreciation, recognized grants and impairment losses.
The cost of PP&E in 2024 included: the renovation of cathodic protection systems amounting to EUR 649 thousand; the reconstruction of the Dispatching Building amounting to EUR 1,230 thousand; the installation of the gas pipeline shutoff devices and the remote control systems (SCADA) amounting to EUR 1,190 thousand, the reconstruction of the main gas pipelines based on diagnostics results amounting to EUR 724 thousand, etc.
Prepayments for PP&E, reflected under construction in progress:
As at 31 December 2024
As at 31 December 2023
Carrying amount at the beginning of the period
48
-
Prepayment for PP&E during the period
269
87
Moved to construction in progress
(297)
(39)
Carrying amount at the end of the period
20
48
Depreciation of grants in amount of EUR 5,181 thousand as at 31 December 2024 (As at 31 December 2023: EUR 4,293 thousand) was reported in the statement of profit or loss as an offsetting of depreciation of related assets against proceeds from grants.
No borrowing costs (interest) were added to the cost of PP&E during 2024, whereas at 31 December 2023 EUR 329 thousand capitalised borrowing costs (interest) were added to the cost of PP&E.
The Company did not revalued its property, plant and equipment as at 31 December 2024. Given that there have been no significant changes in the regulatory environment in 2024, the Company did not identify a significant difference between the carrying amount of its property, plant and equipment as at 31 December 2024 and its fair value at the date of the financial statements.
Value of PP&E in 2023
The Company accounts for property, plant and equipment at revalued amount in accordance with IAS 16 Property, Plant and Equipment. Based on the requirements set forth in paragraph 34 of IAS 16, as at December 2023 the Company revalued its property, plant and equipment by recognising a negative revaluation result of EUR 4,685 thousand. When evaluating property, plant and equipment, the Company determined that, as at 31 December 2023, the fair value of the property, plant and equipment (including construction in progress) was EUR 284,353 million, which was EUR 4,685 thousand lower than the carrying amount of PP&E before remeasurement as at 31 December 2023. The evaluation was carried using internal finance and accounting experts of the Company, with the assistance of experienced external asset valuation consultants throughout the process.
The valuation of property, plant and equipment was carried out using the replacement cost method and the discounted cash-flow methods.
The change in the value of property, plant and equipment was largely influenced by the regulatory principles applied to natural gas transmission activities, the rate of return on investments set by the Council for natural gas transmission activities, which was actually lower than the discount rate.
The valuation involved the following steps:
\uf0b7replacement costs of new assets (RCN) were estimated;
\uf0b7the physical deterioration and functional obsolescence of the assets was determined; and
\uf0b7the economic obsolescence of the assets was assessed (using the income approach).
The cost method involves determining the replacement cost of a new asset (RCN) at the level of the individual asset item. A direct cost method was applied to 68% of PP&E (based on the asset\u2019s carrying amount as at 31 December 2023), whereby RCN was estimated for new assets. RCN includes the cost of materials, installation works, labour, transportation and handling fees, overall costs of contractor. The market prices were determined using the data of the Company\u2019s transactions for the last three years, the financial statements of the European Union Agency for the Cooperation of Energy Regulators (ACER), other enterprises operating in natural gas sector, and other publicly available data.
During the valuation, indirect cost method was applied to assets, for which it was impossible to apply a direct cost method due to their multiple nature or for which insufficient data was available. Indirect cost method was applied to approx. 1% of PP&E value (determined when calculating carrying amount as at 31 December 2023). The indirect cost method was
used to determine the current replacement value of each new asset by indexing (based on consumer price, gas price, metal price and building cost indices published by Statistics Lithuania) the capitalized historical cost of the new asset.
The asset\u2019s RCN value which fell below the regulated asset base (RAB) after physical and functional obsolescence was treated as equal to RAB.
The direct market value method was used to determine the values of land and process gases, however, after adjusting for economic obsolescence, the values were treated as equal to RAB. This method was applied to approx. 1% of PP&E value (determined when calculating carrying amounts as at 31 December 2023).
RCN was calculated at underlying asset level, while the Iowa-type survivor curves were applied to allocate the identified value of the asset item to asset components. These curves were used to determine the life cycle of asset based on economic useful life, in view of current repairs and maintenance. The application of residual value was conditioned on the asset class (Hold Factor).
Further reduction in RCN by the amount of obsolescence resulted in the amount of the depreciated replacement cost (DRC). The DRC premium is the difference between DRC and RAB. The assets fair value was obtained by applying the 3.4% economic obsolescence, plus the RAB value.
The following key assumptions of the replacement cost method were used in valuation:
1.RCN values, which reflect all costs that are incurred upon creation of new identical assets.
2.Hold factor, which establishes the minimum value for an asset, since the Company can continue to use fully depreciated assets.
3.The economic obsolescence was estimated at 3.4%.
In discounted cash flow method (DCF), future cash flows are estimated and discounted by using cost of capital to give their present values. This method was applied to measure the fair value of property, plant and equipment and to estimate the economic obsolescence.
For the purpose of fair value measurement and estimation of the economic obsolescence, the cash flow forecast was developed for the period from October 2023 to 2028. The terminal value of cash flows is applied in subsequent periods.
Key assumptions of the DCF model:
\uf0b7in the Certificate No O5E-389 of 8 May 2023, the Council set the cap on the revenue from natural gas transmission activities of the Company of EUR 67,011 thousand for 2024;
\uf0b7the Council approved a 5.04% pre-tax return on investments (WACC) for 2024, while in the long term, based on the Council\u2019s WACC methodology and market trends, the rate of return on investments will increase and will be equal to the discount rate of 6.07% (pre-tax);
\uf0b7a discount rate (post-tax) of 5.16% was applied to discount the cash flows;
\uf0b7the Company\u2019s operating costs are estimated in accordance with the Council\u2019s methodology for determining the revenue and prices of natural gas transmission activities. Some costs are not included in the regulated prices;
\uf0b7the estimation of the going-concern value of discounted cash flows excludes the growth rate (equal to 0).
Asset values estimated using the DRC method were reduced in proportion to the results of the economic obsolescence test (the total fair value of assets was determined using DCF method), except for assets for which such allocation would have resulted in a value lower than the asset\u2019s RAB value. For such assets the RAB was considered to be its fair value. The amount of reduction that would otherwise have been allocated to the asset was allocated pro rata to the other assets. In order to distribute the value of economic obsolescence among separate items of assets so that the resulting value would reflect more accurately the fair value of the respective separate item of assets, the Company followed a policy whereby the fair value of particular item of assets would not be lower than the RAB assumption used in respect of that particular item of assets.
Economic obsolescence was applied (i.e. distributed) to all assets, except for the following categories (or separate items of assets from different categories), where DRC was approximated to the carrying amount of these assets:
\uf0b7construction in progress; because new projects reflect the fair value best, which is included in RAB at full;
\uf0b7other items of property, plant and equipment that are not directly related to the underlying technological asset (e.g. office buildings, furniture, tools, computers, equipment);
\uf0b7assets with the fair value equal to the net book amount for the purpose of valuation (assets acquired during the period from 1 January 2023 to 31 December 2023).
The main reasons for the change in the value of separate items of assets include the following:
\uf0b7impact of the economic obsolescence: the differences between financial and regulatory accounting polices resulted in recognition of the CBCA contribution to the Polish TSO as a non-current asset in the financial accounts, but it was not recognised as RAB by the Council (the asset\u2019s value decreased), however, the other assets were accounted for at a carrying amount which was lower the value of the RAB set for these assets (as a result the value of the assets increased);
\uf0b7new values were established (set) for fully depreciated assets that are still in use.
Fair value hierarchy of property, plant and equipment. The fair value of revalued property, plant and equipment is attributed to Level 3 of the fair value hierarchy.
Sensitivity analysis. Based on the provisions set forth in paragraph 93 of IFRS 13, the Company performed fair value sensitivity analysis in respect of changes in unobservable inputs. The fair value measurement is the most sensitive to the rate of return (WACC) set by the Council and the discount rate.
The fair value of the asset sensitivity is presented for the following scenarios:
Scenario (1) of sensitivity analysis:
to determine the level of revenue from 2024 onwards, the Council would apply a rate of return of 6.04/4.04% (currently WACC is set at 5.04% for 2024) with a 1% increase/decrease in the rate of return and the other valuation parameters remaining unchanged; a 1% increase in WACC would result in the EUR 9,727 thousand increase in the fair value of property, plant and equipment, and a 1% drop in WACC would result in the EUR 9,727 thousand decrease in the fair value of property, plant and equipment.
Scenario (2) of sensitivity analysis:
applying a 1% higher/lower discount rate (after tax), which is 6.16/4.16%, with the other valuation parameters remaining unchanged; a 1% increase in the discount rate would result in the EUR 11,544 thousand decrease in the fair value of property, plant and equipment, and a 1% decrease in the discount rate would result in the EUR 12,181 thousand increase in the fair value of property, plant and equipment.
Below is the table on the asset\u2019s sensitivity analysis:
WACC (pre-tax return on investments approved by the Council)
Discount rate (post-tax)
Change
4.04%
5.04%
6.04%
-1.0%
0.0%
1.0%
4.16%
-1.0%
2,189
12,181
22,174
5.16%
0.0%
(9,727)
-
9,727
6.16%
1.0%
(21,017)
(11,544)
(2,070)
The table below presents the net book values of property, plant and equipment, which would have been recognised had the historical cost method been used, less grants received and negative revaluations that would be treated as an impairment equivalent, as at 31 December 2024 and 31 December 2023:
Land
Buildings
Structures and equipment
Plant and machinery
Vehicles
Other PP&E
Construction work in progress
Total
As at 31 December 2024
125
8,519
225,655
32,958
4
4,225
2,320
273,806
As at 31 December 2023
125
7,553
226,645
36,135
114
4,651
5,876
281,099
The revaluation impact on profit or loss and other comprehensive income is presented below:
Recognised in other comprehensive income (revaluation reserve)
Recognised through profit or loss
Total revaluation impact
Increase in net book value as at 31 December 2023
3,255
18,568
21,823
(Decrease) in net book value as at 31 December 2023
-
(26,508)
(26,508)
Total revaluation impact at 31 December 2023:
3,255
(7,940)
(4,685)
Had the value of the Company\u2018s PP&E been not reduced by the amount of grants, the carrying amount of PP&E as at 31 December 2024 would be higher by EUR 132,109 thousand (31 December 2023: EUR 137,451 thousand). Information on grants received/receivable used to reduce the value of property, plant and equipment:
As at 31 December 2024
As at 31 December 2023
Carrying amount at the beginning of the period
137,451
127,087
Grants used for the acquisition of fixed assets
-
14,686
Depreciation charge
(5,181)
(4,293)
Write-offs
(161)
(29)
Carrying amount at the end of the period
132,109
137,451
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-60": { "value": "
Land
Buildings
Structures and equip-
ment
Plant and machinery
Vehicles
Other
PP&E
Constru-
ction work in progress
Total
As at 31 December 2022
125
6,527
229,891
33,831
220
3,849
6,646
281,089
Acquisition/revaluation amount
125
7,720
250,016
47,571
967
8,702
6,646
321,747
Accumulated depreciation
-
(1,193)
(20,125)
(13,740)
(747)
(4,853)
-
(40,658)
Net book value as at 31 December 2022
125
6,527
229,891
33,831
220
3,849
6,646
281,089
Additions
-
-
83
25
2
55
34,767
34,932
Write-offs
-
(13)
(440)
(183)
-
(9)
-
(645)
Sales
-
-
-
-
-
(1)
-
(1)
Impairment (reversal) of assets
-
-
(57)
-
-
-
11
(46)
Revaluation
11
85
(8,821)
4,010
21
9
-
(4,685)
Reclassification from/to inventories
-
-
(38)
(12)
-
(1)
-
(51)
Reclassifications between categories
-
1,343
13,727
3,414
-
2,378
(20,862)
-
Depreciation charge
-
(295)
(6,156)
(3,383)
(108)
(1,612)
-
(11,554)
Off-set of grants against non-current assets
-
-
-
-
-
-
(14,686)
(14,686)
As at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Acquisition/revaluation amount
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Accumulated depreciation
-
-
-
-
-
-
-
-
Net book value as at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Net book value as at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Additions
-
-
(2)
191
3
165
5,588
5,945
Write-offs
-
-
(441)
-
(2)
(1)
(29)
(473)
Disposals
-
-
-
-
-
(2)
-
(2)
Reclassification from/to inventories
-
-
(7)
77
(40)
-
-
30
Reclassifications between categories
-
1,278
6,064
259
-
1,344
(8,945)
-
Depreciation charge
-
(351)
(6,855)
(3,989)
(92)
(1,973)
-
(13,260)
Reversal of grants recognised
-
34
193
77
-
27
(170)
161
As at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
Acquisition/revaluation amount
136
8,959
233,996
38,306
96
6,201
2,320
290,014
Accumulated depreciation after revaluation
-
(351)
(6,855)
(3,989)
(92)
(1,973)
-
(13,260)
Net book value as at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
As at 31 December 2024
As at 31 December 2023
Raw materials, spare parts and other inventories
1,245
1,052
Natural gas
3,908
4,339
Assets held for sale
40
-
Inventories, gross
5,193
5,391
Less: impairment
(432)
(517)
Total inventories
4,761
4,874
As at 31 December 2024
As at 31 December 2023
I. Trade receivables under contracts with customers
I.1 Receivables after one year
-
-
Net book of receivables after one year:
-
-
I.2. Current trade receivables
Receivables for transmission of natural gas
8,103
6,770
Receivables for natural gas
112
713
Receivables for balancing of transmission system
1,564
1,553
Receivables for other services
4
2
Less: expected credit losses for trade receivables
(23)
(19)
Trade receivables under contracts with customers
9,760
9,019
II. Trade receivables under other contracts
Other trade receivables
3
11
Less: impairment of trade receivables
-
-
Total trade receivables under other contracts
3
11
Total trade receivable
9,763
9,030
As at 31 December 2024
As at 31 December 2023
Carrying amount at the beginning of the period
19
17
Impairment (reversal of impairment)
4
2
Carrying amount at the end of the period
23
19
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-61": { "value": "
The Company did not revalued its property, plant and equipment as at 31 December 2024. Given that there have been no significant changes in the regulatory environment in 2024, the Company did not identify a significant difference between the carrying amount of its property, plant and equipment as at 31 December 2024 and its fair value at the date of the financial statements.
Value of PP&E in 2023
The Company accounts for property, plant and equipment at revalued amount in accordance with IAS 16 Property, Plant and Equipment. Based on the requirements set forth in paragraph 34 of IAS 16, as at December 2023 the Company revalued its property, plant and equipment by recognising a negative revaluation result of EUR 4,685 thousand. When evaluating property, plant and equipment, the Company determined that, as at 31 December 2023, the fair value of the property, plant and equipment (including construction in progress) was EUR 284,353 million, which was EUR 4,685 thousand lower than the carrying amount of PP&E before remeasurement as at 31 December 2023. The evaluation was carried using internal finance and accounting experts of the Company, with the assistance of experienced external asset valuation consultants throughout the process.
The valuation of property, plant and equipment was carried out using the replacement cost method and the discounted cash-flow methods.
The change in the value of property, plant and equipment was largely influenced by the regulatory principles applied to natural gas transmission activities, the rate of return on investments set by the Council for natural gas transmission activities, which was actually lower than the discount rate.
The valuation involved the following steps:
\uf0b7replacement costs of new assets (RCN) were estimated;
\uf0b7the physical deterioration and functional obsolescence of the assets was determined; and
\uf0b7the economic obsolescence of the assets was assessed (using the income approach).
The cost method involves determining the replacement cost of a new asset (RCN) at the level of the individual asset item. A direct cost method was applied to 68% of PP&E (based on the asset\u2019s carrying amount as at 31 December 2023), whereby RCN was estimated for new assets. RCN includes the cost of materials, installation works, labour, transportation and handling fees, overall costs of contractor. The market prices were determined using the data of the Company\u2019s transactions for the last three years, the financial statements of the European Union Agency for the Cooperation of Energy Regulators (ACER), other enterprises operating in natural gas sector, and other publicly available data.
During the valuation, indirect cost method was applied to assets, for which it was impossible to apply a direct cost method due to their multiple nature or for which insufficient data was available. Indirect cost method was applied to approx. 1% of PP&E value (determined when calculating carrying amount as at 31 December 2023). The indirect cost method was
used to determine the current replacement value of each new asset by indexing (based on consumer price, gas price, metal price and building cost indices published by Statistics Lithuania) the capitalized historical cost of the new asset.
The asset\u2019s RCN value which fell below the regulated asset base (RAB) after physical and functional obsolescence was treated as equal to RAB.
The direct market value method was used to determine the values of land and process gases, however, after adjusting for economic obsolescence, the values were treated as equal to RAB. This method was applied to approx. 1% of PP&E value (determined when calculating carrying amounts as at 31 December 2023).
RCN was calculated at underlying asset level, while the Iowa-type survivor curves were applied to allocate the identified value of the asset item to asset components. These curves were used to determine the life cycle of asset based on economic useful life, in view of current repairs and maintenance. The application of residual value was conditioned on the asset class (Hold Factor).
Further reduction in RCN by the amount of obsolescence resulted in the amount of the depreciated replacement cost (DRC). The DRC premium is the difference between DRC and RAB. The assets fair value was obtained by applying the 3.4% economic obsolescence, plus the RAB value.
The following key assumptions of the replacement cost method were used in valuation:
1.RCN values, which reflect all costs that are incurred upon creation of new identical assets.
2.Hold factor, which establishes the minimum value for an asset, since the Company can continue to use fully depreciated assets.
3.The economic obsolescence was estimated at 3.4%.
In discounted cash flow method (DCF), future cash flows are estimated and discounted by using cost of capital to give their present values. This method was applied to measure the fair value of property, plant and equipment and to estimate the economic obsolescence.
For the purpose of fair value measurement and estimation of the economic obsolescence, the cash flow forecast was developed for the period from October 2023 to 2028. The terminal value of cash flows is applied in subsequent periods.
Key assumptions of the DCF model:
\uf0b7in the Certificate No O5E-389 of 8 May 2023, the Council set the cap on the revenue from natural gas transmission activities of the Company of EUR 67,011 thousand for 2024;
\uf0b7the Council approved a 5.04% pre-tax return on investments (WACC) for 2024, while in the long term, based on the Council\u2019s WACC methodology and market trends, the rate of return on investments will increase and will be equal to the discount rate of 6.07% (pre-tax);
\uf0b7a discount rate (post-tax) of 5.16% was applied to discount the cash flows;
\uf0b7the Company\u2019s operating costs are estimated in accordance with the Council\u2019s methodology for determining the revenue and prices of natural gas transmission activities. Some costs are not included in the regulated prices;
\uf0b7the estimation of the going-concern value of discounted cash flows excludes the growth rate (equal to 0).
Asset values estimated using the DRC method were reduced in proportion to the results of the economic obsolescence test (the total fair value of assets was determined using DCF method), except for assets for which such allocation would have resulted in a value lower than the asset\u2019s RAB value. For such assets the RAB was considered to be its fair value. The amount of reduction that would otherwise have been allocated to the asset was allocated pro rata to the other assets. In order to distribute the value of economic obsolescence among separate items of assets so that the resulting value would reflect more accurately the fair value of the respective separate item of assets, the Company followed a policy whereby the fair value of particular item of assets would not be lower than the RAB assumption used in respect of that particular item of assets.
