For example, last year boards of energy utility Lietuvos Energija (Lithuanian Energy) and electricity distribution company Lesto proposed to pay no dividends to the state. Eventually, shareholders decided to pay the money, which totaled 136.8 million litas (EUR 39.65 m).
However, these funds went to Visagino Atominė Elektrinė (Visaginas Nuclear Power Plant, or VAE), the majority owner of energy companies, instead of the budget.
The authorities have made several proposals to relieve certain companies, i.e. companies implementing strategic projects, of their duty to pay dividends this year.
For example, the railway company Lietuvos Geležinkeliai (Lithuanian Railways) participates in the Rail Baltica project, the authority of Klaipėda Seaport is involved in the liquefied natural gas (LNG) terminal’s project, the Lithuanian Radio and Television Center – in the project on transition to digital TV.
The board of Lesto this year has proposed to carry forward the entire amount of retained earnings, which is 1 billion litas, to the next year. Lietuvos Energija does not plan to pay any dividends, either. If the money is not paid, the budget will not get approximately 0.5 billion litas.
