May 24, 2017 8:02 AM ET

Electric Utilities

Company Overview of AS Latvenergo

Company Overview

AS Latvenergo, a power supply utility company, engages in the electricity and thermal energy generation and trade, electricity distribution services, and lease of transmission system assets businesses. It generates electricity through various renewable energy sources. The company also provides electricity distribution services to approximately 830 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

Latvia

Founded in 1939

4,131 Employees

Phone:

371 67 723 511

Key Executives for AS Latvenergo

Chairman of Management Board and Chief Executive Officer
Age: 50
Chief Financial Officer and Member of the Management Board
Age: 35
Chief Operating Officer and Member of Management Board
Age: 35
Chief Commercial Officer and Member of Management Board
Age: 50
Accounting Director
Compensation as of Fiscal Year 2016.

AS Latvenergo Key Developments

Latvenergo AS Approves Dividend for the Year 2016

Latvenergo AS announced that the Annual Shareholders Meeting of the company was held on May 10, 2017, approved the dividend of EUR 73,021,305 to be paid out to the state in dividends for the tear 2016.

Latvenergo AS Reports Audited Consolidated Earnings Results for the Year Ended December 31, 2016

Latvenergo AS reported audited consolidated earnings results for the year ended December 31, 2016. For the year, the company reported revenue of EUR 931,619,000 compared to EUR 929,128,000 a year ago. Operating profit was EUR 160,773,000 compared to EUR 108,188,000 a year ago. Profit before tax was EUR 148,945,000 compared to EUR 92,535,000 a year ago. Profit for the year was EUR 130,593,000 compared to EUR 85,039,000 a year ago. EBITDA was EUR 393.4 million compared to EUR 307.0 million a year ago. Net debt was EUR 607.6 million compared to EUR 692.9 million a year ago. Return on equity was 5.8% compared to 4.1% a year ago. Return on assets was 3.5% compared to 2.4% a year ago. Net cash flows from operating activities were EUR 341,186,000 compared to EUR 246,278,000 a year ago. Purchase of intangible assets and PPE was EUR 185,674,000 compared to EUR 188,915,000 a year ago.

Latvenergo AS Announces Changes in the Audit Committee

Latvenergo AS at its extraordinary shareholders' meeting held on 3 March 2017 passed a decision on amendments to the Regulations of the Audit Committee, increasing the number of Members thereof, and implementing, relevant amendments to the Articles of Association of the company. Henceforth, the Audit Committee of Latvenergo AS will comprise five Members. The work in the Committee will be continued by Torben Pedersen, Marita Salgrave and Sven Dinsdorf, whose term of office expires on 4 December 2018. In turn, the Chairman of the Supervisory Board of Latvenergo AS Andris Ozolinš and the Deputy Chairman of the Supervisory Board of Latvenergo AS Andris Liepinš will commence their work in the Audit Committee and they are elected for a three-year term, starting from 6 March 2017.

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Recent Private Companies Transactions

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