Economic obsolescence was applied (i.e. distributed) to all assets, except for the following categories (or separate items of assets from different categories), where DRC was approximated to the carrying amount of these assets:
\uf0b7construction in progress; because new projects reflect the fair value best, which is included in RAB at full;
\uf0b7other items of property, plant and equipment that are not directly related to the underlying technological asset (e.g. office buildings, furniture, tools, computers, equipment);
\uf0b7assets with the fair value equal to the net book amount for the purpose of valuation (assets acquired during the period from 1 January 2023 to 31 December 2023).
The main reasons for the change in the value of separate items of assets include the following:
\uf0b7impact of the economic obsolescence: the differences between financial and regulatory accounting polices resulted in recognition of the CBCA contribution to the Polish TSO as a non-current asset in the financial accounts, but it was not recognised as RAB by the Council (the asset\u2019s value decreased), however, the other assets were accounted for at a carrying amount which was lower the value of the RAB set for these assets (as a result the value of the assets increased);
\uf0b7new values were established (set) for fully depreciated assets that are still in use.
Fair value hierarchy of property, plant and equipment. The fair value of revalued property, plant and equipment is attributed to Level 3 of the fair value hierarchy.
Sensitivity analysis. Based on the provisions set forth in paragraph 93 of IFRS 13, the Company performed fair value sensitivity analysis in respect of changes in unobservable inputs. The fair value measurement is the most sensitive to the rate of return (WACC) set by the Council and the discount rate.
The fair value of the asset sensitivity is presented for the following scenarios:
Scenario (1) of sensitivity analysis:
to determine the level of revenue from 2024 onwards, the Council would apply a rate of return of 6.04/4.04% (currently WACC is set at 5.04% for 2024) with a 1% increase/decrease in the rate of return and the other valuation parameters remaining unchanged; a 1% increase in WACC would result in the EUR 9,727 thousand increase in the fair value of property, plant and equipment, and a 1% drop in WACC would result in the EUR 9,727 thousand decrease in the fair value of property, plant and equipment.
Scenario (2) of sensitivity analysis:
applying a 1% higher/lower discount rate (after tax), which is 6.16/4.16%, with the other valuation parameters remaining unchanged; a 1% increase in the discount rate would result in the EUR 11,544 thousand decrease in the fair value of property, plant and equipment, and a 1% decrease in the discount rate would result in the EUR 12,181 thousand increase in the fair value of property, plant and equipment.
Below is the table on the asset\u2019s sensitivity analysis:
WACC (pre-tax return on investments approved by the Council)
Discount rate (post-tax)
Change
4.04%
5.04%
6.04%
-1.0%
0.0%
1.0%
4.16%
-1.0%
2,189
12,181
22,174
5.16%
0.0%
(9,727)
-
9,727
6.16%
1.0%
(21,017)
(11,544)
(2,070)
The table below presents the net book values of property, plant and equipment, which would have been recognised had the historical cost method been used, less grants received and negative revaluations that would be treated as an impairment equivalent, as at 31 December 2024 and 31 December 2023:
Land
Buildings
Structures and equipment
Plant and machinery
Vehicles
Other PP&E
Construction work in progress
Total
As at 31 December 2024
125
8,519
225,655
32,958
4
4,225
2,320
273,806
As at 31 December 2023
125
7,553
226,645
36,135
114
4,651
5,876
281,099
The revaluation impact on profit or loss and other comprehensive income is presented below:
Recognised in other comprehensive income (revaluation reserve)
Recognised through profit or loss
Total revaluation impact
Increase in net book value as at 31 December 2023
3,255
18,568
21,823
(Decrease) in net book value as at 31 December 2023
-
(26,508)
(26,508)
Total revaluation impact at 31 December 2023:
3,255
(7,940)
(4,685)
Fair value of financial assets and liabilities
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Group's major financial assets and liabilities not carried at fair value are trade and other receivables, trade and other payables, current and non-current loans granted and borrowings, and finance lease.
The following methods and assumptions are used by the Group and the Company to estimate the fair value of each class of financial instruments:
a.The carrying amount of current trade and other amounts receivable, current trade and other amounts payables approximates their fair value (level 3);
b.The fair value of non-current loans received and granted is measured using the interest rate for the same or similar issues or on the current rates available for debt with the same maturity profile and similar credit risk. The Group estimated that the carrying amount of interest-bearing long-term loans was EUR 9,512 thousand as at 31 December 2024 (EUR 11,627 thousand as at 31 December 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-62": { "value": "
7. Loss of control of subsidiary, investment in associate
Once the General Meeting of Shareholders approved the sale of shares in GET Baltic and the material terms and conditions thereof on 11 April 2023, the sale of a 66 % shareholding in GET Baltic was completed on 31 May 2023.
The Company lost control of GET Baltic following the completion of the share sale transaction on 31 May 2023. The remaining part of the investment in GET Baltic after the loss of control is recognised as an investment in an associate, which is accounted for using the equity method and measured at fair value at the time of loss of control. The fair value of investment in GET Baltic was determined on the basis of the sale of 66% of the shares.\u00a0 In the consolidated statement of comprehensive income, the result of disposal of the subsidiary (after considering the GET Baltic shares\u2019 call/put options) and revaluation of the remaining part of investment in associate was EUR 9,489 thousand, of which gain on disposal of control was EUR 6,627 thousand, and gain on revaluation of investment in associate was EUR 2,862 thousand. In the separate financial statements, the result of disposal of the subsidiary (after considering the GET Baltic shares\u2019 call/put options) and revaluation of the remaining part of investment in associate was EUR 10,146 thousand, of which gain on disposal of control was EUR 7,059 thousand, and gain on revaluation of investment in associate was EUR 3,087 thousand.
The investment in associate is recorded in the consolidated and separate financial statements using the equity method.
Loss of control of subsidiary
Effect of loss of control on the items of the consolidated statement of comprehensive income:
2023
Gain on disposal of subsidiary, cash
6,500
Fair value after the revaluation of the remaining part of the investment
3,348
Fair value of options at the date of issue
1,070
Fair value of the loss of control transaction
10,918
Net assets of subsidiary
(1,429)
Gain on loss of control and revaluation of associates
9,489
Effect of loss of control on the items of the separate statement of comprehensive income:
2023
Gain on disposal of subsidiary, cash
6,500
Fair value after the revaluation of the remaining part of the investment
3,348
Fair value of options at the date of issue
1,070
Fair value of the loss of control transaction
10,918
Carrying amount of investment in subsidiary
(769)
Other transaction costs
(3)
Gain on loss of control and revaluation of associates
10,146
Main categories of assets and liabilities over which the control was lost at the time of loss of control:
Non-current assets
498
Intangible assets
409
Property, plant and equipment
3
Right-of-use assets
82
Non-current financial assets
4
Current assets
41,791
Prepayments
20
Receivables
7,274
Other current financial assets
33,304
Cash and cash equivalents
1,193
Total assets:
42,289
Non-current liabilities
48
Non-current lease liabilities
48
Current liabilities
40,812
Current portion of lease liabilities
34
Trade payables, prepayments received and other payables
40,602
Income tax liability
59
Employment-related liabilities
117
Total liabilities:
40,860
Net assets
1,429
Information on the cash flow generated by the subsidiary is provided below:
2023
Net cash flows from operating activities
494
Net cash flows used in investing activities
437
Cash flows from/used in financing activities
(555)
Net increase in cash generated by the subsidiary
376
Investment in associate
Investment in an associate in consolidated and separate financial statements is accounted for using the equity method.
Summarized statement of financial position of GET Baltic is presented below:
As at 31 December 2024
As at 31 December 2023
Non-current assets
165
353
Current assets
53,343
74,900
Total assets:
53,508
75,253
Non-current liabilities
43
36
Current liabilities
51,414
72,920
Total liabilities:
51,457
72,956
Net assets
2,051
2,297
Group's share, %
34%
34%
Group's share of net assets
697
781
Group's share of godwill
2,863
2,863
Carrying amount of investment in associate
3,560
3,644
Summarized statement of comprehensive income of GET Baltic for the period ended 31 December 2024 and for the period of 2023 from the date of loss of control until 31 December 2023:
1 January - 31 December 2024
1 June - 31 December
2023
Revenue
1,918
1,111
Profit before tax
1,676
1,027
Income tax benefit (expenses)
(264)
(159)
Net profit (loss)
1,412
868
Other comprehensive income
-
-
Total comprehensive income for the period
1,412
868
Total comprehensive income attributable to the Company/ Group
480
295
Dividends paid to Company/Group
564
-
Changes in carrying amount of the investment in associate due to the application of the equity method:
As at 31 December 2024
As at 31 December 2023
Carrying amount at the beginning of the period
3,644
-
Acquisition
-
3,348
Associate\u2019s net profit (loss)
480
295
Associate\u2019s other comprehensive income
-
-
Dividends received
(564)
-
Carrying amount at the end of the period
3,560
3,644
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-63": { "value": "
7. Loss of control of subsidiary, investment in associate
Once the General Meeting of Shareholders approved the sale of shares in GET Baltic and the material terms and conditions thereof on 11 April 2023, the sale of a 66 % shareholding in GET Baltic was completed on 31 May 2023.
The Company lost control of GET Baltic following the completion of the share sale transaction on 31 May 2023. The remaining part of the investment in GET Baltic after the loss of control is recognised as an investment in an associate, which is accounted for using the equity method and measured at fair value at the time of loss of control. The fair value of investment in GET Baltic was determined on the basis of the sale of 66% of the shares.\u00a0 In the consolidated statement of comprehensive income, the result of disposal of the subsidiary (after considering the GET Baltic shares\u2019 call/put options) and revaluation of the remaining part of investment in associate was EUR 9,489 thousand, of which gain on disposal of control was EUR 6,627 thousand, and gain on revaluation of investment in associate was EUR 2,862 thousand. In the separate financial statements, the result of disposal of the subsidiary (after considering the GET Baltic shares\u2019 call/put options) and revaluation of the remaining part of investment in associate was EUR 10,146 thousand, of which gain on disposal of control was EUR 7,059 thousand, and gain on revaluation of investment in associate was EUR 3,087 thousand.
The investment in associate is recorded in the consolidated and separate financial statements using the equity method.
Loss of control of subsidiary
Effect of loss of control on the items of the consolidated statement of comprehensive income:
2023
Gain on disposal of subsidiary, cash
6,500
Fair value after the revaluation of the remaining part of the investment
3,348
Fair value of options at the date of issue
1,070
Fair value of the loss of control transaction
10,918
Net assets of subsidiary
(1,429)
Gain on loss of control and revaluation of associates
9,489
Effect of loss of control on the items of the separate statement of comprehensive income:
2023
Gain on disposal of subsidiary, cash
6,500
Fair value after the revaluation of the remaining part of the investment
3,348
Fair value of options at the date of issue
1,070
Fair value of the loss of control transaction
10,918
Carrying amount of investment in subsidiary
(769)
Other transaction costs
(3)
Gain on loss of control and revaluation of associates
10,146
Main categories of assets and liabilities over which the control was lost at the time of loss of control:
Non-current assets
498
Intangible assets
409
Property, plant and equipment
3
Right-of-use assets
82
Non-current financial assets
4
Current assets
41,791
Prepayments
20
Receivables
7,274
Other current financial assets
33,304
Cash and cash equivalents
1,193
Total assets:
42,289
Non-current liabilities
48
Non-current lease liabilities
48
Current liabilities
40,812
Current portion of lease liabilities
34
Trade payables, prepayments received and other payables
40,602
Income tax liability
59
Employment-related liabilities
117
Total liabilities:
40,860
Net assets
1,429
Information on the cash flow generated by the subsidiary is provided below:
2023
Net cash flows from operating activities
494
Net cash flows used in investing activities
437
Cash flows from/used in financing activities
(555)
Net increase in cash generated by the subsidiary
376
Investment in associate
Investment in an associate in consolidated and separate financial statements is accounted for using the equity method.
Summarized statement of financial position of GET Baltic is presented below:
As at 31 December 2024
As at 31 December 2023
Non-current assets
165
353
Current assets
53,343
74,900
Total assets:
53,508
75,253
Non-current liabilities
43
36
Current liabilities
51,414
72,920
Total liabilities:
51,457
72,956
Net assets
2,051
2,297
Group's share, %
34%
34%
Group's share of net assets
697
781
Group's share of godwill
2,863
2,863
Carrying amount of investment in associate
3,560
3,644
Summarized statement of comprehensive income of GET Baltic for the period ended 31 December 2024 and for the period of 2023 from the date of loss of control until 31 December 2023:
1 January - 31 December 2024
1 June - 31 December
2023
Revenue
1,918
1,111
Profit before tax
1,676
1,027
Income tax benefit (expenses)
(264)
(159)
Net profit (loss)
1,412
868
Other comprehensive income
-
-
Total comprehensive income for the period
1,412
868
Total comprehensive income attributable to the Company/ Group
480
295
Dividends paid to Company/Group
564
-
Changes in carrying amount of the investment in associate due to the application of the equity method:
As at 31 December 2024
As at 31 December 2023
Carrying amount at the beginning of the period
3,644
-
Acquisition
-
3,348
Associate\u2019s net profit (loss)
480
295
Associate\u2019s other comprehensive income
-
-
Dividends received
(564)
-
Carrying amount at the end of the period
3,560
3,644
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-64": { "value": "
As at 31 December 2024
As at 31 December 2023
Carrying amount at the beginning of the period
3,644
-
Acquisition
-
3,348
Associate\u2019s net profit (loss)
480
295
Associate\u2019s other comprehensive income
-
-
Dividends received
(564)
-
Carrying amount at the end of the period
3,560
3,644
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-65": { "value": "
8. Right-of-use assets
As described below, the Group and the Company have taken on lease office premises, motor vehicles, and land. Lease periods for premises, motor vehicles and land are 5-10 years, 3 years, and 99 years, respectively. The Group and the Company assessed the probability of exercising the lease extension option when recognising right-of-use assets and lease liabilities, and when determining the lease periods.
As at 31 December 2024, the initial cost of moto vehicles recognised as right of use assets amounted to EUR 2,076 thousand, lease period was 3 years.
From 1 January 2024 the Company has reviewed the value of right of use assets (office premises) for rent indexation. The rent for the office premises may be revalued based on the average change in the consumer price index in line with inflation, but may not exced 2 per cent.
Buildings
Land
Vehicles
Total
Net book value at 31 December 2022
1,495
1,478
392
3,365
New leases
-
-
217
217
Indexation
31
-
-
31
Write-offs
-
-
-
-
Depreciation charge
(180)
(16)
(317)
(513)
Net book value as at 31 December 2023
1,346
1,462
292
3,100
Initial cost
1,747
1,534
1,442
4,723
Accumulated depreciation
(401)
(72)
(1,150)
(1,623)
Net book value as at 31 December 2023
1,346
1,462
292
3,100
-
Net book value as at 31 December 2023
1,346
1,462
292
3,100
New leases
-
-
2,076
2,076
Indexation
28
-
-
28
Write-offs
-
-
-
-
Depreciation charge
(184)
(16)
(723)
(923)
Net book value as at 31 December 2024
1,190
1,446
1,645
4,281
Initial cost
1,775
1,534
2,399
5,708
Accumulated depreciation
(585)
(88)
(754)
(1,427)
Net book value as at 31 December 2024
1,190
1,446
1,645
4,281
As the useful life of the right-of-use assets is longer than the lease term, depreciation is calculated from the commencement date of the lease till the end of the lease term.
20. Lease liabilities
Lease liabilities and their movement were as follows:
As at 31 December 2024
As at 31 December 2023
Carrying amount at the beginning of the period
3,250
3,514
Indexation
28
31
Concluded lease contracts
2,076
217
Terminated lease contracts (write-off of debt and accrued interest)
-
-
Interest charged
103
30
Lease payments (principal and interest)
(979)
(542)
Carrying amount at the end of the period
4,478
3,250
Non-current lease liabilities
3,492
2,933
Current lease liabilities
986
317
Future rental payments under non-cancellable lease agreements:
Lease liabilities
As at 31 December 2024
As at 31 December 2023
Current portion
986
317
Maturity of non-current liabilities:
3,492
2,933
Between 1 and 2 years
1,013
295
Between 2 and 3 years
314
291
Between 3 and 5 years
390
386
After 5 years
1,775
1,961
Interest charged on lease liabilities and included in the Group\u2019s finance costs amounted to EUR 103 thousand as at 31 December 2024 (31 December 2023: EUR 30 thousand).
The Company has a lease contract for office premises with variable lease payments not included in the value of lease liabilities. As from 1 January 2024, the lease rate for office premises revised in view of changes in the average consumer price index up to a maximum of 2 per cent. As at 31 December 2024, the Company\u2019s lease payments (principal amount) totalled EUR 876 thousand (as at 31 December 2023: EUR 512 thousand).
The Company had no short-term lease contracts. The EUR 154 thousand lease payments were recognised as expenses under low-value leases which are not part of the lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-66": { "value": "
9. Derivatives
The Company\u2019s derivatives are reported under the following items of the statement of financial position:
As at 31 December 2024
As at 31 December 2023
Non-current assets
Put option of GET Baltic
1,153
1,226
Total non-current derivative assets:
1,153
1,226
Current liabilities
Call option of GET Baltic
654
364
Total current derivative liabilities:
654
364
Share option
Subscription date
Maturity
Exercise price, EUR
Fair value of option
As at 31 December 2024
As at 31 December 2023
Put Option
As at 31 May 2023
As at 31 May 2027
4.07
1,153
1,226
Call Option
As at 31 May 2023
As at 31 December 2026
3.97
654
364
The call option can be exercised at any time after the investor has fulfilled its obligations, therefore this obligation is classified as a current liability. The fair value was determined based on the most likely option exercise period estimated by the management.
Information on the changes in the fair value of derivatives:
As at 31 December 2024
As at 31 December 2023
Non-current assets
Carrying amount at the beginning of the period
1,226
-
Initial recognition
1,392
Change in fair value
(73)
(166)
Carrying amount at the end of the period
1,153
1,226
Current liabilities
Carrying amount at the beginning of the period
364
-
Initial recognition
322
Change in fair value
290
42
Carrying amount at the end of the period
654
364
Below are the assumptions and estimates used to measure fair values of financial instruments.
The Black-Scholes model was used to estimate an option's fair value. The assumptions used in estimating the option\u2019s fair value as at 31 December 2024 were as follows:
Put Option
Call Option
Current stock price, EUR
4.09
4.09
Strike price, EUR
4.07
3.97
Time to maturity (years)
2.4
2.0
Dividend yield (%)
8.07
8.07
Volatility (%)
38.40
38.40
Risk free interest rate (%)
2.30
2.30
The current stock price was determined under the income approach, using the discounted cash flows calculation method.
