OREANDA-NEWS. Latvenergo AS Shareholders’ Meeting approved Latvenergo Group Sustainability and Annual Report 2012. In accordance with the report, Group has operated with a profit, increasing the turnover by 10%. During the meeting, decisions were made on distributing the profits of Latvenergo AS. An opinion on management of Group was also provided by the Audit Committee.

In 2012, Latvenergo Group operated with a profit of M LVL 35.7 and a total turnover of M LVL 751, which is 10% higher than in the previous year and the highest so far. The company’s operational performance has been summarised in the Sustainability and Annual Report 2012, approved today by the shareholder of Latvenergo AS – the Republic of Latvia Ministry of Economics, represented by the State Secretary Juris Puce.

Latvenergo AS Chief Executive Officer Aris Zigurs notes: “In 2012, Group activities were successful, leading to achievement of the goals defined in Latvenergo Group Strategy. Every action was taken considering the needs of customers and the impact of the company’s operations on the environment and society of the entire Baltic region. Development of Latvenergo Group will continue in 2013.”

During the Shareholders’ Meeting, a report was also provided by the Audit Committee, which supervises the limited liability company’s financial reporting and internal control system, increasing the company’s transparency. The Committee reported that the Latvenergo internal control system ensures veracity of the information provided by Group and noted that Scandinavian experts have been acquainted with the Sustainability and Annual Report; in the experts’ opinion, the document has been prepared in a professional manner and in very high quality.

Zane Kotane, Latvenergo AS Member of the Management Board and Chief Financial Officer, continues: “2012 laid a stable and secure foundation for enhancing corporate governance – Latvenergo is the first state limited liability company to publicly report its financial performance on a quarterly basis, providing the public with transparent, reliable and available data on its operations.”

The Shareholders’ Meeting approved the profit distribution proposed by the Management Board of Latvenergo AS in accordance with the Law on State and Municipal Shares and Capital Companies, Republic of Latvia Cabinet Regulation “On the procedure for determining and contributing to the state budget the part of profits for using state capital” and the Law on the State Budget 2013, paying M LVL 28.5 of Latvenergo AS income as dividends and remitting the remaining part to the reserves of Latvenergo AS.