OREANDA-NEWS.  The Annual Shareholders’ Meeting of Latvenergo AS was held on 5 May 2016 at 10:00 at the premises of Latvenergo AS at 12 Pulkveža Brieža Street, Riga.

The resolutions adopted at the Annual Shareholders’ Meeting:

1. To approve „Latvenergo konsolidētais 2015.gada pārskats”, which financial statements are prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

2. To approve „Latvenergo Group Consolidated Annual Report 2015”, which financial statements are prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

3. To approve Latvenergo AS Annual Report 2015, prepared in accordance with the Annual Accounts Law;

4. To approve the document „Latvenergo koncerna Ilgtspējas un Gada pārskats par 2015.gadu” and its English translation „Latvenergo Group Sustainability and Annual Report 2015”;

5. To approve the distribution of net profit of Latvenergo AS for the year 2015 of EUR 94,534,016 as follows:

1) EUR 77,413,486 to be paid out to the state in dividends;

2) EUR 17,120,530 to be transferred to Latvenergo AS reserves for further development of the capital company;

6. To appoint ERNST & YOUNG BALTIC SIA to conduct the audit of Latvenergo AS for the year 2016, determining a remuneration of the auditor up to EUR 36,521 excl. VAT.

About Latvenergo

Latvenergo Group is a pan-Baltic energy company, engaging in electricity and thermal energy generation and supply, electricity distribution services and management of transmission system assets. Latvenergo Group holds one-third of the entire Baltic electricity market, thus ensuring its leadership in the Baltic electricity supply. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several years in a row. International credit rating agency Moody’s has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.

Latvenergo Group includes the parent company Latvenergo AS (electricity and thermal energy generation and supply) and its subsidiaries Latvijas elektriskie tīkli AS (lease of transmission system assets), Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (electricity  supply in Estonia), Elektrum Lietuva UAB (electricity supply in Lithuania), Enerģijas publiskais tirgotājs AS (administration of electricity mandatory procurement process) and Liepājas enerģija SIA (electricity and thermal energy generation and supply), as well as Elektrum Latvija SIA (electricity supply), a subsidiary of Elektrum Eesti OÜ.