Sensitivity of the put option\u2019s fair value to changes in key assumptions as at 31 December 2024, the impact in EUR\u2019000 is presented for a 34% shareholding:
Volatility (%)
34.56%
38.40%
42.24%
Current stock prce
Pokytis
-10.00%
0.00%
10.00%
EUR 3,68
-10.00%
145
218
291
EUR 4,09
0.00%
(83)
-
83
EUR 4,50
10.00%
(270)
(187)
(93)
Sensitivity of the call option\u2019s fair value to changes in key assumptions as at 31 December 2024, the impact in EUR\u2019000 is presented for a 34% shareholding:
Volatility (%)
34.56%
38.40%
42.24%
Current stock prce
Pokytis
-10.00%
0.00%
10.00%
EUR 3,68
-10.00%
280
208
135
EUR 4,09
0.00%
73
-
(83)
EUR 4,50
10.00%
(166)
(249)
(332)
The assumptions used in estimating the option\u2019s fair value as at 31 December 2023 were as follows:
Put Option
Call Option
Current stock price, EUR
3.50
3.50
Strike price, EUR
4.07
3.62
Time to maturity (years)
3.4
1.4
Dividend yield (%)
5.26
5.26
Volatility (%)
29.26
29.26
Risk free interest rate (%)
2.57
2.57
Sensitivity of the put option\u2019s fair value to changes in key assumptions as at 31 December 2023, the impact in EUR\u2019000 is presented for a 34% shareholding:
Volatility (%)
24.26%
29.26%
34.26%
Current stock prce
Pokytis
-5.00%
0.00%
5.00%
EUR 3,15
-10.00%
93
187
280
EUR 3,50
0.00%
(114)
-
114
EUR 3,85
10.00%
(291)
(166)
(42)
Sensitivity of the call option\u2019s fair value to changes in key assumptions as at 31 December 2023, the impact in EUR\u2019000 is presented for a 34% shareholding:
Volatility (%)
24.26%
29.26%
34.26%
Current stock prce
Pokytis
-5.00%
0.00%
5.00%
EUR 3,15
-10.00%
208
135
73
EUR 3,50
0.00%
73
-
(83)
EUR 3,85
10.00%
(21)
(104)
(187)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-67": { "value": "
Share option
Subscription date
Maturity
Exercise price, EUR
Fair value of option
As at 31 December 2024
As at 31 December 2023
Put Option
As at 31 May 2023
As at 31 May 2027
4.07
1,153
1,226
Call Option
As at 31 May 2023
As at 31 December 2026
3.97
654
364
The call option can be exercised at any time after the investor has fulfilled its obligations, therefore this obligation is classified as a current liability. The fair value was determined based on the most likely option exercise period estimated by the management.
Information on the changes in the fair value of derivatives:
As at 31 December 2024
As at 31 December 2023
Non-current assets
Carrying amount at the beginning of the period
1,226
-
Initial recognition
1,392
Change in fair value
(73)
(166)
Carrying amount at the end of the period
1,153
1,226
Current liabilities
Carrying amount at the beginning of the period
364
-
Initial recognition
322
Change in fair value
290
42
Carrying amount at the end of the period
654
364
Below are the assumptions and estimates used to measure fair values of financial instruments.
The Black-Scholes model was used to estimate an option's fair value. The assumptions used in estimating the option\u2019s fair value as at 31 December 2024 were as follows:
Put Option
Call Option
Current stock price, EUR
4.09
4.09
Strike price, EUR
4.07
3.97
Time to maturity (years)
2.4
2.0
Dividend yield (%)
8.07
8.07
Volatility (%)
38.40
38.40
Risk free interest rate (%)
2.30
2.30
The current stock price was determined under the income approach, using the discounted cash flows calculation method.
Sensitivity of the put option\u2019s fair value to changes in key assumptions as at 31 December 2024, the impact in EUR\u2019000 is presented for a 34% shareholding:
Volatility (%)
34.56%
38.40%
42.24%
Current stock prce
Pokytis
-10.00%
0.00%
10.00%
EUR 3,68
-10.00%
145
218
291
EUR 4,09
0.00%
(83)
-
83
EUR 4,50
10.00%
(270)
(187)
(93)
Sensitivity of the call option\u2019s fair value to changes in key assumptions as at 31 December 2024, the impact in EUR\u2019000 is presented for a 34% shareholding:
Volatility (%)
34.56%
38.40%
42.24%
Current stock prce
Pokytis
-10.00%
0.00%
10.00%
EUR 3,68
-10.00%
280
208
135
EUR 4,09
0.00%
73
-
(83)
EUR 4,50
10.00%
(166)
(249)
(332)
The assumptions used in estimating the option\u2019s fair value as at 31 December 2023 were as follows:
Put Option
Call Option
Current stock price, EUR
3.50
3.50
Strike price, EUR
4.07
3.62
Time to maturity (years)
3.4
1.4
Dividend yield (%)
5.26
5.26
Volatility (%)
29.26
29.26
Risk free interest rate (%)
2.57
2.57
Sensitivity of the put option\u2019s fair value to changes in key assumptions as at 31 December 2023, the impact in EUR\u2019000 is presented for a 34% shareholding:
Volatility (%)
24.26%
29.26%
34.26%
Current stock prce
Pokytis
-5.00%
0.00%
5.00%
EUR 3,15
-10.00%
93
187
280
EUR 3,50
0.00%
(114)
-
114
EUR 3,85
10.00%
(291)
(166)
(42)
Sensitivity of the call option\u2019s fair value to changes in key assumptions as at 31 December 2023, the impact in EUR\u2019000 is presented for a 34% shareholding:
Volatility (%)
24.26%
29.26%
34.26%
Current stock prce
Pokytis
-5.00%
0.00%
5.00%
EUR 3,15
-10.00%
208
135
73
EUR 3,50
0.00%
73
-
(83)
EUR 3,85
10.00%
(21)
(104)
(187)
Fair value of financial assets and liabilities
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Group's major financial assets and liabilities not carried at fair value are trade and other receivables, trade and other payables, current and non-current loans granted and borrowings, and finance lease.
The following methods and assumptions are used by the Group and the Company to estimate the fair value of each class of financial instruments:
a.The carrying amount of current trade and other amounts receivable, current trade and other amounts payables approximates their fair value (level 3);
b.The fair value of non-current loans received and granted is measured using the interest rate for the same or similar issues or on the current rates available for debt with the same maturity profile and similar credit risk. The Group estimated that the carrying amount of interest-bearing long-term loans was EUR 9,512 thousand as at 31 December 2024 (EUR 11,627 thousand as at 31 December 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-68": { "value": "
10. Inventories
As at 31 December 2024
As at 31 December 2023
Raw materials, spare parts and other inventories
1,245
1,052
Natural gas
3,908
4,339
Assets held for sale
40
-
Inventories, gross
5,193
5,391
Less: impairment
(432)
(517)
Total inventories
4,761
4,874
The acquisition cost of the Company\u2019s inventories accounted for at net realisable value as at 31 December 2024 amounted to EUR 794 thousand (31 December 2023: EUR 969 thousand). Inventory write-down allowance was included in other expenses.
Inventories recognised as expenses during the reporting period amounted to EUR 17,740 thousand as at 31 December 2023 (31 December 2022: EUR 26,854 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-69": { "value": "
11. Trade receivables
As at 31 December 2024
As at 31 December 2023
I. Trade receivables under contracts with customers
I.1 Receivables after one year
-
-
Net book of receivables after one year:
-
-
I.2. Current trade receivables
Receivables for transmission of natural gas
8,103
6,770
Receivables for natural gas
112
713
Receivables for balancing of transmission system
1,564
1,553
Receivables for other services
4
2
Less: expected credit losses for trade receivables
(23)
(19)
Trade receivables under contracts with customers
9,760
9,019
II. Trade receivables under other contracts
Other trade receivables
3
11
Less: impairment of trade receivables
-
-
Total trade receivables under other contracts
3
11
Total trade receivable
9,763
9,030
Current trade receivables are interest free and their settlement term is typically between 7 and 30 calendar days. Impairment allowance of EUR 23 thousand was established for trade receivables as at 31 December 2024 (31 December 2023: EUR 19 thousand). The change in trade receivables as at 31 December 2024, compared to 31 December 2023, was a response to higher volumes of natural gas transmitted due of increased natural gas consumption
The Company applies a simplified credit risk assessment approach as required by IFRS 9, and accounts for loss allowances for lifetime credit losses from initial recognition of receivables.
To determine credit losses for receivables, the Company applies an individual assessment and a provision matrix. The loss ratio matrix is based on historical data for a period exceeding 36 months on settlements of debts by customers. The loss ratios may be adjusted in view of macroeconomic forecasts. The loss ratios are classified into separate groups of receivables on the basis of credit risk characteristics and overdue period. Debts of entities undergoing or in bankruptcy/liquidation are subject to a 100% expected credit loss ratio.
Expected credit losses of trade receivables as at 31 December 2024 were as follows:
Not past due
1-30 days
31-90 days
91-180 days
181 and more days
Total:
Trade receivables assessed individually
3,619
-
-
-
-
3,619
Expected credit losses
(15)
-
-
-
-
(15)
Trade receivables assessed collectively
State-owned companies
2,673
-
-
-
-
2,673
Loss ratio (%)
0%
0%
0%
0%
0%
Expected credit losses
-
-
-
-
-
-
Other entities
3,273
221
-
-
-
3,494
Loss ratio (%)
0,04%
2,99%
5,83%
17,55%
100%
Expected credit losses
(1)
(7)
-
-
(8)
Total trade receivables
9,565
221
-
-
9,786
Total expected credit losses
(16)
(7)
-
-
-
(23)
Expected credit losses of trade receivables as at 31 December 2023 were as follows:
Not past due
1-30 days
31-90 days
91-180 days
181 and more days
Total:
Trade receivables assessed individually
2,945
-
-
-
-
2,945
Expected credit losses
(7)
-
-
-
-
(7)
Trade receivables assessed collectively
State-owned companies
2,174
-
-
-
-
2,174
Loss ratio (%)
0%
0%
0%
0%
0%
Expected credit losses
-
-
-
-
-
-
Other entities
3,764
6
159
-
1
3,930
Loss ratio (%)
0,04%
2,99%
5,83%
17,55%
100%
Expected credit losses
(2)
-
(9)
-
(1)
(12)
Total trade receivables
8,883
6
159
-
1
9,049
Total expected credit losses
(9)
-
(9)
-
(1)
(19)
For the purpose of the individual assessment, the range of expected credit losses was 0-2.0% in 2023 (2023: 0-1.1%).
Movement on impairment allowance account of the Company\u2018s trade receivables:
As at 31 December 2024
As at 31 December 2023
Carrying amount at the beginning of the period
19
17
Impairment (reversal of impairment)
4
2
Carrying amount at the end of the period
23
19
12. Other receivables
As at 31 December 2024
As at 31 December 2023
Non-financial assets
LNG terminal funds receivable
11,626
9,377
Grants receivable
-
7,360
Taxes receivable
221
37
Total non-financial assets
11,847
16,774
Contract assets
1,220
1,798
Financial assets
Other receivables
85
502
Total financial assets
85
502
Total other receivables
13,152
19,074
The fair value of other receivables of the Company approximates their carrying amount.
As at 31 December 2024 LNG terminal funds receivable included an overdue amount of EUR 7,632 thousand, whereof overdue amount of Achema AB amounted to EUR 7,429 thousand. As at 31 December 2023, the overdue amount included in LNG terminal funds receivable amounted to EUR 6,582 thousand of which EUR 6,432 thousand of AB Achema debt. The legal dispute with Achema AB is disclosed in Note 38.
The Company does not recognise impairment for the LNG terminal funds receivable as the Company, acting as administrator of the LNG terminal funds, is not exposed to credit risk.
Since the LNG terminal funds are not treated as assets of the administrator of the LNG terminal funds based on the Description of the procedure for administration of the LNG terminal funds, and therefore, they cannot be subject to debt recovery procedures based on the obligations of the administrator of the LNG terminal funds that are not related to the administration of the LNG terminal funds.
The decrease in grants receivable was influenced by the support received from the EU Structural Funds to fund the Company\u2019s investment projects, of which EUR 3,196 thousand was the financing of the gas pipeline interconnection
between Lithuania and Poland (GIPL); EUR 253 thousand - the financing for the gas pipline interconnection between Lithuania and Latvia (ELLI) under the Connecting Europe Facility (CINEA) fund; EUR 3,743 thousand - the financing from the European Regional Development Fund.
No impairment was established for the Company\u2018s other amounts receivables as the amount is insignificant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-70": { "value": "
11. Trade receivables
As at 31 December 2024
As at 31 December 2023
I. Trade receivables under contracts with customers
I.1 Receivables after one year
-
-
Net book of receivables after one year:
-
-
I.2. Current trade receivables
Receivables for transmission of natural gas
8,103
6,770
Receivables for natural gas
112
713
Receivables for balancing of transmission system
1,564
1,553
Receivables for other services
4
2
Less: expected credit losses for trade receivables
(23)
(19)
Trade receivables under contracts with customers
9,760
9,019
II. Trade receivables under other contracts
Other trade receivables
3
11
Less: impairment of trade receivables
-
-
Total trade receivables under other contracts
3
11
Total trade receivable
9,763
9,030
Current trade receivables are interest free and their settlement term is typically between 7 and 30 calendar days. Impairment allowance of EUR 23 thousand was established for trade receivables as at 31 December 2024 (31 December 2023: EUR 19 thousand). The change in trade receivables as at 31 December 2024, compared to 31 December 2023, was a response to higher volumes of natural gas transmitted due of increased natural gas consumption
The Company applies a simplified credit risk assessment approach as required by IFRS 9, and accounts for loss allowances for lifetime credit losses from initial recognition of receivables.
To determine credit losses for receivables, the Company applies an individual assessment and a provision matrix. The loss ratio matrix is based on historical data for a period exceeding 36 months on settlements of debts by customers. The loss ratios may be adjusted in view of macroeconomic forecasts. The loss ratios are classified into separate groups of receivables on the basis of credit risk characteristics and overdue period. Debts of entities undergoing or in bankruptcy/liquidation are subject to a 100% expected credit loss ratio.
Expected credit losses of trade receivables as at 31 December 2024 were as follows:
Not past due
1-30 days
31-90 days
91-180 days
181 and more days
Total:
Trade receivables assessed individually
3,619
-
-
-
-
3,619
Expected credit losses
(15)
-
-
-
-
(15)
Trade receivables assessed collectively
State-owned companies
2,673
-
-
-
-
2,673
Loss ratio (%)
0%
0%
0%
0%
0%
Expected credit losses
-
-
-
-
-
-
Other entities
3,273
221
-
-
-
3,494
Loss ratio (%)
0,04%
2,99%
5,83%
17,55%
100%
Expected credit losses
(1)
(7)
-
-
(8)
Total trade receivables
9,565
221
-
-
9,786
Total expected credit losses
(16)
(7)
-
-
-
(23)
Expected credit losses of trade receivables as at 31 December 2023 were as follows:
Not past due
1-30 days
31-90 days
91-180 days
181 and more days
Total:
Trade receivables assessed individually
2,945
-
-
-
-
2,945
Expected credit losses
(7)
-
-
-
-
(7)
Trade receivables assessed collectively
State-owned companies
2,174
-
-
-
-
2,174
Loss ratio (%)
0%
0%
0%
0%
0%
Expected credit losses
-
-
-
-
-
-
Other entities
3,764
6
159
-
1
3,930
Loss ratio (%)
0,04%
2,99%
5,83%
17,55%
100%
Expected credit losses
(2)
-
(9)
-
(1)
(12)
Total trade receivables
8,883
6
159
-
1
9,049
Total expected credit losses
(9)
-
(9)
-
(1)
(19)
For the purpose of the individual assessment, the range of expected credit losses was 0-2.0% in 2023 (2023: 0-1.1%).
Movement on impairment allowance account of the Company\u2018s trade receivables:
As at 31 December 2024
As at 31 December 2023
Carrying amount at the beginning of the period
19
17
Impairment (reversal of impairment)
4
2
Carrying amount at the end of the period
23
19
12. Other receivables
As at 31 December 2024
As at 31 December 2023
Non-financial assets
LNG terminal funds receivable
11,626
9,377
Grants receivable
-
7,360
Taxes receivable
221
37
Total non-financial assets
11,847
16,774
Contract assets
1,220
1,798
Financial assets
Other receivables
85
502
Total financial assets
85
502
Total other receivables
13,152
19,074
The fair value of other receivables of the Company approximates their carrying amount.
As at 31 December 2024 LNG terminal funds receivable included an overdue amount of EUR 7,632 thousand, whereof overdue amount of Achema AB amounted to EUR 7,429 thousand. As at 31 December 2023, the overdue amount included in LNG terminal funds receivable amounted to EUR 6,582 thousand of which EUR 6,432 thousand of AB Achema debt. The legal dispute with Achema AB is disclosed in Note 38.
The Company does not recognise impairment for the LNG terminal funds receivable as the Company, acting as administrator of the LNG terminal funds, is not exposed to credit risk.
Since the LNG terminal funds are not treated as assets of the administrator of the LNG terminal funds based on the Description of the procedure for administration of the LNG terminal funds, and therefore, they cannot be subject to debt recovery procedures based on the obligations of the administrator of the LNG terminal funds that are not related to the administration of the LNG terminal funds.
The decrease in grants receivable was influenced by the support received from the EU Structural Funds to fund the Company\u2019s investment projects, of which EUR 3,196 thousand was the financing of the gas pipeline interconnection
between Lithuania and Poland (GIPL); EUR 253 thousand - the financing for the gas pipline interconnection between Lithuania and Latvia (ELLI) under the Connecting Europe Facility (CINEA) fund; EUR 3,743 thousand - the financing from the European Regional Development Fund.
No impairment was established for the Company\u2018s other amounts receivables as the amount is insignificant.
13. Other financial assets
As at 31 December 2024 and 31 December 2023, the Company\u2019s other financial assets comprised term deposits, security deposits collected from the system users and LNG terminal funds. Part of the security deposits received from the system users is held in the form of term bank deposits. Three fixed-term deposit agreements with different maturities were concluded for storage of the deposits: EUR 575 thousand (12-month fixed-term deposit), EUR 140 thousand (6-month fixed-term deposit), and EUR 177 thousand (4-month fixed-term deposit). On 27 September 2024, the Company entered into a term deposit agreement for a period of 6 months in the amount of EUR 5,815 thousand to meet the Company\u2019s future long-term obligations.
The Company holds its deposits for guarantees, security deposits and term deposits with banking institutions, that are rated by rating agencies as having high investment-grade ratings for long-term obligations: Standard & Poors (A+), Moody\u2019s (Aa3) anf Fitch (AA-). Consequently, ECLs were not recognised for other financial assets.
As at 31 December 2024
As at 31 December 2023
LNG terminal funds
3
-
Deposits received\u00a0
917
528
Fixed-term deposits
5,815
-
Total other financial assets
6,735
528
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-71": { "value": "
12. Other receivables
As at 31 December 2024
As at 31 December 2023
Non-financial assets
LNG terminal funds receivable
11,626
9,377
Grants receivable
-
7,360
Taxes receivable
221
37
Total non-financial assets
11,847
16,774
Contract assets
1,220
1,798
Financial assets
Other receivables
85
502
Total financial assets
85
502
Total other receivables
13,152
19,074
The fair value of other receivables of the Company approximates their carrying amount.
As at 31 December 2024 LNG terminal funds receivable included an overdue amount of EUR 7,632 thousand, whereof overdue amount of Achema AB amounted to EUR 7,429 thousand. As at 31 December 2023, the overdue amount included in LNG terminal funds receivable amounted to EUR 6,582 thousand of which EUR 6,432 thousand of AB Achema debt. The legal dispute with Achema AB is disclosed in Note 38.
