2004.gada. Annual Report. pårskats

Transcription

1 2004.gada Annual Report pårskats

2 Saturs Vîzija. Misija Labklåjîbai un izaugsmei Uzñémuma struktüra Ener ijas bilance Finanßu pårskats Darbîbas rådîtåji Vadîbas ziñojums Revidentu ziñojums Finanßu pårskati Pielikums Contents Vision & Mission For Welfare and Development Company Structure Balance of Power Industry Financial Statement Key Figures Management Report Auditors Report Annual Reports Notes

3 Vîzija Misija Vision & Mission Visa dzîvå daba jüt ener ijas stråvojumu katrå sirdspukstå. Ikdienas straujais ritms, attîstîba un pienåkums nes müs uz priekßu pa dzîves lînijåm. Tas ir måtes zemes dotais uzdevums, un tikai retos brîωos més apzinåmies lielo pirmssåkuma ener iju. The entire nature feels the current of energy in every heartbeat. The quick rhythm of day-to-day, development & obligations carry us forward along the lines of our lives. This is a task given by mother earth and only on rare occasions we are conscious of the great prime origin energy.

4 4 Vîzija Latvenergo savå darbîbå vélas büt konkurétspéjîgs un k üt par klientu primåri izvélétu risinåjumu sniedzéju ener étikas un telekomunikåciju jomå Latvijå un Baltijå. Misija Nodroßinåt ilgtspéjîgu, droßu, kvalitatîvu, videi draudzîgu ener ijas raωoßanu un piegådi, kas sekmé pieprasîjuma pieaugumu un nodroßina stabilu sabalansétu attîstîbu. Attîstît un sniegt uz kompetencém balstîtus konkurétspéjîgus telekomunikåciju pakalpojumus un to risinåjumus. Vértîbas Latvenergo ir: uzticams un droßs; inovatîvs un efektîvs; atvérts un respektabls. Mér i 1. Organizåcijas izaugsme Integréta ener étikas koncerna, kas balstîts uz ekonomiski un finansiåli pamatotiem principiem, caurspîdîgu korporatîvu struktüru un bizneså orientétu darbîbu, izveide. 2. Finanßu rådîtåji Apgrozîjuma ikgadéjais pieaugums. Kapitåla atdeves un pe ñas lîmeña nodroßinåjums. 3. Klientu apkalpoßana Klientu apmierinåtîbas rådîtåju ievießana un paaugstinåßana. 4. Tehnolo iskå attîstîba Esoßo tehnolo isko jaudu (ener étikas, telekomunikåcijas un informåcijas tehnolo iju) efektîva izmantoßana, to ekonomiski un finansiåli pamatota atjaunoßana un attîstîba. Jaunu un inovatîvu tehnolo isko jaudu (ener étikas, telekomunikåcijas un informåcijas tehnolo iju) ekonomiski un finansiåli pamatota ierîkoßana un risinåjumu attîstîba. Vision Latvenergo in its activities is focused to be competitive and establish itself as the primary choice for its customers in the sector of power and telecommunications solutions in Latvia and Baltics. Mission Provide sustainable, reliable, qualitative, environmentally friendly production and supply of energy that promotes demand increase and provides stable, balanced development. Develop and provide competitive telecommunication services and solutions, based on competence. Values Latvenergo is: Reliable and safe; Innovative and effective; Open and respectable. Goals 1. Organizational Development Form an integrated power industry corporation, which is based on economically and financially well-founded principles, transparent corporate structure and business oriented activities. 2. Financial Results Annual turnover increase. Ensure return on capital and profit levels. 3. Customer Service Introduction of customer satisfaction index and its consistent improvement. 4. Technological Development Efficient utilization of existing technological capacities (power, telecommunications and information technology), their economically and financially justified renovation and development. Economically and financially justified implementation and solution development of advanced and innovative technological capacity (power, telecommunications, information technology).

5 Labklåjîbai un izaugsmei For Welfare and Development Pårliecinåta un precîza nots skaña, meistara rokas virzîta, nosaka toni visa or estra skanéjumam. A confident & precise sound of a note produced by an expert, determines the tone of the whole orchestra.

