Year of establishment
22 December 1939 is a significant day in the history of energy sector in Latvia. On this day, the State Electricity Enterprise “Ķegums” started operation. We celebrate this day as the birthday of Latvenergo AS.
Latvenergo Group is a vertically integrated power supply utility operating in electricity and thermal energy generation and supply, electricity distribution services and transmission system asset management.
Latvenergo Group comprises the parent company Latvenergo AS and six subsidiaries. All shares of Latvenergo AS are owned by the State and they are held by the Ministry of Economics of the Republic of Latvia.
As at the end of 2016, Latvenergo Group employs 4,131 employees, 1,472 of which work for Latvenergo AS.
Principles on remuneration policy are designed with the objective of maintaining motivating and competitive remuneration while ensuring rational use of financial resources. The main principles of the remuneration policy are:
• Remuneration of an employee depends on his qualification, experience, skills, attitudes and investments toward achievement of the company goals;
• Individual objectives/tasks of an employee are linked to the achievement of the company goals;
• Compensation of employees is designed and maintained to align it with the compensation level in the labor market.
Latvenergo Group Unit 2015 2016 Revenue MEUR 929 932 EBITDA 1) MEUR 307 393 Profit MEUR 85 131 Assets MEUR 3,517 3,901 Equity MEUR 2,097 2,419 Net debt2) MEUR 693 608 Net debt /EBITDA ratio3) MEUR 2.3 1.7
1) EBITDA – earnings before interest, income tax, share of result of associates, depreciation and amortisation, and impairme
2) Net debt – borrowings at the end of the period minus cash and cash equivalents at the end of the period
3) Net debt/EBITDA ratio –Net debt/ EBITDA
The international rating agency Moody’s Investors Service has assigned Latvenergo AS credit rating Baa2 (stable).
Latvenergo Group Interim financial reports are published quarterly. More information in section Investors/Reports
Latvenergo Group Unit 2015 2016 Retail electricity supply GWh 7,869 7,580 Market share in the Baltics % 32 30 Retail customers thousands 865 855 Thermal energy supply GWh 2,408 2,675
Latvenergo Group Unit 2015 2016 Installed electrical capacity MWel 2,569 2,569 Installed thermal capacity MWth 1,844 1,842 Distribution:
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