The Company does not recognise impairment for the LNG terminal funds receivable as the Company, acting as administrator of the LNG terminal funds, is not exposed to credit risk.
Since the LNG terminal funds are not treated as assets of the administrator of the LNG terminal funds based on the Description of the procedure for administration of the LNG terminal funds, and therefore, they cannot be subject to debt recovery procedures based on the obligations of the administrator of the LNG terminal funds that are not related to the administration of the LNG terminal funds.
The decrease in grants receivable was influenced by the support received from the EU Structural Funds to fund the Company\u2019s investment projects, of which EUR 3,196 thousand was the financing of the gas pipeline interconnection
between Lithuania and Poland (GIPL); EUR 253 thousand - the financing for the gas pipline interconnection between Lithuania and Latvia (ELLI) under the Connecting Europe Facility (CINEA) fund; EUR 3,743 thousand - the financing from the European Regional Development Fund.
No impairment was established for the Company\u2018s other amounts receivables as the amount is insignificant.
13. Other financial assets
As at 31 December 2024 and 31 December 2023, the Company\u2019s other financial assets comprised term deposits, security deposits collected from the system users and LNG terminal funds. Part of the security deposits received from the system users is held in the form of term bank deposits. Three fixed-term deposit agreements with different maturities were concluded for storage of the deposits: EUR 575 thousand (12-month fixed-term deposit), EUR 140 thousand (6-month fixed-term deposit), and EUR 177 thousand (4-month fixed-term deposit). On 27 September 2024, the Company entered into a term deposit agreement for a period of 6 months in the amount of EUR 5,815 thousand to meet the Company\u2019s future long-term obligations.
The Company holds its deposits for guarantees, security deposits and term deposits with banking institutions, that are rated by rating agencies as having high investment-grade ratings for long-term obligations: Standard & Poors (A+), Moody\u2019s (Aa3) anf Fitch (AA-). Consequently, ECLs were not recognised for other financial assets.
As at 31 December 2024
As at 31 December 2023
LNG terminal funds
3
-
Deposits received\u00a0
917
528
Fixed-term deposits
5,815
-
Total other financial assets
6,735
528
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-72": { "value": "
12. Other receivables
As at 31 December 2024
As at 31 December 2023
Non-financial assets
LNG terminal funds receivable
11,626
9,377
Grants receivable
-
7,360
Taxes receivable
221
37
Total non-financial assets
11,847
16,774
Contract assets
1,220
1,798
Financial assets
Other receivables
85
502
Total financial assets
85
502
Total other receivables
13,152
19,074
The fair value of other receivables of the Company approximates their carrying amount.
As at 31 December 2024 LNG terminal funds receivable included an overdue amount of EUR 7,632 thousand, whereof overdue amount of Achema AB amounted to EUR 7,429 thousand. As at 31 December 2023, the overdue amount included in LNG terminal funds receivable amounted to EUR 6,582 thousand of which EUR 6,432 thousand of AB Achema debt. The legal dispute with Achema AB is disclosed in Note 38.
The Company does not recognise impairment for the LNG terminal funds receivable as the Company, acting as administrator of the LNG terminal funds, is not exposed to credit risk.
Since the LNG terminal funds are not treated as assets of the administrator of the LNG terminal funds based on the Description of the procedure for administration of the LNG terminal funds, and therefore, they cannot be subject to debt recovery procedures based on the obligations of the administrator of the LNG terminal funds that are not related to the administration of the LNG terminal funds.
The decrease in grants receivable was influenced by the support received from the EU Structural Funds to fund the Company\u2019s investment projects, of which EUR 3,196 thousand was the financing of the gas pipeline interconnection
between Lithuania and Poland (GIPL); EUR 253 thousand - the financing for the gas pipline interconnection between Lithuania and Latvia (ELLI) under the Connecting Europe Facility (CINEA) fund; EUR 3,743 thousand - the financing from the European Regional Development Fund.
No impairment was established for the Company\u2018s other amounts receivables as the amount is insignificant.
13. Other financial assets
As at 31 December 2024 and 31 December 2023, the Company\u2019s other financial assets comprised term deposits, security deposits collected from the system users and LNG terminal funds. Part of the security deposits received from the system users is held in the form of term bank deposits. Three fixed-term deposit agreements with different maturities were concluded for storage of the deposits: EUR 575 thousand (12-month fixed-term deposit), EUR 140 thousand (6-month fixed-term deposit), and EUR 177 thousand (4-month fixed-term deposit). On 27 September 2024, the Company entered into a term deposit agreement for a period of 6 months in the amount of EUR 5,815 thousand to meet the Company\u2019s future long-term obligations.
The Company holds its deposits for guarantees, security deposits and term deposits with banking institutions, that are rated by rating agencies as having high investment-grade ratings for long-term obligations: Standard & Poors (A+), Moody\u2019s (Aa3) anf Fitch (AA-). Consequently, ECLs were not recognised for other financial assets.
As at 31 December 2024
As at 31 December 2023
LNG terminal funds
3
-
Deposits received\u00a0
917
528
Fixed-term deposits
5,815
-
Total other financial assets
6,735
528
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-73": { "value": "
12. Other receivables
As at 31 December 2024
As at 31 December 2023
Non-financial assets
LNG terminal funds receivable
11,626
9,377
Grants receivable
-
7,360
Taxes receivable
221
37
Total non-financial assets
11,847
16,774
Contract assets
1,220
1,798
Financial assets
Other receivables
85
502
Total financial assets
85
502
Total other receivables
13,152
19,074
The fair value of other receivables of the Company approximates their carrying amount.
As at 31 December 2024 LNG terminal funds receivable included an overdue amount of EUR 7,632 thousand, whereof overdue amount of Achema AB amounted to EUR 7,429 thousand. As at 31 December 2023, the overdue amount included in LNG terminal funds receivable amounted to EUR 6,582 thousand of which EUR 6,432 thousand of AB Achema debt. The legal dispute with Achema AB is disclosed in Note 38.
The Company does not recognise impairment for the LNG terminal funds receivable as the Company, acting as administrator of the LNG terminal funds, is not exposed to credit risk.
Since the LNG terminal funds are not treated as assets of the administrator of the LNG terminal funds based on the Description of the procedure for administration of the LNG terminal funds, and therefore, they cannot be subject to debt recovery procedures based on the obligations of the administrator of the LNG terminal funds that are not related to the administration of the LNG terminal funds.
The decrease in grants receivable was influenced by the support received from the EU Structural Funds to fund the Company\u2019s investment projects, of which EUR 3,196 thousand was the financing of the gas pipeline interconnection
between Lithuania and Poland (GIPL); EUR 253 thousand - the financing for the gas pipline interconnection between Lithuania and Latvia (ELLI) under the Connecting Europe Facility (CINEA) fund; EUR 3,743 thousand - the financing from the European Regional Development Fund.
No impairment was established for the Company\u2018s other amounts receivables as the amount is insignificant.
As at 31 December 2024
As at 31 December 2023
LNG terminal funds
3
-
Deposits received\u00a0
917
528
Fixed-term deposits
5,815
-
Total other financial assets
6,735
528
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-74": { "value": "
As at 31 December 2024
As at 31 December 2023
Non-financial assets
LNG terminal funds receivable
11,626
9,377
Grants receivable
-
7,360
Taxes receivable
221
37
Total non-financial assets
11,847
16,774
Contract assets
1,220
1,798
Financial assets
Other receivables
85
502
Total financial assets
85
502
Total other receivables
13,152
19,074
25. Other amounts payable and current liabilities
As at 31 December 2024
As at 31 December 2023
Non-financial liabilities
Employment-related liabilities
1,952
1,199
Accrued expenses relating to vocation reserve
1,525
1,654
Administered LNG terminal funds payable
10,794
8,906
Accrued administered LNG terminal funds
833
471
Real estate tax payable
780
732
Payable value added tax
-
-
Other taxes payable
16
19
Other payables
-
-
Total non-financial liabilities
15,900
12,981
Financial liabilities
Payable CBCA contribution
27,450
27,450
Payable dividends
73
65
Other payables
-
1
Accrued expenses
1,120
1,089
Derivative liabilities
654
364
Total financial liabilities
29,297
28,969
Total other payables
45,197
41,950
The Company has agreed to the commitment to pay the compensation of EUR 27,450 thousand (hereinafter the \u2018CBCA contribution\u2019) set out in the Transmission System Operators Agreement) (hereinafter the \u2018ITA Agreement\u2019) and imposed be the decision of the Agency for the Cooperation of Energy Regulators of the European Union (ACER) to the Polish TSO, calculated in accordance with the principles of cost allocation between the Member States of the gas interconnection project between Lithuania and Poland (GIPL). The CBCA contribution will be paid to the Polish transmission system operator upon receipt of its payment request based on the value of the GIPL construction works on the Polish side validated by the auditors.
The ITA agreement provides for the indexation of the CBCA contribution in the event of non-completion of the project by the deadline of 1 January 2022, considering the euro area's inflation based on Eurostat data. In addition, the CBCA contribution is adjusted by the rate calculated as the ratio between actual and planned project costs. Any financial settlements under the ITA Agreement, including the translation of GIPL costs from Polish zlotys into euro, are made at the exchange reference rates published by the European Central Bank. The exchange rate prevailing on the date of invoice must be applied. As the amendment to the ITA Agreement requires the approval of the management of the transmission system operators in the project countries, the CBCA contribution adjustment is directly dependent on the applicable exchange rate between Polish zloty and euro, which is variable, the Company is unable to reliably estimate the amount of the CBCA contribution adjustment and this uncertainty about the amount of compensation adjustment, no financial liability in respect of the adjustment is recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-75": { "value": "
13. Other financial assets
As at 31 December 2024 and 31 December 2023, the Company\u2019s other financial assets comprised term deposits, security deposits collected from the system users and LNG terminal funds. Part of the security deposits received from the system users is held in the form of term bank deposits. Three fixed-term deposit agreements with different maturities were concluded for storage of the deposits: EUR 575 thousand (12-month fixed-term deposit), EUR 140 thousand (6-month fixed-term deposit), and EUR 177 thousand (4-month fixed-term deposit). On 27 September 2024, the Company entered into a term deposit agreement for a period of 6 months in the amount of EUR 5,815 thousand to meet the Company\u2019s future long-term obligations.
The Company holds its deposits for guarantees, security deposits and term deposits with banking institutions, that are rated by rating agencies as having high investment-grade ratings for long-term obligations: Standard & Poors (A+), Moody\u2019s (Aa3) anf Fitch (AA-). Consequently, ECLs were not recognised for other financial assets.
As at 31 December 2024
As at 31 December 2023
LNG terminal funds
3
-
Deposits received\u00a0
917
528
Fixed-term deposits
5,815
-
Total other financial assets
6,735
528
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-76": { "value": "
14. Cash and cash equivalents
As at 31 December 2024
As at 31 December 2023
Cash at bank
31
121
Total cash and cash equivalents
31
121
The Company keeps its cash balances on bank accounts. As at 31 December 2024, the cash balance was not material due to the Company\u2019s and the Group\u2019s treasury management policy aimed at maintaining minimum cash balances.
The table below presents the long-term foreign currency credit ratings of the banks with which the Group kept its cash balances as at 31 December 2024:
Bank
Cash at bank a at
31 December 2024
Credit rating agency
Moody\u2018s
Standart&Poor\u2018s
Fitch Ratings
Bank No.11)
5
Aa3
A+
AA
Bank No.21)
26
Aa3
A+
AA-
1) The ratings assigned to the parent banks as at 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-77": { "value": "
15. Issued capital
The Company\u2018s share capital amounted to EUR 51,731 thousand and it is divided into 178,382,514 ordinary registered shares with par value of EUR 0.29 each. All shares were fully paid as at 31 December 2024 and 31 December 2023.
16. Dividends
The Ordinary General Meeting of Shareholders held on 30 April 2024 approved the distribution of profit for 2023. EUR 20,174 thousand was allocated to payment of dividends, i.e. EUR\u00a00.1131 per share.
During the Company\u2018s Ordinary General Meeting of Shareholders held on 11 April 2023, the decision was made to pay put dividends in total amount of EUR 12,059 thousand, i.e. EUR\u00a00.0676 per share.
17. Reserves
Legal reserve
A legal reserve is a compulsory reserve under the laws of the Republic of Lithuania. Annual transfers of not less than 5% of net profit are compulsory until the reserve reaches 10% of the authorised share capital.
The Company\u2019s legal reserve amounts to EUR 5,173 thousand and represents 10% of its authorised share capital.
Other reserves
Other reserves are formed by the decision of the Annual General Meeting of Shareholders regarding the proposed appropriation of profit. When approving the proposed appropriation of profit for 2023, an unutilised reserves EUR 114,430 thousand were transferred back to retained earnings, a EUR 403 thousand share of profit allocated to a target reserve for support.
The Company\u2019s profit for the development of its operations and for the implementation of strategic projects, temporarily restricting the use of profits, was accrued in other reserves. Reserves were cancelled following the achievement of the objectives for which the restrictions on the use of profits were imposed.
When approving the proposed appropriation of profit for 2022, an unutilised reserve for support of EUR 166 thousand by the decision of the Annual Meeting Of Shareholders was reclassified back to retained earnings, a EUR 3,827 thousand was transferred to other reserves of which EUR 471 thousand a target reserve for support.
Revaluation reserve
Below is the impact of revaluation of property, plant and equipment on revaluation reserve as at 31 December 2023 and changes in the revaluation reserve over 2024.
As at 31 December 2024
As at 31 December 2023
Carrying amount at the beginning of the period
2,767
-
PP&E revaluation impact
-
3,255
Transfer of revaluation reserve to retained earnings
(304)
-
Effect of deferred income tax
46
(488)
Impact of a change in income tax tariff
(30)
-
Carrying amount at the end of the period
2,479
2,767
Pursuant to Articles 39, 42, 51 and 59 of the Law on Companies of the Republic of Lithuania, no part of the revaluation reserve may be distributed, either directly or indirectly, it may be used only to increase the issued capital. The general meeting of shareholders may not adopt a decision to pay dividends if the equity capital of the company is lower or upon payment of dividends would become lower than the revaluation reserve, i.e. the use of the revaluation reserve for profit/loss allocation is prohibited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-78": { "value": "
15. Issued capital
The Company\u2018s share capital amounted to EUR 51,731 thousand and it is divided into 178,382,514 ordinary registered shares with par value of EUR 0.29 each. All shares were fully paid as at 31 December 2024 and 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-79": { "value": "
16. Dividends
The Ordinary General Meeting of Shareholders held on 30 April 2024 approved the distribution of profit for 2023. EUR 20,174 thousand was allocated to payment of dividends, i.e. EUR\u00a00.1131 per share.
During the Company\u2018s Ordinary General Meeting of Shareholders held on 11 April 2023, the decision was made to pay put dividends in total amount of EUR 12,059 thousand, i.e. EUR\u00a00.0676 per share.
28. Dividend income
Company
Group
2024
2023
2023
Dividend income
-
542
-
In 2024, the Company received EUR 564 thousand in dividends from its associate GET Baltic. Under the equity method of accounting of the associate, dividends received from the associate are treated as a reduction in the carrying amount of the investment, rather than recognised in income. In 2023, EUR 542 thousand were received in dividends from the subsidiary GET Baltic and recognised in income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-80": { "value": "0.1131", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-81": { "value": "0.0676", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:097900BGMP0000061061", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-82": { "value": "
17. Reserves
Legal reserve
A legal reserve is a compulsory reserve under the laws of the Republic of Lithuania. Annual transfers of not less than 5% of net profit are compulsory until the reserve reaches 10% of the authorised share capital.
The Company\u2019s legal reserve amounts to EUR 5,173 thousand and represents 10% of its authorised share capital.
Other reserves
Other reserves are formed by the decision of the Annual General Meeting of Shareholders regarding the proposed appropriation of profit. When approving the proposed appropriation of profit for 2023, an unutilised reserves EUR 114,430 thousand were transferred back to retained earnings, a EUR 403 thousand share of profit allocated to a target reserve for support.
The Company\u2019s profit for the development of its operations and for the implementation of strategic projects, temporarily restricting the use of profits, was accrued in other reserves. Reserves were cancelled following the achievement of the objectives for which the restrictions on the use of profits were imposed.
When approving the proposed appropriation of profit for 2022, an unutilised reserve for support of EUR 166 thousand by the decision of the Annual Meeting Of Shareholders was reclassified back to retained earnings, a EUR 3,827 thousand was transferred to other reserves of which EUR 471 thousand a target reserve for support.
Revaluation reserve
Below is the impact of revaluation of property, plant and equipment on revaluation reserve as at 31 December 2023 and changes in the revaluation reserve over 2024.
As at 31 December 2024
As at 31 December 2023
Carrying amount at the beginning of the period
2,767
-
PP&E revaluation impact
-
3,255
Transfer of revaluation reserve to retained earnings
(304)
-
Effect of deferred income tax
46
(488)
Impact of a change in income tax tariff
(30)
-
Carrying amount at the end of the period
2,479
2,767
Pursuant to Articles 39, 42, 51 and 59 of the Law on Companies of the Republic of Lithuania, no part of the revaluation reserve may be distributed, either directly or indirectly, it may be used only to increase the issued capital. The general meeting of shareholders may not adopt a decision to pay dividends if the equity capital of the company is lower or upon payment of dividends would become lower than the revaluation reserve, i.e. the use of the revaluation reserve for profit/loss allocation is prohibited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-83": { "value": "
18. Grants
Grants comprise grants for the acquisition of non-current assets and compensation of expenses. As at 31 December 2024 and 31 December 2023 movements in grants were as follows:
Opening balance
As at 31 December 2024
As at 31 December 2023
Grants receivable (Note 12)
7,360
6,976
Grants received in advance (current liabilities)
(10)
(107)
7,350
6,869
Recognised grants
Transfer to property, plant and equipment (Note 6)
-
14,686
Transfer to intangible assets (Note 5)
-
-
Write-off
(161)
-
Grants used for compensation of expenses
3
54
(158)
14,740
Grants received
Grants received as cash
7,192
14,259
7,192
14,259
Grants received in the form of assets
-
-
Closing balance
Grants receivable (Note 12)
-
7,360
Grants received in advance (current liabilities)
-
(10)
-
7,350
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-84": { "value": "
19. Borrowings
As at 31 December 2024, the Company had two long-term loan agreements with Nordic Investment Bank and European Investment Bank.
The balance of borrowings from Nordic Investment Bank, less the current portion of non-current borrowings, amounted to EUR 10,870 thousand as at 31 December 2024 (31 December 2023: EUR 13,043 thousand).
The balance of the borrowing from European Investment Bank, less the current portion of the non-current borrowing, amounted to EUR 44,443 thousand as at 31 December 2024 (31 December 2023: EUR 47,918 thousand).
To balance its working capital, on 2 September 2024 the Company and EPSO-G entered into a cash pool contract, based on which the maximum borrowing limit (overdraft) from EPSO-G was set in amount of EUR 70,000 thousand. As at 31 December 2024, the Company\u2019s borrowings under this contract amounted to EUR 23,482 thousand (31 December 2023: EUR 25,009 thousand).
As at 31 December 2024, the weighted average interest rate on the Company\u2019s borrowings was 2.25% (31 December 2023: 2.60%).
