Announcements

The Annual Shareholders' Meeting of Latvenergo AS was held on 8 May 2019 at 10:00 at the premises of Latvenergo AS at 12 Pulkveža Brieža Street, Riga.

The Shareholders’ Meeting has approved Latvenergo Consolidated and Latvenergo AS Annual Report 2018 and passed a decision on paying EUR 132.9 million in dividends to the state. The amount of the dividends to be paid to the state by Latvenergo AS is regulated by the Law on the State Budget for 2019, which sets forth the amount of the dividends to be paid to the state budget.

The capital structure ratios and financial position of Latvenergo Group do not place limits on the dividend distribution of EUR 132.9 million. The profit of Latvenergo AS for 2018 is EUR 212.7 million, while the profit of Latvenergo Group for 2018 is EUR 76.0 million.

The resolutions adopted at the Annual Shareholders' Meeting:

1. To approve Latvenergo konsolidēto un AS "Latvenergo" 2018.gada pārskatu, financial statements are prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;
2. To approve Latvenergo Consolidated and Latvenergo AS Annual Report 2018, financial statements are prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;
3. To retain Latvenergo AS profit for the year 2018 of EUR 212,732,625.00 undistributed and to transfer to retained earnings;
4. To pay out to the state in dividends EUR 132,936,416.00 from Latvenergo AS retained earnings from previous years, which also include EUR 58,892,320.00 that have been transferred from Latvenergo AS profit for the year 2017 to Latvenergo AS retained earnings (reserves) with a purpose to decide on their pay-out to the state in dividends, by adopting such decision along with a decision on distribution of Latvenergo AS profit for the year 2018;
5. To appoint PricewaterhouseCoopers SIA to conduct the audit of Latvenergo AS for the year 2019, determining a remuneration of the auditor up to EUR 45,300 excl. VAT.