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July 04, 2015 4:19 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

4,142 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

Zane Kotane to Resign from the Management Board of Latvenergo AS

Latvenergo AS announced that member of the management board and chief financial officer Zane Kotane has decided to discontinue employment relations and resign from her position in the management board, grounding this decision in the willingness and need to devote more time to her family. Recognising that her professional input in the achievement of the company's strategic goals has been and would continue to be very important and valuable, the shareholders' meeting respects Zane Kotane's decision to resign from the management board of Latvenergo as of 19 June 2015.

Latvenergo Group Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2015

Latvenergo Group announced unaudited consolidated earnings and operating results for the first quarter ended March 31, 2015. For the quarter, the company reported revenue of EUR 259.5 million against EUR 324.5 million a year ago. EBITDA was EUR 94.8 million against EUR 82.5 million a year ago. Net profit was EUR 39.3 million against EUR 30.8 million a year ago. Net debt as at March 31, 2015, was EUR 688.6 million against EUR 679.7 million as on March 31, 2014. Operating profit was EUR 51,112,000 against EUR 38,735,000 a year ago. Profit before tax was EUR 46,847,000 against EUR 34,025,000 a year ago. The decrease in Revenue was mainly determined by discontinuation of recognising the mandatory procurement public service obligation fee income in the revenue of Latvenergo Group along with Energijas publiskais tirgotajs AS entrance into operation on April 1, 2014. Net cash flows from operating activities was EUR 50,154,000 against EUR 34,920,000 a year ago. Purchase of intangible assets and property, plant and equipment was EUR 29,651,000 against EUR 26,152,000 a year ago. The group’s power plants generated 1,027 GWh of electricity and 1,019 GWh of thermal energy in the first quarter of 2015.

Latvenergo to Pay Dividends for 2014

Shareholders of Latvenergo have decided to pay dividends worth EUR 31.479 million in the state budget. The remaining profit or EUR 3.498 million will be transferred to the company's reserves for further development of the capital company.

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