As at 31 December 2024, a EUR 43,870 thousand loan was subject to a variable interest rate (31 December 2023: EUR 48,095 thousand), and a EUR 40,574 thousand loan was subject to a fixed interest rate (31 December 2023: EUR 43,525 thousand). The interest rate is linked to variable 3-6-month EURIBOR rate.
The long-term loan agreements include financial covenants that the Company is obliged to comply with. The said financial covenants are defined by the following performance indicators: Financial debt-to-EBITDA ratio, Net debt to RAB ratio, Net Interest Coverage Ratio. As at 31 December 2024 and 2023, the Company complied with the covenants and obligations set forth in the loan agreements with the above mentioned banks.
As at 31 December 2024
As at 31 December 2023
Non-current borrowings
55,312
60,962
Current borrowings
29,482
31,084
Current borrowings
23,482
25,009
Current portion of non-current borrowings
5,649
5,649
Accrued interest payable
351
426
Total borrowings
84,794
92,046
Non-current borrowings by maturity:
As at 31 December 2024
As at 31 December 2023
Between 1 and 2 years
5,649
5,649
Between 2 and 5 years
16,948
16,949
After 5 years
32,715
38,364
Total
55,312
60,962
Non-current borrowings grouped by maturity into fixed-rate and variable-rate loans:
As at 31 December 2024
As at 31 December 2023
As at 31 December 2024
As at 31 December 2023
Borrowings with a fixed interest rate
Borrowings with a fixed interest rate
Borrowings with a variable interest rate
Borrowings with a variable interest rate
2024
-
2,951
-
2,699
2025
2,951
2,951
2,699
2,699
2026
2,951
2,951
2,699
2,699
2027
2,951
2,951
2,699
2,699
2028
2,951
2,951
2,699
2,699
2029
2,951
2,951
2,699
2,699
2030
2,951
2,951
2,699
2,699
2031
2,951
2,951
525
525
2032
2,951
2,951
524
524
2033
2,951
2,951
524
524
2034
2,951
2,951
524
524
2035
2,951
2,951
524
524
2036
2,951
2,951
524
524
2037
2,951
2,951
524
524
2038
2,211
2,211
524
524
40,574
43,525
20,387
23,086
All borrowings of the Company were obtained in the euros, and therefore, the outstanding balances of borrowings were denominated in the euros for the period of 31 December 2024 and 31 December 2023, thereby resulting in no foreign exchange effect.
There are no third-party guarantees or assets pledged by the Company as a collateral for bank borrowings.
Net debt balances:
As at 31 December 2024
As at 31 December 2023
Cash and cash equivalents
31
121
Other liquid assets
6,707
-
Non-current borrowings
(55,312)
(60,962)
Lease liabilities
(3,492)
(2,933)
Current portion of non-current borrowings
(5,649)
(5,649)
Current borrowings
(23,482)
(25,009)
Accrued interest payable
(351)
(426)
Current portion of lease liabilities
(986)
(317)
Net debt
(82,534)
(95,175)
Reconciliation of net debt balances and cash flows from financing activities:
Cash
Other liquid assets
Borrowings
Lease liabilities
Total
Net debt as at 31 December 2022
21
-
(101,137)
(3,514)
(104,630)
Changes in cash and cash equivalents
100
-
-
-
100
Loan (received)
-
-
-
-
-
Repayment of borrowings
-
-
24,780
-
24,780
Change in overdraft
-
-
(15,437)
-
(15,437)
Lease payments
-
-
-
512
512
Concluded lease contracts
-
-
-
(217)
(217)
Indexation
-
-
-
(31)
(31)
Other movements
-
-
-
-
-
Interest charges expensed and interest capitalised
-
-
(2,071)
(30)
(2,101)
Interest paid
-
-
1,834
30
1,864
Other non-cash changes
-
-
(15)
-
(15)
Net debt as at 31 December 2023
121
-
(92,046)
(3,250)
(95,175)
Net debt as at 31 December 2023
121
-
(92,046)
(3,250)
(95,175)
Changes in cash and cash equivalents
(90)
-
-
-
(90)
Increase in other liquid assets*
-
6,707
-
-
6,707
Loans (received)
-
-
-
-
-
Repayment of borrowings
-
-
5,649
-
5,649
Change in overdraft
-
-
1,526
-
1,526
Lease payments
-
-
-
876
876
Concluded lease contracts
-
-
-
(2,076)
(2,076)
Indexation
-
-
-
(28)
(28)
Other changes
-
-
-
-
-
Interest charges expensed and interest capitalised
-
-
(2,235)
(103)
(2,338)
Interest paid
-
-
2,312
103
2,415
Other non-cash changes
-
-
-
-
-
Net debt as at 31 December 2024
31
6,707
(84,794)
(4,478)
(82,534)
* According to the assessment of the Group\u2018s and the Company's management, when analyzing the level of net debt for management purposes, calculating this indicator, financial debts are reduced not only by cash and cash equivalents, but also by other liquid asset balances (Note 14), which consist of highly liquid and low-risk instruments, i.e. deposits over 90 days or government securities of high credit rating countries with a maturity of up to 360 days. The composition of the components used in calculating the indicator was selected taking into account the fact that the conversion of these financial instruments into cash can be realized in a very short time and without incurring any or insignificant financial losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-85": { "value": "
As at 31 December 2024
As at 31 December 2023
Non-current portion of contract liabilities under connection contracts
1,700
1,530
Total non-current contract liabilities
1,700
1,530
Current portion of contract liabilities under connection contracts
89
70
Prepayments received for connection services
-
-
Total current liabilities under contracts with customers
89
70
Total contract liabilities
1,789
1,600
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-86": { "value": "
22. Provisions
As at 31 December 2024
As at 31 December 2023
Provisions for pension benefits to employees
793
774
Provisions for registration of special land use conditions (protected areas)
300
356
Provision for repayment of guarantee funds
5,815
-
Carrying amount
6,908
1,130
Non-current provisions
937
667
Current provisions
5,971
463
Movement in provisions:
Provisions for pension benefits to employees
Provisions for registration of protection zones
Provision for repayment of guarantee funds
Total
Carrying amount as at 31 December 2022
738
1,024
-
1,762
Calculated
36
-
-
36
Revised estimate
-
(264)
-
(264)
Payments made
-
(404)
-
(404)
Carrying amount as at 31 December 2023
774
356
-
1,130
Calculated
19
-
5,815
5,834
Revised estimate
-
(49)
-
(49)
Payments made
-
(7)
-
(7)
Carrying amount as at 31 March 2024
793
300
5,815
6,908
As at 31 December 2024, the Company\u2019s employee benefit obligations related to payment of one-off benefits to employees leaving the Company at retirement age amounted to EUR 793 thousand (as at 31 December 2023: EUR 774 thousand). There are no other long-term employee benefit obligations for long-term service of employees as per the collective agreement.
Key assumptions used in assessing the Company\u2019s and the Group\u2019s long-term employee benefit obligations are given below:
As at 31 December 2024
As at 31 December 2023
Discount rate
0.96%
1.24%
Annual employee turnover rate
7.12%
6.91%
Annual salary growth
2.80%
3.00%
Average time to retirement (years)
19.84
19.81
The Company has obligation to register special conditions for the use of land (protection zones). As at 31 December 2024 and 2023, the Company re-measured the provision for registration of special land use conditions (protected areas) and the related intangible assets in view of changes in assumptions. As at 31 December 2024, the provision reduced by EUR 49 thousand (31 December 2023: EUR 264 thousand). As at 31 December 2024, the Company\u2019s outstanding obligation to register special conditions for the use of land (protection zones) amounted to EUR 300 thousand (31 December 2023: EUR 356 thousand).
Following the contractor\u2019s failure to perform and/or improper performance of its warranty obligations under the contract for the construction of the gas pipeline interconnection between Poland and Lithuania (GIPL), the Company has received guarantee funds of EUR 5,815 thousand under the guarantee bank guarantees provided by the contractor Alvora UAB.
In the event the contractor challenges the non-performance or improper performance of its warranty obligations in court and requests to declare the Company\u2019s claims for payment of the guarantee funds unlawful, the Company has made a provision for the expected repayment of funds received under the guarantee. More information on the legal dispute with Alvora UAB is disclosed in Note 38.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-87": { "value": "
22. Provisions
As at 31 December 2024
As at 31 December 2023
Provisions for pension benefits to employees
793
774
Provisions for registration of special land use conditions (protected areas)
300
356
Provision for repayment of guarantee funds
5,815
-
Carrying amount
6,908
1,130
Non-current provisions
937
667
Current provisions
5,971
463
Movement in provisions:
Provisions for pension benefits to employees
Provisions for registration of protection zones
Provision for repayment of guarantee funds
Total
Carrying amount as at 31 December 2022
738
1,024
-
1,762
Calculated
36
-
-
36
Revised estimate
-
(264)
-
(264)
Payments made
-
(404)
-
(404)
Carrying amount as at 31 December 2023
774
356
-
1,130
Calculated
19
-
5,815
5,834
Revised estimate
-
(49)
-
(49)
Payments made
-
(7)
-
(7)
Carrying amount as at 31 March 2024
793
300
5,815
6,908
As at 31 December 2024, the Company\u2019s employee benefit obligations related to payment of one-off benefits to employees leaving the Company at retirement age amounted to EUR 793 thousand (as at 31 December 2023: EUR 774 thousand). There are no other long-term employee benefit obligations for long-term service of employees as per the collective agreement.
Key assumptions used in assessing the Company\u2019s and the Group\u2019s long-term employee benefit obligations are given below:
As at 31 December 2024
As at 31 December 2023
Discount rate
0.96%
1.24%
Annual employee turnover rate
7.12%
6.91%
Annual salary growth
2.80%
3.00%
Average time to retirement (years)
19.84
19.81
The Company has obligation to register special conditions for the use of land (protection zones). As at 31 December 2024 and 2023, the Company re-measured the provision for registration of special land use conditions (protected areas) and the related intangible assets in view of changes in assumptions. As at 31 December 2024, the provision reduced by EUR 49 thousand (31 December 2023: EUR 264 thousand). As at 31 December 2024, the Company\u2019s outstanding obligation to register special conditions for the use of land (protection zones) amounted to EUR 300 thousand (31 December 2023: EUR 356 thousand).
Following the contractor\u2019s failure to perform and/or improper performance of its warranty obligations under the contract for the construction of the gas pipeline interconnection between Poland and Lithuania (GIPL), the Company has received guarantee funds of EUR 5,815 thousand under the guarantee bank guarantees provided by the contractor Alvora UAB.
In the event the contractor challenges the non-performance or improper performance of its warranty obligations in court and requests to declare the Company\u2019s claims for payment of the guarantee funds unlawful, the Company has made a provision for the expected repayment of funds received under the guarantee. More information on the legal dispute with Alvora UAB is disclosed in Note 38.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-88": { "value": "
23. Trade payable
As at 31 December 2024
As at 31 December 2023
Payables for property, plant and equipment
969
900
Payables for goods and services
1,602
1,892
Payables for repair services
47
127
Payables for natural gas
1,513
1
Payables for balancing services
2,253
2,415
6,384
5,335
Trade payables are non-interest bearing and are generally collectible within 30 days. As at 31 December 2024, trade payables were by 20% higher than as at 31 December 2023. The increase in trade payables was influenced by higher volumes of natural gas transmitted due of increased natural gas consumption and increased technological needs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-89": { "value": "
24. Prepayments received
As at 31 December 2024
As at 31 December 2023
Financial liabilities
Security deposits received
918
528
Other prepayments received
-
-
Total financial liabilities
918
528
Non-financial liabilities
Contract liabilities
89
70
Advance grants received
-
6
Other accrued revenue
-
4
Other prepayments received
29
14
Total non-financial liabilities
118
94
Total prepayments received and contract liabilities
1,036
622
As at 31 December 2024 in prepayments received consisted of comprised security deposits received from the system users as a contract enforcement measure amounted to EUR 918 thousand as at 31 December 2024 (31 December 2023 \u2013 EUR 528 thousand). The system user, before entering into the transmission contract, must provide the Company with appropriate contract enforcement measures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-90": { "value": "
24. Prepayments received
As at 31 December 2024
As at 31 December 2023
Financial liabilities
Security deposits received
918
528
Other prepayments received
-
-
Total financial liabilities
918
528
Non-financial liabilities
Contract liabilities
89
70
Advance grants received
-
6
Other accrued revenue
-
4
Other prepayments received
29
14
Total non-financial liabilities
118
94
Total prepayments received and contract liabilities
1,036
622
As at 31 December 2024 in prepayments received consisted of comprised security deposits received from the system users as a contract enforcement measure amounted to EUR 918 thousand as at 31 December 2024 (31 December 2023 \u2013 EUR 528 thousand). The system user, before entering into the transmission contract, must provide the Company with appropriate contract enforcement measures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-91": { "value": "
25. Other amounts payable and current liabilities
As at 31 December 2024
As at 31 December 2023
Non-financial liabilities
Employment-related liabilities
1,952
1,199
Accrued expenses relating to vocation reserve
1,525
1,654
Administered LNG terminal funds payable
10,794
8,906
Accrued administered LNG terminal funds
833
471
Real estate tax payable
780
732
Payable value added tax
-
-
Other taxes payable
16
19
Other payables
-
-
Total non-financial liabilities
15,900
12,981
Financial liabilities
Payable CBCA contribution
27,450
27,450
Payable dividends
73
65
Other payables
-
1
Accrued expenses
1,120
1,089
Derivative liabilities
654
364
Total financial liabilities
29,297
28,969
Total other payables
45,197
41,950
The Company has agreed to the commitment to pay the compensation of EUR 27,450 thousand (hereinafter the \u2018CBCA contribution\u2019) set out in the Transmission System Operators Agreement) (hereinafter the \u2018ITA Agreement\u2019) and imposed be the decision of the Agency for the Cooperation of Energy Regulators of the European Union (ACER) to the Polish TSO, calculated in accordance with the principles of cost allocation between the Member States of the gas interconnection project between Lithuania and Poland (GIPL). The CBCA contribution will be paid to the Polish transmission system operator upon receipt of its payment request based on the value of the GIPL construction works on the Polish side validated by the auditors.
The ITA agreement provides for the indexation of the CBCA contribution in the event of non-completion of the project by the deadline of 1 January 2022, considering the euro area's inflation based on Eurostat data. In addition, the CBCA contribution is adjusted by the rate calculated as the ratio between actual and planned project costs. Any financial settlements under the ITA Agreement, including the translation of GIPL costs from Polish zlotys into euro, are made at the exchange reference rates published by the European Central Bank. The exchange rate prevailing on the date of invoice must be applied. As the amendment to the ITA Agreement requires the approval of the management of the transmission system operators in the project countries, the CBCA contribution adjustment is directly dependent on the applicable exchange rate between Polish zloty and euro, which is variable, the Company is unable to reliably estimate the amount of the CBCA contribution adjustment and this uncertainty about the amount of compensation adjustment, no financial liability in respect of the adjustment is recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-92": { "value": "
25. Other amounts payable and current liabilities
As at 31 December 2024
As at 31 December 2023
Non-financial liabilities
Employment-related liabilities
1,952
1,199
Accrued expenses relating to vocation reserve
1,525
1,654
Administered LNG terminal funds payable
10,794
8,906
Accrued administered LNG terminal funds
833
471
Real estate tax payable
780
732
Payable value added tax
-
-
Other taxes payable
16
19
Other payables
-
-
Total non-financial liabilities
15,900
12,981
Financial liabilities
Payable CBCA contribution
27,450
27,450
Payable dividends
73
65
Other payables
-
1
Accrued expenses
1,120
1,089
Derivative liabilities
654
364
Total financial liabilities
29,297
28,969
Total other payables
45,197
41,950
The Company has agreed to the commitment to pay the compensation of EUR 27,450 thousand (hereinafter the \u2018CBCA contribution\u2019) set out in the Transmission System Operators Agreement) (hereinafter the \u2018ITA Agreement\u2019) and imposed be the decision of the Agency for the Cooperation of Energy Regulators of the European Union (ACER) to the Polish TSO, calculated in accordance with the principles of cost allocation between the Member States of the gas interconnection project between Lithuania and Poland (GIPL). The CBCA contribution will be paid to the Polish transmission system operator upon receipt of its payment request based on the value of the GIPL construction works on the Polish side validated by the auditors.
The ITA agreement provides for the indexation of the CBCA contribution in the event of non-completion of the project by the deadline of 1 January 2022, considering the euro area's inflation based on Eurostat data. In addition, the CBCA contribution is adjusted by the rate calculated as the ratio between actual and planned project costs. Any financial settlements under the ITA Agreement, including the translation of GIPL costs from Polish zlotys into euro, are made at the exchange reference rates published by the European Central Bank. The exchange rate prevailing on the date of invoice must be applied. As the amendment to the ITA Agreement requires the approval of the management of the transmission system operators in the project countries, the CBCA contribution adjustment is directly dependent on the applicable exchange rate between Polish zloty and euro, which is variable, the Company is unable to reliably estimate the amount of the CBCA contribution adjustment and this uncertainty about the amount of compensation adjustment, no financial liability in respect of the adjustment is recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-93": { "value": "
25. Other amounts payable and current liabilities
As at 31 December 2024
As at 31 December 2023
Non-financial liabilities
Employment-related liabilities
1,952
1,199
Accrued expenses relating to vocation reserve
1,525
1,654
Administered LNG terminal funds payable
10,794
8,906
Accrued administered LNG terminal funds
833
471
Real estate tax payable
780
732
Payable value added tax
-
-
Other taxes payable
16
19
Other payables
-
-
Total non-financial liabilities
15,900
12,981
Financial liabilities
Payable CBCA contribution
27,450
27,450
Payable dividends
73
65
Other payables
-
1
Accrued expenses
1,120
1,089
Derivative liabilities
654
364
Total financial liabilities
29,297
28,969
Total other payables
45,197
41,950
The Company has agreed to the commitment to pay the compensation of EUR 27,450 thousand (hereinafter the \u2018CBCA contribution\u2019) set out in the Transmission System Operators Agreement) (hereinafter the \u2018ITA Agreement\u2019) and imposed be the decision of the Agency for the Cooperation of Energy Regulators of the European Union (ACER) to the Polish TSO, calculated in accordance with the principles of cost allocation between the Member States of the gas interconnection project between Lithuania and Poland (GIPL). The CBCA contribution will be paid to the Polish transmission system operator upon receipt of its payment request based on the value of the GIPL construction works on the Polish side validated by the auditors.
