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Confirmation of Responsible Persons Nr. 30220 - CONFIRMATION OF RESPONSIBLE PERSONS Referring to the provisions of the Article 12 of the Law on Securities of the Republic of Lithuania and the Rules of Disclosure of the Bank of Lithuania, we, the undersigned Mindaugas Keizeris, Chief Executive Officer of AB Energijos skirstymo operatorius, Augustas Dragūnas, Director of Finance and Administration, and Lina Radlinskienė, Head of Financial Reporting of UAB Ignitis grupės paslaugų centras acting under Order No IS-185-20 of 18 December 2020, hereby confirm that, to the best of our knowledge, AB Energijos skirstymo operatorius financial statements for the financial year 2020 are prepared according to International Accounting Standards adopted by the European Union, give a true and fair view of AB Energijos skirstymo operatorius assets, liabilities, financial position, profit or loss for the period and cash flows, the Annual Report for the financial year 2020 includes a fair review of the activities business development as well as the condition of AB Energijos skirstymo operatorius and with the description of the principle risk and uncertainties it faces. AB Energijos skirstymo operatorius Parašas Mindaugas Keizeris Chief Executive Officer AB Energijos skirstymo operatorius Parašas Augustas Dragūnas Director of Finance and Administration UAB Ignitis grupės paslaugų centras Parašas Lina Radlinskienė Head of Financial Reporting acting under Order No IS-185-20 of 18 December 2020 Customer Service Company Requisites Customer Service tel. 1802 or +370 697 61 852* AB „Energijos skirstymo operatorius“ Free Electricity helpline 1852 Aguonų str. 24, 03212 Vilnius, Lithuania Free Gas supply helpline 1804 E-mail [email protected] Self-Service www.eso.lt Company Code 304151376 * this is based on telephone operator's plan and an additional tariff PVM Code LT100009860612 Data collected and stored in the Register of Legal Entities The Company manages customers personal information by the privacy protection laws. More information about personal details handling conditions and related legal laws is publicated in the company‘s website: www.eso.lt AB ENERGIJOS SKIRSTYMO 2020 OPERATORIUS FINANCIAL STATEMENTS OF THE COMPANY FOR THE YEAR 2020, PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION, ANNUAL REPORT AND THE INDEPENDENT AUDITOR’S REPORT www.eso.lt AB Energijos skirstymo operatorius Aguonų st. 24, 03212 Vilnius, Lithuania E-mail: [email protected] Company code 304151376 CONTENT INDEPENDENT AUDITOR’S REPORT 3–8 FINANCIAL STATEMENTS 9-54 Statement of financial position 9 Statement of profit or loss and other comprehensive income 10 Statement of changes in equity 11 Statement of cash flows 12 Notes to the financial statements 13-54 ANNUAL REPORT 55-121 The financial statements of AB Energijos skirstymo operatorius were prepared and signed on 26 February 2021 by the Chief Executive Officer, the Director of Finance and Administration, and the Head of Financial Reporting of UAB Ignitis grupės paslaugų centras, acting under Order No IS-185-20 of 18/12/2020: Mindaugas Keizeris Augustas Dragūnas Lina Radlinskienė AB Energijos skirstymo operatorius AB Energijos skirstymo operatorius Head of Financial Reporting of UAB CEO Director of Finance and Administration Ignitis grupės paslaugų centras, acting under Order No IS-185-20 of 18/12/2020 The Company’s Financial Statements for the Year Ended 31 December 2020 2 UAB „Ernst & Young Baltic“ Ernst & Young Baltic UAB Aukštaičių g. 7 Aukštaičių St. 7 LT-11341 Vilnius LT-11341 Vilnius Lietuva Lithuania Tel.: (8 5) 274 2200 Tel.: +370 5 274 2200 Faks.: (8 5) 274 2333 Fax: +370 5 274 2333 [email protected] [email protected] www.ey.com www.ey.com Juridinio asmens kodas 110878442 Code of legal entity 110878442 PVM mokėtojo kodas LT108784411 VAT payer code LT108784411 Juridinių asmenų registras Register of Legal Entities INDEPENDENT AUDITOR’S REPORT To the shareholders of Energijos Skirstymo Operatorius AB Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Energijos Skirstymo Operatorius AB, a public limited liability company registered in the Republic of Lithuania (hereinafter the Company), which comprise the statement of financial position as of 31 December 2020, the statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying Company’s financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2020 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public- interest entities (regulation (EU) No 537/2014 of the European Parliament and of the Council). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the requirements of the Law on Audit of the financial statements of the Republic of Lithuania that are relevant to the audit in the Republic of Lithuania, and we have fulfilled our other ethical responsibilities in accordance with the Law on Audit of the financial statements of the Republic of Lithuania and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial statements. A member firm of Ernst & Young Global Limited Key audit matters How the matter was addressed in the audit Revenue recognition related to the estimation of In relation to revenue recognition related to estimation overdeclaration/ underdeclaration of electricity of overdeclaration / underdeclaration of electricity usage and to the deferred revenue from new usage we performed the following procedures, among customer connections over the estimated useful life others: of respective assets - we obtained management’s model for calculation of overdeclaration / underdeclaration and The Company’s electricity distribution revenue compared it to prior year model by evaluating the depends on declarations of electricity consumed by consistency of the model and the estimates made; private customers which do not have automated meter - we obtained and reviewed evidence supporting readings. Due to customers’ behavior to declare amounts not exactly at the year -end, the Company at main inputs used in the model and recalculated each year-end has to estimate the amount of the formulas in order to check the accuracy of the overdeclared / underdeclared consumption in order to calculations; calculate the actually earned revenue to be recognized - we performed analytical review procedures by to the statement of profit or loss and other forming an expectation of deferred revenue comprehensive income for the financial year. The based on the key performance indicators, management’s estimation is based on historical including taking into consideration historical consumption by private customers as well as the revenue and technological grid losses Company’s assessment of technological losses in the information, changes in approved tariffs and electricity grid at the financial year end. The advances comparing with actual results; received for electricity and overdeclared electricity - finally, we considered the adequacy of the from the customers amounted to EUR 3.7 million as of Company’s disclosures included in Note 2.16 and 31 December 2020 (5.8 million – as of 31 December Note 25. 2019). In relation to revenue recognition related to deferred Another significant estimation related to revenue revenue from new customer connections we recognition is that the Company accounts for the performed the following procedures, among others: upfront fees paid by the customers for the connection to electricity and gas distribution network (further – connection fees) by deferring the fees received over - we have updated our understanding of the new the estimated useful lives of the assets, used in connection fee revenue recognition and provision of the connection
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