6 6 For Welfare and Development I have the honour to describe 366 days of the year 2004, during which we have provided for vigorous operation of Latvia s power system and supplied our customers with electricity and heating. A leader of a large company often faces challenges arising from the daily work tasks that must not be viewed in a short term and solved quickly. I always keep in mind, that the tasks, set on our company, are much more than organizing supply of electricity, reaching annual result or any other self-evident activity. It is important to view entire industry and national economy processes as a whole not only on national or regional level. Also we are to understand the global activities that affect our industry and development of economical trends, and that means our future as well. Labklåjîbai un izaugsmei Man ir gods raksturot gada 366 dienas, kuru ritéjumå esam nodroßinåjußi Latvijas energosistémas pilnasinîgu darbîbu un müsu klientu apgådi ar elektrîbu un siltumu. Ikdienas darba uzdevumi lielas kompånijas vadîtåjam bieωi uzdod jautåjumus, kurus nedrîkst tvert îstermiñå. Arvien paturu pråtå, ka müsu kompånijai dele étie uzdevumi ir kaut kas daudz vairåk nekå elektroapgådes organizéßana, gada finanßu plånu izpilde vai kåda cita paßsaprotama aktivitåte. Ir svarîgi nozares un visas tautsaimniecîbas procesus tvert kopumå ne tikai nacionålå vai re ionålå lîmenî. Tåpat ir jåcenßas izprast globålas norises, kas iespaido müsu nozares nåkotni gada septembrî, piedaloties Pasaules Ener étikas padomes kongreså, pårliecinåjos par müsu kompånijas îstenotå ce a nek üdîgumu, jo nemitîgi esam gåjußi kopsolî ar visas pasaules ener étikai aktuålo vadmotîvu ilgtspéjîbu. Ja rüpéjamies par rîtdienu, tad mums ir jåizvélas attîstîtåkås tehnolo ijas un müsu kompetencei jåbüt daudz augståkai un tålredzîgåkai, nekå prasa tuvåko méneßu uzdevumi. Tikai tås sistémas, kas spéj veikt un atbalsta ievérojamus ieguldîjumus, pretendé uz veiksmîgu darbu vidéjå un ilgå termiñå gads uzñémumam ir nesis ievérojamas saimnieciskas veiksmes, jo atkal esam pratußi palielinåt klientiem piegådåtås elektroener ijas apjomu: realizétas GWh elektroener ijas, kas ir par 179 GWh jeb 3,3 % vairåk nekå iepriekßéjå gadå. Uzñémuma gada neto apgrozîjums ir 229 miljoni latu par 28 miljoniem vairåk nekå iepriekßéjå gadå, kopéjås investîcijas sasniedz 114,2 miljonus latu (2003. gadå 94 milj.), esam nopelnîjußi gandrîz 25 miljonus latu. Pérn ir îstenojußås müsu vélmes, par kuråm pirms daωiem gadiem tikai sapñojåm un tås plånojåm: martå starptautiskå kredîtreitinga a entüra Moody s Investors Service pieß îra Latvenergo ilgtermiña kredîtreitingu Baa1, tådéjådi k uvåm par vienîgo uzñémumu Latvijå, kuram pieß irts investîciju pakåpes reitings; oktobrî atklåjåm rekonstruéto 330 kv sadales punktu Lîksna nozîmîgu elektroener ijas pårvades mezglu, kas nodroßina ener ijas tranzîtu starp Lietuvas un Latvijas energosistémåm; pilnvértîgu darbu publiskajå telpå såka uzñémums In September 2004, during the World Energy Council Congress, I ascertained that our company had chosen the right track, we are constantly going along with the internationally acknowledged main concern sustainability. If we care for tomorrow, we have to choose more developed technologies and the best ways of their utilization, and our competence has to be more advanced and long-term, than required by the tasks for the next couple of months. Only those systems that can achieve and justify considerable investments, can qualify for successful medium and long-term operation has brought remarkable economical achievements; we have succeeded to increase the volumes of supplied electricity to our customers. We have sold GWh of electricity, an increase of 3,3 % or 179 GWh more than last year. The company s net turnover in 2004 reached 229 million lats, which is 28 million more compared to the previous year. Total investments amounted to million lats ( mln.); our profit reached almost 25 million lats. Events that took place last year, we could only dream about and hope for couple years ago: in March the International Credit Rating Agency Moody s Investors Service assigned Latvenergo a longterm credit rating Baa1, thus we became the only company in Latvia that has received investment level rating; in October we opened a renovated 330 kv distribution substation Lîksna an important transmission node of electric power, which ensures energy transit between Latvian and Lithuanian power systems; a new company Latvenergo telekomunikåcijas has successfully launched its activities; already in the beginning of 2004 it won the tender for the rights to create and maintain corporate data transmission network in the Baltic countries for Hansabank Group, and in spring offered a new service internet network connection; in spring 2004 our shareholders supported the company s decision to participate in underwater cable project Estlink. The other two Baltic countries energy companies are also participating in the project alongside with the Finnish Pohjolan Voima and Helsingin Energia. It was a launch of an unprecedented project, which would be materialised as the first connection of power systems in the Baltic and Northern countries. We could go on enumerating, however the mentioned achievements prove that our company s strategic