The ITA agreement provides for the indexation of the CBCA contribution in the event of non-completion of the project by the deadline of 1 January 2022, considering the euro area's inflation based on Eurostat data. In addition, the CBCA contribution is adjusted by the rate calculated as the ratio between actual and planned project costs. Any financial settlements under the ITA Agreement, including the translation of GIPL costs from Polish zlotys into euro, are made at the exchange reference rates published by the European Central Bank. The exchange rate prevailing on the date of invoice must be applied. As the amendment to the ITA Agreement requires the approval of the management of the transmission system operators in the project countries, the CBCA contribution adjustment is directly dependent on the applicable exchange rate between Polish zloty and euro, which is variable, the Company is unable to reliably estimate the amount of the CBCA contribution adjustment and this uncertainty about the amount of compensation adjustment, no financial liability in respect of the adjustment is recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-94": { "value": "
26. Revenue
The Group\u2018s and the Company\u2018s revenue includes as follows:
Company
Group
2024
2023
2023
Revenue under contracts with customers
Transmission of natural gas in the territory of Lithuania
61,195
67,364
67,364
Revenue from system balancing products
12,879
12,544
12,544
Revenue from trading on exchange
-
-
812
Revenue from connection of new consumers (deferred revenue)
76
42
42
Other income
35
10
90
Total revenue from contracts with customers
74,185
79,960
80,852
Revenue other than under contracts with customers
Revenue from administration of LNG terminal funds
125
69
69
Total revenue other than under contracts with customers
125
69
69
Total revenue
74,310
80,029
80,921
Company
Group
2024
2023
2023
Revenue recognised over the period
Transmission of natural gas in the territory of Lithuania
61,195
67,364
67,364
Revenue from system balancing products
12,879
12,544
12,544
Membership revenue
-
-
-
Other income
236
121
201
Total revenue recognised over the period
74,310
80,029
80,109
Revenue recognised at a point in time, upon provision of services
Revenue from trading on exchange
-
-
812
Total revenue recognised at a point in time, upon provision of services:
-
-
812
Total revenue under contracts with customers
74,310
80,029
80,921
Revenue from natural gas transmission and related services decreased by 8% in 2024, compared to 2023. Revenue from transmission in 2024 decreased by 10% (EUR 6.2 million) due to a 10% decrease in the volume of natural gas transmitted; balancing revenues in 2024 increased by 3% (EUR 0.3 million), due to a higher demand for balancing services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-95": { "value": "
26. Revenue
The Group\u2018s and the Company\u2018s revenue includes as follows:
Company
Group
2024
2023
2023
Revenue under contracts with customers
Transmission of natural gas in the territory of Lithuania
61,195
67,364
67,364
Revenue from system balancing products
12,879
12,544
12,544
Revenue from trading on exchange
-
-
812
Revenue from connection of new consumers (deferred revenue)
76
42
42
Other income
35
10
90
Total revenue from contracts with customers
74,185
79,960
80,852
Revenue other than under contracts with customers
Revenue from administration of LNG terminal funds
125
69
69
Total revenue other than under contracts with customers
125
69
69
Total revenue
74,310
80,029
80,921
Company
Group
2024
2023
2023
Revenue recognised over the period
Transmission of natural gas in the territory of Lithuania
61,195
67,364
67,364
Revenue from system balancing products
12,879
12,544
12,544
Membership revenue
-
-
-
Other income
236
121
201
Total revenue recognised over the period
74,310
80,029
80,109
Revenue recognised at a point in time, upon provision of services
Revenue from trading on exchange
-
-
812
Total revenue recognised at a point in time, upon provision of services:
-
-
812
Total revenue under contracts with customers
74,310
80,029
80,921
Revenue from natural gas transmission and related services decreased by 8% in 2024, compared to 2023. Revenue from transmission in 2024 decreased by 10% (EUR 6.2 million) due to a 10% decrease in the volume of natural gas transmitted; balancing revenues in 2024 increased by 3% (EUR 0.3 million), due to a higher demand for balancing services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-96": { "value": "
27. Other income
The Group\u2018s other income includes as follows:
Company
Group
2024
2023
2023
Grants recognised as income
4
54
54
Proceeds from the sale of inventories and returnable materials
4
875
875
Rental income
8
1
1
Gain on disposal of PP&E
2
19
19
Interest on late payment
39
40
40
Other income
216
319
319
273
1,308
1,308
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-97": { "value": "
29. Purchase of natural gas
The cost of purchase of natural gas were consisted of:
Company
Group
2024
2023
2023
Expenses for natural gas system balancing products
(13,079)
(18,210)
(18,210)
Expenses for natural gas technological needs
(3,430)
(7,142)
(7,142)
Total*
(16,509)
(25,352)
(25,352)
* Includes impact of changes in gas inventory balances.
In 2024, compared to 2023, natural gas costs decreased by 35%. The changes in natural gas costs were driven by:
\u2010a 28% decrease in expenses from balancing services due lower prices;
\u2010a 52% decrease in technological needs due to lower consumption and lower gas prices.
30. Payroll and related expenses
Payroll and related expenses were consisted of:
Company
Group
2024
2023
2023
Wages and salaries
(15,227)
(13,596)
(13,848)
Cost of social security contributions
(274)
(244)
(248)
Total wages and related costs:
(15,501)
(13,840)
(14,096)
31. Other expenses
Other expenses of the Group and Company were consisted of:
Company
Group
2024
2023
2023
Telecommunications and IT system expenses
(2,263)
(2,285)
(2,336)
Business trips
(304)
(259)
(259)
Consulting services
(334)
(117)
(117)
Expenses of governing bodies
(104)
(92)
(92)
Management services
(760)
(349)
(349)
Personnel development
(222)
(227)
(227)
Public relations
(177)
(236)
(236)
Premise expenses
(740)
(1,071)
(1,071)
Transport
(791)
(702)
(702)
Council fee
(1,111)
(1,321)
(1,321)
Taxes
(3,314)
(2,979)
(2,979)
Business protection
(583)
(542)
(542)
Membership fees
(258)
(242)
(242)
Insurance
(532)
(520)
(520)
Other expenses
(1,941)
(2,409)
(2,426)
Total
(13,434)
(13,351)
(13,419)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-98": { "value": "
31. Other expenses
Other expenses of the Group and Company were consisted of:
Company
Group
2024
2023
2023
Telecommunications and IT system expenses
(2,263)
(2,285)
(2,336)
Business trips
(304)
(259)
(259)
Consulting services
(334)
(117)
(117)
Expenses of governing bodies
(104)
(92)
(92)
Management services
(760)
(349)
(349)
Personnel development
(222)
(227)
(227)
Public relations
(177)
(236)
(236)
Premise expenses
(740)
(1,071)
(1,071)
Transport
(791)
(702)
(702)
Council fee
(1,111)
(1,321)
(1,321)
Taxes
(3,314)
(2,979)
(2,979)
Business protection
(583)
(542)
(542)
Membership fees
(258)
(242)
(242)
Insurance
(532)
(520)
(520)
Other expenses
(1,941)
(2,409)
(2,426)
Total
(13,434)
(13,351)
(13,419)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-99": { "value": "
32. Financing activities
Company
Group
2024
2023
2023
Interest income
186
9
454
Other
-
13
13
Total finance income
186
22
467
Interest costs
(2,345)
(1,778)
(1,778)
Other finance costs
(7)
(2)
(3)
Total finance costs
(2,352)
(1,780)
(1,781)
Total finance costs, net
(2,166)
(1,758)
(1,314)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-100": { "value": "
32. Financing activities
Company
Group
2024
2023
2023
Interest income
186
9
454
Other
-
13
13
Total finance income
186
22
467
Interest costs
(2,345)
(1,778)
(1,778)
Other finance costs
(7)
(2)
(3)
Total finance costs
(2,352)
(1,780)
(1,781)
Total finance costs, net
(2,166)
(1,758)
(1,314)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-101": { "value": "
32. Financing activities
Company
Group
2024
2023
2023
Interest income
186
9
454
Other
-
13
13
Total finance income
186
22
467
Interest costs
(2,345)
(1,778)
(1,778)
Other finance costs
(7)
(2)
(3)
Total finance costs
(2,352)
(1,780)
(1,781)
Total finance costs, net
(2,166)
(1,758)
(1,314)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-102": { "value": "
32. Financing activities
Company
Group
2024
2023
2023
Interest income
186
9
454
Other
-
13
13
Total finance income
186
22
467
Interest costs
(2,345)
(1,778)
(1,778)
Other finance costs
(7)
(2)
(3)
Total finance costs
(2,352)
(1,780)
(1,781)
Total finance costs, net
(2,166)
(1,758)
(1,314)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-103": { "value": "
32. Financing activities
Company
Group
2024
2023
2023
Interest income
186
9
454
Other
-
13
13
Total finance income
186
22
467
Interest costs
(2,345)
(1,778)
(1,778)
Other finance costs
(7)
(2)
(3)
Total finance costs
(2,352)
(1,780)
(1,781)
Total finance costs, net
(2,166)
(1,758)
(1,314)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-104": { "value": "
32. Financing activities
Company
Group
2024
2023
2023
Interest income
186
9
454
Other
-
13
13
Total finance income
186
22
467
Interest costs
(2,345)
(1,778)
(1,778)
Other finance costs
(7)
(2)
(3)
Total finance costs
(2,352)
(1,780)
(1,781)
Total finance costs, net
(2,166)
(1,758)
(1,314)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-105": { "value": "
32. Financing activities
Company
Group
2024
2023
2023
Interest income
186
9
454
Other
-
13
13
Total finance income
186
22
467
Interest costs
(2,345)
(1,778)
(1,778)
Other finance costs
(7)
(2)
(3)
Total finance costs
(2,352)
(1,780)
(1,781)
Total finance costs, net
(2,166)
(1,758)
(1,314)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-106": { "value": "
33. Current and deferred income tax
Income tax expenses include as follows:
Company
Group
2024
2023
2023
Current income tax expense for the reporting year
1,071
-
140
Deferred income tax expenses (benefit)
125
567
567
Income tax expenses/(benefit) for the reporting period
1,196
567
707
The movement in deferred tax assets and liabilities prior to offsetting the balances with the same fiscal authority was as follows:
Deferred income tax assets
PP&E revaluation
(impairment)
Fees on connection of new consumers
Impairment of inventories and receivables
Accrued expenses
Unutilised investment incentive
Lease liabilities
Other
Total
As at 31 December 2022
2,342
196
86
303
2,192
505
145
5,769
Recognised in profit or loss
1,068
44
(6)
61
(1,744)
(40)
56
(561)
Recognised in other comprehensive income
-
-
-
-
-
-
-
-
As at 31 December 2023
3,410
240
80
364
448
465
201
5,208
Recognised in profit or loss
190
5
(7)
7
(448)
220
106
73
Recognised in other comprehensive income
-
-
-
-
-
-
-
-
As at 31 December 2024
3,600
245
73
371
-
685
307
5,281
Deferred tax liabilities
Effect of capitalisation of interest
PP&E depreciation
PP&E revaluation
Right-of-use assets
Total
As at 31 December 2022
(123)
-
-
(505)
(628)
Recognised in profit or loss
(46)
-
40
(6)
Recognised in other comprehensive income
-
(488)
-
(488)
As at 31 December 2023
(169)
-
(488)
(465)
(1,122)
Recognised in profit or loss
(7)
(17)
46
(220)
(198)
Recognised in other comprehensive income
-
-
(30)
-
(30)
As at 31 December 2024
(176)
(17)
(472)
(685)
(1,350)
As at 31 December 2024
As at 31 December 2023
Deferred tax assets before offset
5,281
5,208
Less: deferred tax assets offset against deferred tax liabilities
(1,350)
(1,122)
Deferred tax asset, net
3,931
4,086
Deferred income tax, net, at 31 December 2022
5,141
Deferred income tax, net, at 31 December 2023
4,086
Deferred income tax, net, at 31 December 2024
3,931
Under the assessment of the Company EUR 356 thousand net deferred income tax will be realized within 12 months, EUR 3,575 thousand over a period of more than 12 months.
Deferred income tax assets and deferred income tax liabilities were offset in the Group\u2019s and the Company\u2019s statement of financial position, as they were related to the same tax authority.
When estimating the components of deferred income assets and liabilities as at 31 December 2024 the Company applied income tax rate of 16% , as at 31 December 2023 - income tax rate of 15%.
The reported amount of current income tax expenses can be reconciled to the income tax expenses that would result from applying a standard income tax rate of 15% to profit before tax:
Company
Group
2024
2023
2023
Profit (loss) before tax
9,502
13,992
13,720
Income tax (expenses) at the effective income tax rate
1,425
2,099
2,058
Non-deductible expenses, non-taxable income
56
29
111
Disposal of subsidiary and revaluation of the remaining investment in associate
-
(1,521)
(1,422)
Investment relief utilised during the reporting period
(10)
(40)
(40)
Impact of a change in the corporate income tax rate
(275)
-
-
Other
-
-
-
Adjustments to previous year income tax
-
-
-
1,196
567
707
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-107": { "value": "
33. Current and deferred income tax
Income tax expenses include as follows:
Company
Group
2024
2023
2023
Current income tax expense for the reporting year
1,071
-
140
Deferred income tax expenses (benefit)
125
567
567
Income tax expenses/(benefit) for the reporting period
1,196
567
707
The movement in deferred tax assets and liabilities prior to offsetting the balances with the same fiscal authority was as follows:
Deferred income tax assets
PP&E revaluation
(impairment)
Fees on connection of new consumers
Impairment of inventories and receivables
Accrued expenses
Unutilised investment incentive
Lease liabilities
Other
Total
As at 31 December 2022
2,342
196
86
303
2,192
505
145
5,769
Recognised in profit or loss
1,068
44
(6)
61
(1,744)
(40)
56
(561)
Recognised in other comprehensive income
-
-
-
-
-
-
-
-
As at 31 December 2023
3,410
240
80
364
448
465
201
5,208
Recognised in profit or loss
190
5
(7)
7
(448)
220
106
73
Recognised in other comprehensive income
-
-
-
-
-
-
-
-
As at 31 December 2024
3,600
245
73
371
-
685
307
5,281
Deferred tax liabilities
Effect of capitalisation of interest
PP&E depreciation
PP&E revaluation
Right-of-use assets
Total
As at 31 December 2022
(123)
-
-
(505)
(628)
Recognised in profit or loss
(46)
-
40
(6)
Recognised in other comprehensive income
-
(488)
-
(488)
As at 31 December 2023
(169)
-
(488)
(465)
(1,122)
Recognised in profit or loss
(7)
(17)
46
(220)
(198)
Recognised in other comprehensive income
-
-
(30)
-
(30)
As at 31 December 2024
(176)
(17)
(472)
(685)
(1,350)
As at 31 December 2024
As at 31 December 2023
Deferred tax assets before offset
5,281
5,208
Less: deferred tax assets offset against deferred tax liabilities
(1,350)
(1,122)
Deferred tax asset, net
3,931
4,086
Deferred income tax, net, at 31 December 2022
5,141
Deferred income tax, net, at 31 December 2023
4,086
Deferred income tax, net, at 31 December 2024
3,931
Under the assessment of the Company EUR 356 thousand net deferred income tax will be realized within 12 months, EUR 3,575 thousand over a period of more than 12 months.
Deferred income tax assets and deferred income tax liabilities were offset in the Group\u2019s and the Company\u2019s statement of financial position, as they were related to the same tax authority.
When estimating the components of deferred income assets and liabilities as at 31 December 2024 the Company applied income tax rate of 16% , as at 31 December 2023 - income tax rate of 15%.
The reported amount of current income tax expenses can be reconciled to the income tax expenses that would result from applying a standard income tax rate of 15% to profit before tax:
Company
Group
2024
2023
2023
Profit (loss) before tax
9,502
13,992
13,720
Income tax (expenses) at the effective income tax rate
1,425
2,099
2,058
Non-deductible expenses, non-taxable income
56
29
111
Disposal of subsidiary and revaluation of the remaining investment in associate
-
(1,521)
(1,422)
Investment relief utilised during the reporting period
(10)
(40)
(40)
Impact of a change in the corporate income tax rate
(275)
-
-
Other
-
-
-
Adjustments to previous year income tax
-
-
-
1,196
567
707
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-108": { "value": "
34. Basic and diluted earnings per share
Basic and diluted earnings (loss) per share reflect net profit (loss) divided by the weighted average number of shares. There are no diluting instruments, therefore, the basic and diluted earnings (loss) per share are the same. Calculation of basic and diluted earnings (loss) per share is presented below:
Group
2024
2023
Net profit attributable to equity holders of the Group (EUR \u2019000)
8,306
13,013
Weighted average number of shares (\u2019000 units)
178,383
178,383
Basic and diluted earnings (loss) per share (EUR)
0.05
0.07
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-109": { "value": "Basic and diluted earnings (loss) per share reflect net profit (loss) divided by the weighted average number of shares. There are no diluting instruments, therefore, the basic and diluted earnings (loss) per share are the same.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-110": { "value": "
35. Cash flows from investing and financing activities
The impact of significant investment and financing transactions, classified as non-cash transactions, on the cash flows from financing and investing activities is disclosed below.
When calculating cash flows from investing and financing activities as at 31 December 2023, the Company took into consideration the following: changes in payables for non-current assets of EUR 2.260 thousand, re-measurement of provision for registration of special land use conditions and related intangible assets of EUR 264 thousand, payments made to set special land use conditions of EUR 404 thousand, and capitalised interest costs of EUR 329 thousand. Reclassification from non-current assets (including construction work in progress) to inventories and assets held for sale amounted to EUR 59 thousand and change in grants receivable to EUR 427 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-111": { "value": "
36. Financial assets and liabilities and risk management
The Company is exposed to financial risks in its operations. By managing the risks, the Group and the Company seek to mitigate the impact of factors that might have an adverse effect on the financial performance. The Company follows the Group\u2018s Treasury and Financial Risk Management Policy.
Financial instruments by category based on the items of the statement of financial position:
Financial assets
Note
As at 31 December 2024
As at 31 December 2023
Financial assets at fair value through profit or loss
1,153
1,226
Derivatives
9
1,153
1,226
Financial assets at amortised cost
16,611
10,181
Trade receivables
11
9,763
9,030
Other receivables
12
85
502
Cash and cash equivalents
14
31
121
Other financial assets
13
6,732
528
Total financial assets:
17,764
11,407
Financial liabilities
Note
As at 31 December 2024
As at 31 December 2023
Financial liabilities at fair value through profit or loss
654
364
Derivatives
9
654
364
Financial liabilities measured at amortised cost
125,217
129,764
Borrowings
19
84,794
92,046
Lease liabilities
20
4,478
3,250
Trade payables
23
6,384
5,335
Other payables and liabilities
24,25
29,561
29,133
Total
125,871
130,128
The table below provides information on the values of balance sheet items exposed to credit risk:
As at 31 December 2024
As at 31 December 2023
At fair value through profit or loss
1,153
1,226
At amortized cost
16,611
10,181
Contract assets
1,220
1,798
18,984
13,205
Liquidity risk
Liquidity risk is managed continuously by making short-term and long-term cash flow forecasts of the Group. Where necessary, the Company relies on the forecasts to make decisions aimed at ensuring its solvency, i.e. uses the credit limit on EPSO-G\u2019s cash pool account to balance its working capital. The cash pool agreements concluded with EPSO-G UAB is effective until 1 September 2027. Balance of undrawn credit limit as at 31 December 2024 was EUR 46,518 thousand (as at 31 December 2023, EUR 44,991 thousand).
The Group\u2019s liquidity ratios (after elimination of effects of the LNG terminal funds under administration) were as follows as at 31 December 2024 and 2023:
As at 31 December 2024
As at 31 December 2023
Current ratio
0.30
0.36
Quick ratio
0.24
0.28
An increase in current liabilities resulted in lower liquidity rates.
