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 the largest power supplier in the Baltics. It operates in electricity and thermal energy generation and trade, electricity distribution services, and the leasing of transmission system assets.
Latvenergo Group comprises the parent company Latvenergo AS and six subsidiaries:
- Sadales tīkls AS
- Elektrum Eesti OÜ
- Elektrum Lietuva UAB
- Latvijas elektriskie tīkli AS
- Liepājas enerģija SIA
- Enerģijas publiskais tirgotājs AS
All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.
As of the end of 2017, Latvenergo Group employed 3,908 people.
The principles of remuneration policy are designed to maintain motivating and competitive remuneration while ensuring rational use of financial resources. The main principles of the remuneration policy are:
- Employee remuneration depends on their qualifications, experience, skills, attitude and contribution towards achievement of the company goals;
- Individual employee goals/tasks are linked to the achievement of the company goals;
- Employee remuneration is designed and maintained to align it with the remuneration level in the labour market.
Latvenergo Group Unit 2016 2017 Revenue MEUR 932 926 EBITDA 1) MEUR 393 542 Profit MEUR 131 322 Assets MEUR 3,901 4,416 Equity MEUR 2,419 2,847 Net debt2) MEUR 608 591 Net debt /EBITDA 3) MEUR 1.7 1.1
1) EBITDA – earnings before interest, income tax, share of result of associates, depreciation and amortisation, and impairment of intangible assets and property, plant and equipment
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 – (net debt at the beginning of the year + net debt at the end of the year) * 0.5/ EBITDA (12-months rolling)
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 2016 2017 Retail electricity supply GWh 7,666 6,923 Market share in the Baltics % 30 27 Retail customers thousands 855 834 Thermal energy supply GWh 2,675 2,612
Latvenergo Group Unit 2016 2017 Installed electrical capacity MW 2,569 2,569 Installed thermal capacity MW 1,842 1,842 Distribution:
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