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November 26, 2015 1:59 PM ET

Electric Utilities

Company Overview of AS Latvenergo

Company Overview

AS Latvenergo, a power supply utility, generates and supplies electricity and thermal energy in the Baltic states. It generates electricity through various renewable energy sources, including hydropower, biomass, and wind power, as well as gas-fired power plants. The company also provides electricity distribution services to approximately 840 thousand customers in Latvia. In addition, it offers transmission system asset management, as well as telecommunication and information technology services. The company was founded in 1939 and is based in Riga, Latvia.

12 Pulkveža Brieža Street

Riga,  1230


Founded in 1939

4,163 Employees


371 67 723 511

Key Executives for AS Latvenergo

Chairman of Management Board and Chief Executive Officer
Age: 49
Chief Operating Officer and Member of Management Board
Age: 34
Chief Commercial Officer and Member of Management Board
Age: 49
Group Treasurer
Chief Administrative Officer and Member of Management Board
Age: 47
Compensation as of Fiscal Year 2015.

AS Latvenergo Key Developments

AS Latvenergo Announces New Appointments to Board

Taking into consideration that the term of the current Management Board of Latvenergo AS expires on 15 November 2015, the shareholders appointed a new Management Board of Latvenergo AS, comprising five Members, appointed for a five-year term of office. The new Management Board of the company will commence its operation on 16 November 2015. Guntars Balcuns appointed as Member of the Management Board and Guntis Stafeckis appointed as Member of the Management Board. The new Member of the Management Board Guntars Balcuns works for Latvenergo Group already for 10 years, since 2007 he is the Director of Business Planning and Control and since 2014.

Latvenergo Group Announces Unaudited Consolidated Earnings and Operating Results for the Six Months Ended June 30, 2015

Latvenergo Group announced unaudited consolidated earnings and operating results for the six months ended June 30, 2015. For the six months, the company reported revenue of EUR 474,136,000 against EUR 543,082,000 a year ago. Operating profit was EUR 79,055,000 against EUR 58,263,000 a year ago. Profit before tax was EUR 70,645,000 against EUR 49,100,000 a year ago. Profit for the period was EUR 61,698,000 against EUR 42,349,000 a year ago. Net cash flows from operating activities were EUR 118,458,000 against EUR 84,705,000 a year ago. Purchase of intangible assets and property, plant and equipment was EUR 83,070,000 against EUR 67,026,000 a year ago. EBITDA was EUR 177,800,000 against EUR 146,200,000 a year ago. Net debt was EUR 703,600,000 as on June 30, 2015 against EUR 681,200,000 as on June 30, 2014. Revenue decline was due to change in accounting principles along with entrance into operation of Enerijas publiskais tirgotjs as of 1 April 2014. Mandatory procurement PSO fee revenues are no longer recognized in the revenue of the group. For the six months, the company reported retail electricity supply of 3,934 GWh against 4,579 GWh a year ago. Electricity generation was 1,931 GWh against 2,111 GWh a year ago. Thermal energy supply was 1,348 GWh against 1,392 GWh a year ago.

AS Latvenergo, H1 2015 Fixed Income Call, Sep 09, 2015

AS Latvenergo, H1 2015 Fixed Income Call, Sep 09, 2015

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