The table below presents the Company\u2019s financial liabilities grouped by maturity as at 31 December 2024 and 2023, based on the undiscounted contractual payments (scheduled payments including interest):
Up to 3 months
Between 3 and 12 months
Between 1 and 5 years
After 5 years
Total
Interest-bearing borrowings and liabilities
27,653
4,427
26,129
40,501
98,710
Lease liabilities
101
251
1,075
3,081
4,508
Other liabilities
1,683
27,450
364
-
29,497
Trade payables
5,335
-
-
-
5,335
Balance as at 31 December 2023
34,772
32,128
27,568
43,582
138,050
Interest-bearing borrowings and liabilities
2,575
28,143
25,200
34,080
89,998
Lease liabilities
267
803
1,835
2,873
5,778
Other current liabilities
29,561
-
654
-
30,215
Trade payables
6,384
-
-
-
6,384
Balance as at 31 December 2024
38,787
28,946
27,689
36,953
132,375
Credit risk
The maximum exposure to credit risk is equal to the amount of trade receivables (except for receivable LNG terminal funds), other receivables, cash, other financial assets, less recognised impairment losses. Delays in settlement of
significant amounts of trade receivables may affect the Company\u2019s ordinary course of business and lead to search of additional financing sources. Credit risk is managed through regular monitoring procedures (individual supervision of debtors, monitoring and analysis of customers in order to identify potential solvency issues that may arise in the future, etc.). The Company has approved the description of administration of payments for the transmission services, which stipulates the specific actions and deadlines to be followed in order to reduce the outstanding balance of trade receivables. Creditworthiness of all customers is assessed, and in case of any deviations from the criteria set out in the Description of administration of payments for the transmission services, the risk is assessed individually in respect of creditworthiness of each customer, and, if necessary, additional credit enhancements are ensured to eliminate such risk. The Company is exposed to significant concentration of credit risk. The credit risk exposure is distributed among the Company\u2019s 10 major customers with trade receivables from them representing 86% of the Company\u2019s total trade receivables as at 31 December 2024 (31 December 2023: 87%).
The Group\u2019s exposure to credit risk arises from cash at bank. The level of exposure depends on the credibility of the selected bank (Note 14). The Group has an effective treasury and financial risk management policy in place.
The policy establishes the credibility level of the banks selected for partnership; the diversification limits for funds kept as deposits or invested in the investment products of banks or their subsidiaries, other securities, etc.
The credibility of the selected partners is assessed according to the procedure established at the Company. The system users assigned with the highest risk level are assessed by engaging an entity that provides specialised creditworthiness assessment services, and an exchange participant willing to make a purchase order is required to provide a credit enhancement (advance payment or bank guarantee).
The Group does not issue guarantees to secure the fulfilment of obligations of other parties.
Interest rate risk
As at 31 December 2024 and 2023, the Group had borrowings with variable interest rates. Exposure to interest rate risk arises from variable interest rates that are linked to EURIBOR. In view of the situation in market of the interbank offered rates, the Group did not enter into any financial instrument transactions intended to manage the interest rate risk during 2024 and 2023.
The table below demonstrates the sensitivity of the Company's profit before tax to theoretic potential shifts in EURIBOR interest rates, with all other variables held constant. The Company estimates sensitivity using 100 basis points, which make 1%.
There is no impact on the Company\u2019s equity, other than that on current year profit.
Increase in EURIBOR, b.p.
Impact on profit before tax,
EUR \u2019000
As at 31 December 2024
100
(1,120)
As at 31 December 2023
100
(1.230)
Natural gas price risk
The Group is exposed to a risk arising from changes in the natural gas purchase price. The changes are driven by fluctuations in Lithuanian and international natural gas markets and exchanges. The level of this risk is low as the transmission pricing approved by NERC recognises actual gas prices and therefore in 2024 the Group did not take any measures to mitigate the natural gas price risk.
Fair value of financial assets and liabilities
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Group's major financial assets and liabilities not carried at fair value are trade and other receivables, trade and other payables, current and non-current loans granted and borrowings, and finance lease.
The following methods and assumptions are used by the Group and the Company to estimate the fair value of each class of financial instruments:
a.The carrying amount of current trade and other amounts receivable, current trade and other amounts payables approximates their fair value (level 3);
b.The fair value of non-current loans received and granted is measured using the interest rate for the same or similar issues or on the current rates available for debt with the same maturity profile and similar credit risk. The Group estimated that the carrying amount of interest-bearing long-term loans was EUR 9,512 thousand as at 31 December 2024 (EUR 11,627 thousand as at 31 December 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-112": { "value": "
36. Financial assets and liabilities and risk management
The Company is exposed to financial risks in its operations. By managing the risks, the Group and the Company seek to mitigate the impact of factors that might have an adverse effect on the financial performance. The Company follows the Group\u2018s Treasury and Financial Risk Management Policy.
Financial instruments by category based on the items of the statement of financial position:
Financial assets
Note
As at 31 December 2024
As at 31 December 2023
Financial assets at fair value through profit or loss
1,153
1,226
Derivatives
9
1,153
1,226
Financial assets at amortised cost
16,611
10,181
Trade receivables
11
9,763
9,030
Other receivables
12
85
502
Cash and cash equivalents
14
31
121
Other financial assets
13
6,732
528
Total financial assets:
17,764
11,407
Financial liabilities
Note
As at 31 December 2024
As at 31 December 2023
Financial liabilities at fair value through profit or loss
654
364
Derivatives
9
654
364
Financial liabilities measured at amortised cost
125,217
129,764
Borrowings
19
84,794
92,046
Lease liabilities
20
4,478
3,250
Trade payables
23
6,384
5,335
Other payables and liabilities
24,25
29,561
29,133
Total
125,871
130,128
The table below provides information on the values of balance sheet items exposed to credit risk:
As at 31 December 2024
As at 31 December 2023
At fair value through profit or loss
1,153
1,226
At amortized cost
16,611
10,181
Contract assets
1,220
1,798
18,984
13,205
Liquidity risk
Liquidity risk is managed continuously by making short-term and long-term cash flow forecasts of the Group. Where necessary, the Company relies on the forecasts to make decisions aimed at ensuring its solvency, i.e. uses the credit limit on EPSO-G\u2019s cash pool account to balance its working capital. The cash pool agreements concluded with EPSO-G UAB is effective until 1 September 2027. Balance of undrawn credit limit as at 31 December 2024 was EUR 46,518 thousand (as at 31 December 2023, EUR 44,991 thousand).
The Group\u2019s liquidity ratios (after elimination of effects of the LNG terminal funds under administration) were as follows as at 31 December 2024 and 2023:
As at 31 December 2024
As at 31 December 2023
Current ratio
0.30
0.36
Quick ratio
0.24
0.28
An increase in current liabilities resulted in lower liquidity rates.
The table below presents the Company\u2019s financial liabilities grouped by maturity as at 31 December 2024 and 2023, based on the undiscounted contractual payments (scheduled payments including interest):
Up to 3 months
Between 3 and 12 months
Between 1 and 5 years
After 5 years
Total
Interest-bearing borrowings and liabilities
27,653
4,427
26,129
40,501
98,710
Lease liabilities
101
251
1,075
3,081
4,508
Other liabilities
1,683
27,450
364
-
29,497
Trade payables
5,335
-
-
-
5,335
Balance as at 31 December 2023
34,772
32,128
27,568
43,582
138,050
Interest-bearing borrowings and liabilities
2,575
28,143
25,200
34,080
89,998
Lease liabilities
267
803
1,835
2,873
5,778
Other current liabilities
29,561
-
654
-
30,215
Trade payables
6,384
-
-
-
6,384
Balance as at 31 December 2024
38,787
28,946
27,689
36,953
132,375
Credit risk
The maximum exposure to credit risk is equal to the amount of trade receivables (except for receivable LNG terminal funds), other receivables, cash, other financial assets, less recognised impairment losses. Delays in settlement of
significant amounts of trade receivables may affect the Company\u2019s ordinary course of business and lead to search of additional financing sources. Credit risk is managed through regular monitoring procedures (individual supervision of debtors, monitoring and analysis of customers in order to identify potential solvency issues that may arise in the future, etc.). The Company has approved the description of administration of payments for the transmission services, which stipulates the specific actions and deadlines to be followed in order to reduce the outstanding balance of trade receivables. Creditworthiness of all customers is assessed, and in case of any deviations from the criteria set out in the Description of administration of payments for the transmission services, the risk is assessed individually in respect of creditworthiness of each customer, and, if necessary, additional credit enhancements are ensured to eliminate such risk. The Company is exposed to significant concentration of credit risk. The credit risk exposure is distributed among the Company\u2019s 10 major customers with trade receivables from them representing 86% of the Company\u2019s total trade receivables as at 31 December 2024 (31 December 2023: 87%).
The Group\u2019s exposure to credit risk arises from cash at bank. The level of exposure depends on the credibility of the selected bank (Note 14). The Group has an effective treasury and financial risk management policy in place.
The policy establishes the credibility level of the banks selected for partnership; the diversification limits for funds kept as deposits or invested in the investment products of banks or their subsidiaries, other securities, etc.
The credibility of the selected partners is assessed according to the procedure established at the Company. The system users assigned with the highest risk level are assessed by engaging an entity that provides specialised creditworthiness assessment services, and an exchange participant willing to make a purchase order is required to provide a credit enhancement (advance payment or bank guarantee).
The Group does not issue guarantees to secure the fulfilment of obligations of other parties.
Interest rate risk
As at 31 December 2024 and 2023, the Group had borrowings with variable interest rates. Exposure to interest rate risk arises from variable interest rates that are linked to EURIBOR. In view of the situation in market of the interbank offered rates, the Group did not enter into any financial instrument transactions intended to manage the interest rate risk during 2024 and 2023.
The table below demonstrates the sensitivity of the Company's profit before tax to theoretic potential shifts in EURIBOR interest rates, with all other variables held constant. The Company estimates sensitivity using 100 basis points, which make 1%.
There is no impact on the Company\u2019s equity, other than that on current year profit.
Increase in EURIBOR, b.p.
Impact on profit before tax,
EUR \u2019000
As at 31 December 2024
100
(1,120)
As at 31 December 2023
100
(1.230)
Natural gas price risk
The Group is exposed to a risk arising from changes in the natural gas purchase price. The changes are driven by fluctuations in Lithuanian and international natural gas markets and exchanges. The level of this risk is low as the transmission pricing approved by NERC recognises actual gas prices and therefore in 2024 the Group did not take any measures to mitigate the natural gas price risk.
Fair value of financial assets and liabilities
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Group's major financial assets and liabilities not carried at fair value are trade and other receivables, trade and other payables, current and non-current loans granted and borrowings, and finance lease.
The following methods and assumptions are used by the Group and the Company to estimate the fair value of each class of financial instruments:
a.The carrying amount of current trade and other amounts receivable, current trade and other amounts payables approximates their fair value (level 3);
b.The fair value of non-current loans received and granted is measured using the interest rate for the same or similar issues or on the current rates available for debt with the same maturity profile and similar credit risk. The Group estimated that the carrying amount of interest-bearing long-term loans was EUR 9,512 thousand as at 31 December 2024 (EUR 11,627 thousand as at 31 December 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-113": { "value": "
Up to 3 months
Between 3 and 12 months
Between 1 and 5 years
After 5 years
Total
Interest-bearing borrowings and liabilities
27,653
4,427
26,129
40,501
98,710
Lease liabilities
101
251
1,075
3,081
4,508
Other liabilities
1,683
27,450
364
-
29,497
Trade payables
5,335
-
-
-
5,335
Balance as at 31 December 2023
34,772
32,128
27,568
43,582
138,050
Interest-bearing borrowings and liabilities
2,575
28,143
25,200
34,080
89,998
Lease liabilities
267
803
1,835
2,873
5,778
Other current liabilities
29,561
-
654
-
30,215
Trade payables
6,384
-
-
-
6,384
Balance as at 31 December 2024
38,787
28,946
27,689
36,953
132,375
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-114": { "value": "
Credit risk
The maximum exposure to credit risk is equal to the amount of trade receivables (except for receivable LNG terminal funds), other receivables, cash, other financial assets, less recognised impairment losses. Delays in settlement of
significant amounts of trade receivables may affect the Company\u2019s ordinary course of business and lead to search of additional financing sources. Credit risk is managed through regular monitoring procedures (individual supervision of debtors, monitoring and analysis of customers in order to identify potential solvency issues that may arise in the future, etc.). The Company has approved the description of administration of payments for the transmission services, which stipulates the specific actions and deadlines to be followed in order to reduce the outstanding balance of trade receivables. Creditworthiness of all customers is assessed, and in case of any deviations from the criteria set out in the Description of administration of payments for the transmission services, the risk is assessed individually in respect of creditworthiness of each customer, and, if necessary, additional credit enhancements are ensured to eliminate such risk. The Company is exposed to significant concentration of credit risk. The credit risk exposure is distributed among the Company\u2019s 10 major customers with trade receivables from them representing 86% of the Company\u2019s total trade receivables as at 31 December 2024 (31 December 2023: 87%).
The Group\u2019s exposure to credit risk arises from cash at bank. The level of exposure depends on the credibility of the selected bank (Note 14). The Group has an effective treasury and financial risk management policy in place.
The policy establishes the credibility level of the banks selected for partnership; the diversification limits for funds kept as deposits or invested in the investment products of banks or their subsidiaries, other securities, etc.
The credibility of the selected partners is assessed according to the procedure established at the Company. The system users assigned with the highest risk level are assessed by engaging an entity that provides specialised creditworthiness assessment services, and an exchange participant willing to make a purchase order is required to provide a credit enhancement (advance payment or bank guarantee).
The Group does not issue guarantees to secure the fulfilment of obligations of other parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-115": { "value": "
Interest rate risk
As at 31 December 2024 and 2023, the Group had borrowings with variable interest rates. Exposure to interest rate risk arises from variable interest rates that are linked to EURIBOR. In view of the situation in market of the interbank offered rates, the Group did not enter into any financial instrument transactions intended to manage the interest rate risk during 2024 and 2023.
The table below demonstrates the sensitivity of the Company's profit before tax to theoretic potential shifts in EURIBOR interest rates, with all other variables held constant. The Company estimates sensitivity using 100 basis points, which make 1%.
There is no impact on the Company\u2019s equity, other than that on current year profit.
Increase in EURIBOR, b.p.
Impact on profit before tax,
EUR \u2019000
As at 31 December 2024
100
(1,120)
As at 31 December 2023
100
(1.230)
Natural gas price risk
The Group is exposed to a risk arising from changes in the natural gas purchase price. The changes are driven by fluctuations in Lithuanian and international natural gas markets and exchanges. The level of this risk is low as the transmission pricing approved by NERC recognises actual gas prices and therefore in 2024 the Group did not take any measures to mitigate the natural gas price risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-116": { "value": "
37. Consideration of climate change impact
According to the Company\u2019s management, more stringent EU environmental policy requirements introduced in the context of combating climate change, promotion and development of renewable energy sources and more efficient use of energy will reduce consumption of natural gas for both energetic and industrial domestic needs. However, natural gas will play an important role as a transition energy in achieving European and national targets of reducing greenhouse gas emissions. A key goal se in the Company\u2019s strategy is to work together on Lithuania\u2019s energy transformation towards a climate neutral economy. One of the main sustainability objectives of the Company is to mitigate the environmental impact of its operations.
To significantly reduce the impact on environment, the plan of measures has been developed and consistently implemented. Actions are focused on preparing for the new EU legal framework for methane emissions.
Measures for mitigating climate change and reducing GHG emissions and related investments are covered by the Company\u2019s Ten-Year Network Development Plan (2024-2033).
Once implemented, these investments will be included in the regulated asset base, thereby ensuring additional income and economic benefit to the Company. These investments encompass the generation of new assets and the replacement of existing depreciated assets to increase efficiency of the transmission network and sustainability. There are no plans to reduce the useful life of the existing assets or to write off the regulated assets, and there are no evidences of impairment.
In the view of the Company\u2019s management, the requirements related to climate change do not cast significant uncertainties and doubts on the ability to continue as a going concern, and the reasonableness and effectiveness of the environmental mitigation measures. Climate-related risk does not affect the Company\u2019s exposure to expected credit losses. The climate change impact assessments and assumptions do not pose a significant risk of material adjustments to the carrying amounts of assets and liabilities, or of impairment of non-current assets and inventories. Climate-related matters do not have a material impact on the recognition of deferred tax assets, the materialisation of contingent liabilities arising from climate change requirements, market and liquidity risk.
For more details on the climate impact refer to the Consolidated Management Report 2024, section \u201cSustainability Information\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-117": { "value": "
38. Off-balance sheet commitments and contingencies
Litigations
Below is information on pending civil cases:
1.Civil case regarding the award of LNG terminal funds in the amount of EUR 7,080 thousand and late payment interest in the amount of EUR 830 thousand from Achema AB under the natural gas transmission service agreements concluded on 21 December 2012 and 22 December 2014.
The District Court of Kaunas suspended the proceedings, as it is pending the decision of the European Commission on the compatibility of the LNG terminal surcharge funds collected for the period from 1 January 2016 to 31 December 2018 with the State aid rules under the EU law.
In respect of the civil case regarding award of the LNG terminal funds, the Company acts solely as an administrator of the LNG terminal funds, transfers the LNG terminal funds to their recipients only after collecting them from the buyers, and accordingly, the Company does not incur credit risk in respect of the disputed amount.
2.Civil case in which the Company is the defendant, is pending on the claim of the claimant Alvora UAB, by which it request the Court to declare the claims of the defendant, i.e. the Company, for the payment of EUR 4,868 thousand on the basis of the guarantee obligations unlawful and unfounded, and the Company\u2019s claim (treated as a counterclaim), by which it request Alvora UAB to be ordered to pay EUR 4,820 thousand by way of damages, in addition to default interest on the awarded amount, and a fine for breach of the contract. At the moment, the proceedings are pending before the court of first instance.
The Company has received EUR 5.815 thousand in warranty performance security funds based on the claims submitted. However, a provision for the possible repayment of the same amount has been recognized in the provision account for a possible return of the guarantee funds. The Company considers that the bank guarantees were used duly in accordance with laws and terms and conditions of the contract, as defects were found in the work, which Alvora UAB refused to remedy. The proceeds from the guarantees will be used to remedy the defects found. In the event Alvora UAB remedies the defects found at its own expense until the outcome of the proceedings, the Company will reimburse the money to the claimant Alvora UAB received under the guarantees. The court has declared the case material non-public.
3.The company challenges two decisions of the National Energy Regulatory Council (NERC) in court, following a non-routine inspection of the legality of the use of the GIPL pipeline interconnectors during construction and testing during operation adopted by NERC: (i) resolution, approving the Inspection Report (the \u2018Report\u2019), finding the infringements by the Company and imposing related obligations on the Company (including the replacement of the fittings found by the Report to be unsuitable); and (ii) NERC\u2019s resolution, finding that the Company has committed an infringement of a regulatory obligation and imposing a EUR 81 thousand fine. The Company seeks to prove that it did not commit the infringements of the regulated activities identified by NERC (the infringements were committed by the contractor for the construction of the GIPL gas pipeline) and there were no grounds for imposing the sanction. Notwithstanding the fact that the Company has not paid the fine imposed, because it is challenging NERC\u2019s decision to impose a penalty, the Company has acknowledged its financial obligation to pay a set amount of the fine, which has been recognized in the other payables and liabilities account. If the Company\u2019s submissions are rejected by the Court or upheld in part, the sanction will remain the same or will be reduced. The Court suspended the administrative proceedings until the final judgement in the said civil case becomes effective (see point 2). The court has declared the case material non-public.
As specified in point 2, the Company has made the provision of EUR 5,815 thousand for potential repayments of funds received under the guarantee, of which EUR 4,868 thousand is contested in the court by Alvora UAB. An action in respect of the guarantee funds of EUR 947 thousand has not yet been brought before a court, although the contractor providing the guarantee is also involved in the legal proceedings.
