Resolutions of the Annual Shareholder's Meeting of Latvenergo AS
May 12, 2021
The Annual Shareholder's Meeting of Latvenergo AS was held on 12 May 2021 at 10.00 at the premises of Latvenergo AS, Pulkveža Brieža Street 12, Riga. The Meeting was organised by using remote connection options.
The Shareholder's Meeting approved Latvenergo Consolidated and Latvenergo AS Annual Report for 2020, as well as passed a decision on disbursement of dividends to the state equal to EUR 98.2 million.
The amount of dividends to be disbursed by Latvenergo AS to the state is stipulated by the Law on the Medium-Term Budgetary Framework for 2021, 2022 and 2023, which determines the amount of dividends to be paid into the state budget. The capital structure ratios and the financial position of Latvenergo Group allow for the disbursement of such dividends.
The holder of all Latvenergo AS capital shares is the Ministry of Economics of the Republic of Latvia, whose interests at the Shareholder's Meeting are represented by the State Secretary of the Ministry of Economics or by his authorized representative. All decisions of the Shareholder's Meeting were adopted unanimously.
Resolutions adopted at the Annual Shareholder's Meeting:
1. On approval of the reports for 2020
To approve Latvenergo konsolidētais un AS "Latvenergo" 2020.gada pārskats. The financial statements are prepared in accordance with the International Financial Reporting Standards approved in the European Union;
To approve Latvenergo Consolidated and Latvenergo AS Annual Report for 2020. The financial statements are prepared in accordance with the International Financial Reporting Standards approved in the European Union.
2. On distribution of the profit of Latvenergo AS
To transfer the annual profit of Latvenergo AS in 2020 equal to EUR 154,847,975.00 into the retained earnings;
To pay out to the state in dividends EUR 98,246,250.00 from the retained earnings of Latvenergo AS.
3. On auditor of Latvenergo AS reports for the year 2021
To appoint SIA ERNST & YOUNG BALTIC to conduct the audit of Latvenergo AS for the year 2021, determining a remuneration of the auditor up to EUR 46,000.00 excl. VAT.
4. On the evaluation of the average number of employees and financial indicators of Latvenergo AS and allocation to the respective group of public capital companies
To allocate Latvenergo AS to the group of large capital companies.
5. On increasing the share capital of Latvenergo AS
To increase the share capital of Latvenergo AS by EUR 20,010.00, paying for the newly issued shares with a material contribution, i.e. State property of a total value of EUR 20,010.00 and determining the share capital of Latvenergo AS in the amount of EUR 790,367,859.00;
To approve the regulations for increasing the share capital of Latvenergo AS;
To amend the Articles of Association of Latvenergo AS and approve the Articles of Association of Latvenergo AS in a new wording.
6. On Latvenergo AS bonds
To take note of information about Latvenergo AS bonds.