7 Latvenergo telekomunikåcijas, kas jau gada såkumå uzvaréja konkurså par tiesîbåm izveidot un uzturét Hansabank Grupas korporatîvo datu pårraides tîklu Baltijas valstîs un pavasarî piedåvåja jaunu pakalpojumu interneta paståvîgo pieslégumu; gada pavasarî müsu akcionåri atbalstîja kompånijas lémumu piedalîties zemüdens kabe a Estlink projektå, kura dalîbnieki ir arî påréjo divu Baltijas valstu energokompånijas un Somijas firmas Pohjolan Voima un Helsingin Energia. Tas bija såkums vél nebijußa projekta realizåcijai, kas materializésies pirmajå Baltijas un Zieme valstu energosistému savienojumå. Minétie sasniegumi liecina par müsu kompånijas straté isko pamatnostådñu îstenoßanos, proti, lîdztekus tradicionåliem pasåkumiem energosaimniecîbas uzturéßanå un modernizåcijå esam veikußi fundamentålus darbus kompånijas vértîbas palielinåßanai. Més dzîvojam årkårtîgi dinamiskå laikå, kas jo labi jütams, prognozéjot Latvijas energosistémai gaidåmås pårmaiñas un izaicinåjumus. Apritéjis pirmais gads, kopß Latvija ir pilntiesîga Eiropas Savienîbas valsts. Darba uzdevumi paliek nemainîgi, bet nemitîgi mainås vide, kurå strådåjam, tådé liela da a müsu panåkumu ir atkarîgi no prasmes profesionåli, savlaicîgi un adekvåti rea ét uz pårmaiñåm. Més turpinåsim veidot uzñémuma struktüru un vadîbas principus tå, lai pildîtu savu misiju saskañå ar noteikumiem, kuri kå pamatvértîbas pieñemti viså vecajå kontinentå, tåtad spélésim péc noteikumiem, kuros müsu tîklu struktüra büs pieejama arî citiem uzñéméjiem gada vasarå valdîbas akceptétajås Pamatnostådnés Latvijas elektroener ijas tirgus priekßnosacîjumu izveidei paredzéts, ka lîdz gada 1. janvårim jåizveido Latvenergo struktürvienîba, kas sniedz sadales pakalpojumu un pilda visas publiskå tirgotåja funkcijas, bet lîdz gada 1. jülijam jånodroßina, ka sadales sistémas operatora un tirgotåja funkcijas ir juridiski nodalîtas. Lai realizétu valdîbas rîkojumu un plånotås likuma izmaiñas, gada 2. novembrî Latvenergo valde pieñéma lémumu par sadales un realizåcijas struktürvienîbas izveidi. Íå procesa veiksmîgai un pårdomåtai îstenoßanai gada nogalé tika uzsåkts projekts Sadale Pérnais bija müsu jubilejas gads, jo kopß nozares simbola eguma spékstacijas nodoßanas ekspluatåcijå pagåjußi 65 gadi. Pirmo reizi kompånijas vésturé ßo notikumu vérienîgi svinéjåm visi kopå. AllaΩ esam centußies savu pieredzi izmantot perspektîvas plånoßanå. Ar gandarîjumu varu teikt, ka gada nogalé izstrådåjåm un akceptéjåm uzñémuma turpmåkås darbîbas straté iju. Müsu nozares un uzñémuma ilgtspéjîbas stürakmeñi ir savlaicîgas investîcijas, tehniska un tehnolo iska attîstîba, re ionåla sadarbîba, kå arî paståvîga personåla kompetençu un sociålå nodroßinåjuma atjaunotne. Tießi ßo vértîbu attîstîßana aus mums sevi ieraudzît un arî klientiem novértét kå uzticamu un droßu, inovatîvu un efektîvu, atvértu un respektablu uzñémumu. Lai mums veicas! approaches have been fulfilled, i.e., alongside with the traditional routines in keeping up and modernizing energy utility, we have done fundamental work to increase the value of the company. We live in extremely dynamic times, which can be felt especially well, when forecasting potential changes and challenges for the power system in Latvia. The first year has passed since Latvia is a full-fledged member of European Union. The traditions and rules of this Union have come into our personal lives as well as our daily work and the industry. The work task has remained the same, however our business environment is changing constantly, so the significant part of our success depends on our ability to react professionally, timely and adequately to any given situation. We will continue to form and change the company s structure and management principles so that we can carry out our mission in accordance with the rules, which are accepted as the fundamental values across the old continent. That means we will play by the rules, where the structure of our network will be available also for other entrepreneurs. In summer 2004 the government adopted Basic principles for Latvian electric power market precondition formation provide that by 1 January 2005 Latvenergo must form an entity, which will provide distribution services and perform all public sales functions, and until 1 July 2007 must ensure that distribution system operator s and sales functions are unbundled. To carry out the Government s direction and planned legislation changes, the Board of Latvenergo on 2 November 2004 decided to form a distribution and sales structure. The changes brought by the new entity will affect the whole Latvenergo as well as the functions and structures of a number of divisions and departments of the company. To carry out this project successfully and thoughtfully, new project Sadale 2007 has been launched by the end of Last year was the year of our anniversary 65 years since the symbol of our industry, egums power plant, started its operation. For the first time in the company s history, this significant event was widely celebrated. We always have tried to use our experience to plan for the future. With great satisfaction, I can announce that by the end of the year we have worked out and accepted the strategy for the company s future activities. The main guidelines will reach every employee of the company. When describing the present of our company, I tried on purpose to bring attention to the most important issues cornerstones of the industry s and company s sustainability: timely investment, technical and technological development, regional cooperation, as well as continuous update of personnel competence and social benefits. Development of these particular values will allow us to see and our customers to evaluate, that we are a reliable and safe, innovative and effective, open and respectable company. Good luck to all of us! 7 Kårlis Mi elsons, VAS Latvenergo valdes priekßsédétåjs Kårlis Mi elsons, The Chairman of the Board SJSC Latvenergo

