The sales price of the part of the public electricity supply business is adjusted according to the Sale and Purchase of business segment agreement
AB Energijos Skirstymo Operatorius (hereinafter – the Company or ESO), code 304151376, registered office address Aguonų St. 24, Vilnius. The total number of the registered ordinary shares issued by AB Energijos Skirstymo Operatorius is 894 630 333; ISIN code – LT0000130023.
On 21 September 2018 it concluded a transaction on sale - purchase of business segment whereby ESO as of 1 October 2018 transferred the business segment of the public supply of electric energy with the related assets, rights and duties (hereinafter – the Business segment) to Lietuvos Energijos Tiekimas, UAB (hereinafter – LET), legal entity code 303383884, registered office address Zveju St. 14, LT-09310 Vilnius, Lithuania.
As it was announced earlier the public supply electricity operations constituting the Business segment are continuous which causes changes in the Business segment in the period from the cut-off balance sheet of 30 June 2018 until the transfer of the Business segment on 1 October 2018. Taking into account the terms of the Sale and Purchase agreement the price of the Business segment is adjusted.
The Company informs that the adjusted Business segment price – 27 441 351 EUR (twenty seven million four hundred forty one thousand three hundred fifty one euros).
The Business segment price adjustment was caused by the difference between actual and forecasted amounts from the moment of the Business cut-off balance to the moment of the Business segment transferring: the difference between income, which are conditioned from the change between electricity purchase price set by the National Commission for Energy Control and Prices and the actual electricity purchase price, changes in transferred tax losses and the difference between the net cash (consisting of cash and cash equivalents and the advance amounts received from public supply of electric energy consumer).
As it was noted earlier the value of the Business segment being sold was determined by an independent property valuer UAB Ernst & Young Baltic – the adjusted Business segment prices meets the market value.
The transaction was concluded with a view to ensuring more transparent operations of the distribution system operator and refining the operations regulated by the State within Lietuvos Energija UAB group of companies.
Information is not confidential.
Representative for Public Relations of Energijos Skirstymo Operatorius AB Tomas Kavaliauskas, tel. , e-mail.
