LITGRID AB - Notification on material event

Regarding the decision of the Director of the Supervision Service of The Bank of Lithuania

Vilnius, Lithuania, 2013-12-19 08:46 CET (GLOBE NEWSWIRE) -- 2013 12 18 Litgrid
AB received the Decision No 241-235 of 2013 12 17 by the Director of the
Supervision Service of The Bank of Lithuania. 

The Company has been obliged to announce that the consolidated financial
statements of Litgrid AB and the financial statements of its parent company do
not comply with Article 31 of IAS 16 “Property, Plant and Equipment” and
Article 9 of IAS 36 “Impairment of Assets”. 

The key factors to determine the fair value of the Company's assets lie with
the assumptions used in assessing the regulatory environment in future periods.
As the State Commission on Prices and Energy Control has not completed the
adoption of the Long-run average incremental costs (LRAIC) method, the Company
could not adopt reasonable assumptions for the valuation of assets and,
therefore, could not determine the fair value of the assets and the scope of
its potential impairment. For this reason the Company is unable to determine
the potential impact of asset valuation on the financial position and financial
results of the Company and the Group as of 31 December 2012. 

Upon adoption of the LRAIC method by the State Commission on Prices and Energy
Control in 2014, the Company will determine the fair value and the potential
impairment of the assets. Financial statements compliant with Article 31 of IAS
16 and Article 9 of IAS 36 will be published on 31 March 2015 at the latest. 


         Laura Šebekienė
         Head of Communications
         Ph. + 370 693 65377,
         Email: laura.sebekiene@litgrid.eu