The Company has not recognised contingent assets to cover additional losses in the action due to the high uncertainty of the outcome of the legal proceedings.
In the context of the high uncertainty about the outcome of the proceedings, the useful life of the fittings being replaced was not reviewed as at 31 December 2024. Where it is found that the fittings need to be replaced, the useful life of the old parts would have to be reviewed and would be significantly reduced, considering their useful life up to the date of replacement. According to our preliminary assessment, the useful life of the fittings being replaced could be reduced by up to 3 years and the depreciation expenses would increase by EUR 3 million due to the replacement cost of the parts replaced. There is also a high risk that the replacement cost of new parts would not be included in the regulated asset base (RAB), which could result in a decrease in asset value.
Commitments to acquire non-current assets
As at 31 December 2024, the Company had off-balance sheet contractual commitments to acquire non-current assets for the amount of EUR 3.8 million (31 December 2023: EUR 1.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-118": { "value": "
38. Off-balance sheet commitments and contingencies
Litigations
Below is information on pending civil cases:
1.Civil case regarding the award of LNG terminal funds in the amount of EUR 7,080 thousand and late payment interest in the amount of EUR 830 thousand from Achema AB under the natural gas transmission service agreements concluded on 21 December 2012 and 22 December 2014.
The District Court of Kaunas suspended the proceedings, as it is pending the decision of the European Commission on the compatibility of the LNG terminal surcharge funds collected for the period from 1 January 2016 to 31 December 2018 with the State aid rules under the EU law.
In respect of the civil case regarding award of the LNG terminal funds, the Company acts solely as an administrator of the LNG terminal funds, transfers the LNG terminal funds to their recipients only after collecting them from the buyers, and accordingly, the Company does not incur credit risk in respect of the disputed amount.
2.Civil case in which the Company is the defendant, is pending on the claim of the claimant Alvora UAB, by which it request the Court to declare the claims of the defendant, i.e. the Company, for the payment of EUR 4,868 thousand on the basis of the guarantee obligations unlawful and unfounded, and the Company\u2019s claim (treated as a counterclaim), by which it request Alvora UAB to be ordered to pay EUR 4,820 thousand by way of damages, in addition to default interest on the awarded amount, and a fine for breach of the contract. At the moment, the proceedings are pending before the court of first instance.
The Company has received EUR 5.815 thousand in warranty performance security funds based on the claims submitted. However, a provision for the possible repayment of the same amount has been recognized in the provision account for a possible return of the guarantee funds. The Company considers that the bank guarantees were used duly in accordance with laws and terms and conditions of the contract, as defects were found in the work, which Alvora UAB refused to remedy. The proceeds from the guarantees will be used to remedy the defects found. In the event Alvora UAB remedies the defects found at its own expense until the outcome of the proceedings, the Company will reimburse the money to the claimant Alvora UAB received under the guarantees. The court has declared the case material non-public.
3.The company challenges two decisions of the National Energy Regulatory Council (NERC) in court, following a non-routine inspection of the legality of the use of the GIPL pipeline interconnectors during construction and testing during operation adopted by NERC: (i) resolution, approving the Inspection Report (the \u2018Report\u2019), finding the infringements by the Company and imposing related obligations on the Company (including the replacement of the fittings found by the Report to be unsuitable); and (ii) NERC\u2019s resolution, finding that the Company has committed an infringement of a regulatory obligation and imposing a EUR 81 thousand fine. The Company seeks to prove that it did not commit the infringements of the regulated activities identified by NERC (the infringements were committed by the contractor for the construction of the GIPL gas pipeline) and there were no grounds for imposing the sanction. Notwithstanding the fact that the Company has not paid the fine imposed, because it is challenging NERC\u2019s decision to impose a penalty, the Company has acknowledged its financial obligation to pay a set amount of the fine, which has been recognized in the other payables and liabilities account. If the Company\u2019s submissions are rejected by the Court or upheld in part, the sanction will remain the same or will be reduced. The Court suspended the administrative proceedings until the final judgement in the said civil case becomes effective (see point 2). The court has declared the case material non-public.
As specified in point 2, the Company has made the provision of EUR 5,815 thousand for potential repayments of funds received under the guarantee, of which EUR 4,868 thousand is contested in the court by Alvora UAB. An action in respect of the guarantee funds of EUR 947 thousand has not yet been brought before a court, although the contractor providing the guarantee is also involved in the legal proceedings.
The Company has not recognised contingent assets to cover additional losses in the action due to the high uncertainty of the outcome of the legal proceedings.
In the context of the high uncertainty about the outcome of the proceedings, the useful life of the fittings being replaced was not reviewed as at 31 December 2024. Where it is found that the fittings need to be replaced, the useful life of the old parts would have to be reviewed and would be significantly reduced, considering their useful life up to the date of replacement. According to our preliminary assessment, the useful life of the fittings being replaced could be reduced by up to 3 years and the depreciation expenses would increase by EUR 3 million due to the replacement cost of the parts replaced. There is also a high risk that the replacement cost of new parts would not be included in the regulated asset base (RAB), which could result in a decrease in asset value.
Commitments to acquire non-current assets
As at 31 December 2024, the Company had off-balance sheet contractual commitments to acquire non-current assets for the amount of EUR 3.8 million (31 December 2023: EUR 1.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-119": { "value": "
38. Off-balance sheet commitments and contingencies
Litigations
Below is information on pending civil cases:
1.Civil case regarding the award of LNG terminal funds in the amount of EUR 7,080 thousand and late payment interest in the amount of EUR 830 thousand from Achema AB under the natural gas transmission service agreements concluded on 21 December 2012 and 22 December 2014.
The District Court of Kaunas suspended the proceedings, as it is pending the decision of the European Commission on the compatibility of the LNG terminal surcharge funds collected for the period from 1 January 2016 to 31 December 2018 with the State aid rules under the EU law.
In respect of the civil case regarding award of the LNG terminal funds, the Company acts solely as an administrator of the LNG terminal funds, transfers the LNG terminal funds to their recipients only after collecting them from the buyers, and accordingly, the Company does not incur credit risk in respect of the disputed amount.
2.Civil case in which the Company is the defendant, is pending on the claim of the claimant Alvora UAB, by which it request the Court to declare the claims of the defendant, i.e. the Company, for the payment of EUR 4,868 thousand on the basis of the guarantee obligations unlawful and unfounded, and the Company\u2019s claim (treated as a counterclaim), by which it request Alvora UAB to be ordered to pay EUR 4,820 thousand by way of damages, in addition to default interest on the awarded amount, and a fine for breach of the contract. At the moment, the proceedings are pending before the court of first instance.
The Company has received EUR 5.815 thousand in warranty performance security funds based on the claims submitted. However, a provision for the possible repayment of the same amount has been recognized in the provision account for a possible return of the guarantee funds. The Company considers that the bank guarantees were used duly in accordance with laws and terms and conditions of the contract, as defects were found in the work, which Alvora UAB refused to remedy. The proceeds from the guarantees will be used to remedy the defects found. In the event Alvora UAB remedies the defects found at its own expense until the outcome of the proceedings, the Company will reimburse the money to the claimant Alvora UAB received under the guarantees. The court has declared the case material non-public.
3.The company challenges two decisions of the National Energy Regulatory Council (NERC) in court, following a non-routine inspection of the legality of the use of the GIPL pipeline interconnectors during construction and testing during operation adopted by NERC: (i) resolution, approving the Inspection Report (the \u2018Report\u2019), finding the infringements by the Company and imposing related obligations on the Company (including the replacement of the fittings found by the Report to be unsuitable); and (ii) NERC\u2019s resolution, finding that the Company has committed an infringement of a regulatory obligation and imposing a EUR 81 thousand fine. The Company seeks to prove that it did not commit the infringements of the regulated activities identified by NERC (the infringements were committed by the contractor for the construction of the GIPL gas pipeline) and there were no grounds for imposing the sanction. Notwithstanding the fact that the Company has not paid the fine imposed, because it is challenging NERC\u2019s decision to impose a penalty, the Company has acknowledged its financial obligation to pay a set amount of the fine, which has been recognized in the other payables and liabilities account. If the Company\u2019s submissions are rejected by the Court or upheld in part, the sanction will remain the same or will be reduced. The Court suspended the administrative proceedings until the final judgement in the said civil case becomes effective (see point 2). The court has declared the case material non-public.
As specified in point 2, the Company has made the provision of EUR 5,815 thousand for potential repayments of funds received under the guarantee, of which EUR 4,868 thousand is contested in the court by Alvora UAB. An action in respect of the guarantee funds of EUR 947 thousand has not yet been brought before a court, although the contractor providing the guarantee is also involved in the legal proceedings.
The Company has not recognised contingent assets to cover additional losses in the action due to the high uncertainty of the outcome of the legal proceedings.
In the context of the high uncertainty about the outcome of the proceedings, the useful life of the fittings being replaced was not reviewed as at 31 December 2024. Where it is found that the fittings need to be replaced, the useful life of the old parts would have to be reviewed and would be significantly reduced, considering their useful life up to the date of replacement. According to our preliminary assessment, the useful life of the fittings being replaced could be reduced by up to 3 years and the depreciation expenses would increase by EUR 3 million due to the replacement cost of the parts replaced. There is also a high risk that the replacement cost of new parts would not be included in the regulated asset base (RAB), which could result in a decrease in asset value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-120": { "value": "
38. Off-balance sheet commitments and contingencies
Litigations
Below is information on pending civil cases:
1.Civil case regarding the award of LNG terminal funds in the amount of EUR 7,080 thousand and late payment interest in the amount of EUR 830 thousand from Achema AB under the natural gas transmission service agreements concluded on 21 December 2012 and 22 December 2014.
The District Court of Kaunas suspended the proceedings, as it is pending the decision of the European Commission on the compatibility of the LNG terminal surcharge funds collected for the period from 1 January 2016 to 31 December 2018 with the State aid rules under the EU law.
In respect of the civil case regarding award of the LNG terminal funds, the Company acts solely as an administrator of the LNG terminal funds, transfers the LNG terminal funds to their recipients only after collecting them from the buyers, and accordingly, the Company does not incur credit risk in respect of the disputed amount.
2.Civil case in which the Company is the defendant, is pending on the claim of the claimant Alvora UAB, by which it request the Court to declare the claims of the defendant, i.e. the Company, for the payment of EUR 4,868 thousand on the basis of the guarantee obligations unlawful and unfounded, and the Company\u2019s claim (treated as a counterclaim), by which it request Alvora UAB to be ordered to pay EUR 4,820 thousand by way of damages, in addition to default interest on the awarded amount, and a fine for breach of the contract. At the moment, the proceedings are pending before the court of first instance.
The Company has received EUR 5.815 thousand in warranty performance security funds based on the claims submitted. However, a provision for the possible repayment of the same amount has been recognized in the provision account for a possible return of the guarantee funds. The Company considers that the bank guarantees were used duly in accordance with laws and terms and conditions of the contract, as defects were found in the work, which Alvora UAB refused to remedy. The proceeds from the guarantees will be used to remedy the defects found. In the event Alvora UAB remedies the defects found at its own expense until the outcome of the proceedings, the Company will reimburse the money to the claimant Alvora UAB received under the guarantees. The court has declared the case material non-public.
3.The company challenges two decisions of the National Energy Regulatory Council (NERC) in court, following a non-routine inspection of the legality of the use of the GIPL pipeline interconnectors during construction and testing during operation adopted by NERC: (i) resolution, approving the Inspection Report (the \u2018Report\u2019), finding the infringements by the Company and imposing related obligations on the Company (including the replacement of the fittings found by the Report to be unsuitable); and (ii) NERC\u2019s resolution, finding that the Company has committed an infringement of a regulatory obligation and imposing a EUR 81 thousand fine. The Company seeks to prove that it did not commit the infringements of the regulated activities identified by NERC (the infringements were committed by the contractor for the construction of the GIPL gas pipeline) and there were no grounds for imposing the sanction. Notwithstanding the fact that the Company has not paid the fine imposed, because it is challenging NERC\u2019s decision to impose a penalty, the Company has acknowledged its financial obligation to pay a set amount of the fine, which has been recognized in the other payables and liabilities account. If the Company\u2019s submissions are rejected by the Court or upheld in part, the sanction will remain the same or will be reduced. The Court suspended the administrative proceedings until the final judgement in the said civil case becomes effective (see point 2). The court has declared the case material non-public.
As specified in point 2, the Company has made the provision of EUR 5,815 thousand for potential repayments of funds received under the guarantee, of which EUR 4,868 thousand is contested in the court by Alvora UAB. An action in respect of the guarantee funds of EUR 947 thousand has not yet been brought before a court, although the contractor providing the guarantee is also involved in the legal proceedings.
The Company has not recognised contingent assets to cover additional losses in the action due to the high uncertainty of the outcome of the legal proceedings.
In the context of the high uncertainty about the outcome of the proceedings, the useful life of the fittings being replaced was not reviewed as at 31 December 2024. Where it is found that the fittings need to be replaced, the useful life of the old parts would have to be reviewed and would be significantly reduced, considering their useful life up to the date of replacement. According to our preliminary assessment, the useful life of the fittings being replaced could be reduced by up to 3 years and the depreciation expenses would increase by EUR 3 million due to the replacement cost of the parts replaced. There is also a high risk that the replacement cost of new parts would not be included in the regulated asset base (RAB), which could result in a decrease in asset value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-121": { "value": "
39. Related-party transactions
Disclosure includes transactions and their balances with the EPSO-G group companies, associate GET Baltic UAB, all state-owned enterprises or entities under significant influence of the State (transactions with such entities are disclosed separately only if the amount of the transactions exceeds EUR 100,000 per calendar year), management and their close family members.
The Group\u2019s and the Company\u2019s related parties as at 31 December 2024 and 31 December 2023 were as follows:
\u2010the Company\u2019s parent company EPSO-G UAB, which is wholly owned by the Lithuanian Ministry of Energy;
EPSO-G Group companies:
\u2010Litgrid AB (common shareholders);
\u2010TETAS UAB (common shareholders);
\u2010Baltpool UAB (common shareholders);
\u2010Energy Cells UAB (common shareholders);
\u2010EPSO-G Invest UAB (common shareholders), registered on 18 July 2024.
Associate GET Baltic.
The companies of Ignitis Grup\u0117 AB:
\u2010Energijos Skirstymo Operatorius AB
\u2010Ignitis UAB
\u2010Ignitis Gamyba UAB
\u2010Transporto Valdymas UAB
\u2010Ignitis Polska sp. z.o.o.
\u2010Other companies of Ignitis Grup\u0117 AB.
Other state-owned enterprises:
\u2010KN Energies AB;
\u2010Other state-owned enterprises or entities under significant influence;
\u2010Management
The tables below present the Company\u2019s related-party transactions and their balances as at 31 December 2024 and 31 December 2023:
As at 31 December 2024
Purcha-ses
LNG terminal funds (purcha-ses)*
Sales
LNG terminal funds (sales)*
Recei-vables
LNG terminal
funds receivable
(Proceeds) from
borrowings
Payables
LNG terminal
funds payable
Divi-dends received
Finance costs
GET Baltic UAB
17,616
-
2,128
-
228
-
-
1,516
-
564
-
EPSO-G
751
-
-
-
-
-
23,482
274
-
-
1,084
TETAS UAB
4
-
-
-
-
-
-
-
-
-
-
Ignitis gamyba AB
1,547
-
5,152
8,568
1,014
864
-
315
-
-
-
Energijos skirstymo operatorius AB
424
-
532
150
29
15
-
39
-
-
-
Ignitis UAB
4,163
31,797
12,312
7,047
1,650
733
-
768
6,817
-
-
Transporto valdymas UAB
52
-
-
-
-
-
-
-
-
-
-
KN Energies AB
-
-
-
-
-
-
-
-
3,975
-
-
Other state-owned enterprises
62
-
-
-
-
-
-
7
-
-
-
24,619
31,797
20,124
15,765
2,921
1,612
23,482
2,919
10,792
564
1,084
* The disclosed LNG terminal purchases and sales are not presented in the statement of profit or loss, as the Group acts as an agent in respect of these funds when collecting and allocating these funds.
As at 31 December 2023
Purcha-ses
LNG terminal funds (purcha-ses)*
Sales
LNG terminal funds (sales)*
Recei-vables
LNG terminal funds receivable
(Proceeds) from borrowings
Payables
LNG terminal funds payable
Divi-dends received
Finance costs
GET Baltic UAB
19,210
-
4,801
-
796
-
-
5
-
542
-
EPSO-G
349
-
-
-
-
-
25,009
227
-
-
683
TETAS UAB
4
-
-
-
-
-
-
-
-
-
-
Ignitis gamyba AB
2,811
-
4,947
3,172
625
640
-
293
-
-
-
Energijos skirstymo operatorius AB
474
-
354
58
167
12
-
21
-
-
-
Ignitis UAB
4,845
11,235
13,024
2,796
1,457
528
-
704
4,932
-
-
Transporto valdymas UAB
401
-
-
-
-
-
-
40
-
-
-
KN Energies AB
-
-
-
-
-
-
-
-
3,975
-
-
Ignitis Polska sp. Z.o.o.
-
-
121
-
-
-
-
-
-
-
-
Other state-owned enterprises
184
-
-
-
-
-
-
2
-
-
-
28,278
11,235
23,247
6,026
3,045
1,180
25,009
1,292
8,907
542
683
* The disclosed LNG terminal purchases and sales are not presented in the statement of profit or loss, as the Group acts as an agent in respect of these funds when collecting and allocating these funds.
There were no guarantees issued or received for payables to/receivables from related parties, the settlement term was between 15 and 30 days. As at 31 December 2024, the Company neither formed nor recognised any impairment provisions for receivables from related parties.
2024
2023
Employment-related payments
784
805
Payments to Board members
99
92
Total compensation to management
883
897
The management of the Company is deemed to include the Company\u2019s manager, the Technical Director, the Legal and Administration Director, the Commerce Director, the Organisational Progress Director, and the Finance Director. No loans, guarantees were issued nor were any assets transferred to the management of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-122": { "value": "
2024
2023
Employment-related payments
784
805
Payments to Board members
99
92
Total compensation to management
883
897
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-123": { "value": "
40. Audit and non-audit services
In the period of from 2024 to 2023 the audit firm provided the following audit and non-audit services to the Company. Information on non-audit services is disclosed based on the date of services rendered:
2024
2023
Audit services
75
77
Total audit services
75
77
Non-audit services
Assurance and other related services
12
14
Other services
5
3
Total non-audit services:
17
17
Audit costs are shown in the statement of comprehensive income under other expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-124": { "value": "
41. Capital management
Under the Lithuanian Law on Companies, the Company is required to maintain its equity at no less than 50% of its authorised share capital. In 2024 and 2023, the Company and its subsidiary complied with this requirement. Under the Lithuanian Law on Companies, there are certain restrictions for distribution and payment of dividends. The Group\u2018s dividend policy defines the principles for setting, payment and declaration of dividends. There are no other external or intra-group imposed capital requirements on the Company. Information on the fulfilment of financial covenants in contracts with banks is disclosed in Note 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-125": { "value": "
42. Events after the end of the financial year
There were no other events after the reporting period until the date of approval of the financial statements that could have a material impact on the Company\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }