Financial information

Key figures

Funding

Latvenergo Group finances its capital expenditures programme partly from owned funds and partly from borrowed capital. Latvenergo Group regularly sources borrowed capital to ensure the required funding for several year investment programme in a timely manner, thus establishing successful long-term cooperation with local commercial banks as well as international financial institutions. 

To diversify the sources of funding, Latvenergo AS has issued bonds, accounting for 15% of the total borrowings as of 31.12.2019.


All of the Group borrowings are denominated in EUR currency.

Latvenergo Group borrowings by categories of lenders

882,7 MEUR

Latvenergo Group debt repayment schedule

 31.12.2019.
Share of fixed interest rate (with interest rate swaps)
45%
Duration
1,8 years 


 

In order to maintain a stable level of liquidity, the Latvenergo Group ensures a constant cash flow and maintains additional liquidity reserves.

31.12.2019. 
Liquid assets (cash and short term bank deposits with maturity up to 3 months)
MEUR
122
Committed long-term loans
MEUR
70
Investment in liquid financial assets
MEUR
17
Total
MEUR 
209

Bonds

Issuer:
Latvenergo AS
Serial number of series of bonds: 1
Total issues under series of bonds: 2
ISIN code: LV0000801777
Aggregate principal amount of series of bonds: EUR 100,000,000
Annual interest rate (coupon): fixed, 1.9%
Nominal amount of the bond: EUR 1,000
Issue date: first issue in the amount of EUR 75,000,000 on 10 June 2015 (deal review - placement, issue);
second issue in the amount of EUR 25,000,000 on 14 April 2016 (deal review - placement, issue).
Maturity date: 10 June 2022
Interest (coupon) payment dates: 10 June each year
Listing: NASDAQ Riga AS
Use of proceeds: Financing and refinancing of the eligible projects according to the Latvenergo AS Green Bond Framework
Programme: Bonds issued under second Latvenergo AS EUR 100 million Programme

Issuer:
Latvenergo AS
Serial number of series of bonds:
2
Total issues under series of bonds:
2
ISIN code:
LV0000801165
Aggregate principal amount of series of bonds:
35,000,000 EUR
Annual interest rate (coupon):
fixed, 2.8%
Nominal amount of the bond:
1,000 EUR
Issue date:
first issue in the amount of EUR 20,000,000 on 22 May 2013
(deal review - placement, issue);
second issue in the amount of EUR 15,000,000 on 2 October 2013
(deal review - placement, issue). 
Maturity date:
22 May 2020
Interest (coupon) payment dates:
22 May each year
Listing:
NASDAQ Riga AS
Use of proceeds:
Financing part of the capital expenditures programme
Programme:
Bonds issued under Latvenergo AS LVL 85 million (or its equivalent in EUR) Programme

Dividends

Shares

The registered share capital of Latvenergo AS is EUR 834,883,449, consisting of 834,883,449 ordinary shares with a nominal value of EUR 1 per share.


Dividend Policy

The distribution of Latvenergo AS dividends is regulated by the Republic of Latvia legislation.  

The actual amount payable by Latvenergo AS in dividends is determined by the Shareholders’ Meeting after the approval of the annual report, upon the evaluation of the results for the previous year.


Dividends paid by Latvenergo AS

Rating

Latvenergo AS maintains long-term cooperation with the international credit ratings agency Moody’s Investors Service. The credit rating to the company was assigned for the first time in March 2004.

Latvenergo AS credit rating

Long-term rating Outlook Last approved
Baa2 Stable October, 2019

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