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9 Uzñémuma struktüra Company Structure Saskaña, harmonija un uzticéßanås. Müzikas kopéjo plüdumu kontrolé diri ents, kurß ievada spélé atseviß as vienîbas, savukårt katras apakßvienîbas skanéjumu nosaka tås koncertmeistars. Concordance, harmony and confidence. The united flow of music is controlled by the conductor who introduces separate units, and the sound of each unit is determined by it s concert master.

10 10 VAS "Latvenergo" ir komercsabiedrîba, kas darbojas energoapgådes jomå: elektroener ijas un siltumener ijas raωoßana un tirdzniecîba; elektroener ijas pårvades un sadales pakalpojumi; telekomunikåcija jauns pamatdarbîbas virziens. Latvenergo darbîbu regulé Ener étikas likums un likums Par sabiedrisko pakalpojumu regulatoriem. Komercsabiedrîbas vienîgais akcionårs ir Latvijas valsts, kurai piederoßo akciju turétåjs ir Ekonomikas ministrija. Komercsabiedrîbas pårvaldes institücijas ir: akcionåru sapulce; padome; valde. Akcionåru sapulce ir augståkå sabiedrîbas pårvaldes institücija. Latvenergo padomes locek us ievélé akcionåru sapulcé péc saskañoßanas ar akciju turétåju ne ilgåk kå uz trim gadiem. Padome apstiprinåta gada 31. martå. Tajå darbu vairs neturpina gada 17. janvårî ievélétås padomes priekßsédétåjs Vilis Vîtols, padomes locek i Juris Ekmanis un Juris Radzeviçs. Jaunajå padomé darbojas Andris Liepiñß un Roberts Dilba, atkårtoti tajå ievéléta Margarita Brikmane, padomes jaunie locek i ir Gints Lipsbergs, Ivars Gulbis, Romåns MeΩeckis un Anatolijs Abramovs. Par padomes priekßsédétåju ievéléta Margarita Brikmane. Valde vada sabiedrîbas darbîbu. Tå darbojas péc akcionåru sapulces apstiprinåta valdes reglamenta un pilda savas funkcijas padomes uzraudzîbå gadå Latvenergo valdes locek i ir Kårlis Mi elsons (priekßsédétåjs), Aigars Me ko (priekßsédétåja vietnieks), Matîss Paegle, Ilmårs Stuklis un Olafs Vîtols. Latvenergo struktüra Administratîvais departaments Informåcijas tehnolo iju departaments Korporatîvo komunikåciju departaments Vides, veselîbas, droßîbas departaments Muzeja projekta grupa Korporatîvås straté ijas departaments Kontraktu administråcijas departaments RaΩoßanas departaments Elektrostac. rekonstrukcijas projektu grupa VALDE Valdes loceklis korporatîvå straté ija Valdes loceklis raωoßana Padome Valdes priekßsédétåjs Valdes loceklis finanses Valdes priekßsédétåja vietnieks pårvade un sadale Iekßéjå audita departaments Finanßu un kredîtu departaments Ekonomikas departaments Gråmatvedîba Izpétes un attîstîbas departaments Inspekcija Pakalpojumi Ener ijas raωoßana Pårvade Sadale un realizåcija Sadales elektrisko tîklu direktors Telekomunikåcijas Liesma Daugavas hidroelektrostacija Augstsprieguma tîkls Austrumu elektriskie tîkli Latvenergo telekomunikåcijas Serviss Latvenergo projekts Måcîbu un energopétniecîbas centrs Rîgas termoelektrostacija Elektrisko tîklu departaments Elektroener ijas vairumtirdzniecîbas da a Elektroener ijas realizåcijas un klientu apkalpoßanas dep. Centrålie elektriskie tîkli Dienvidu elektriskie tîkli Rietumu elektriskie tîkli Rîgas elektrotîkls Zieme austrumu elektriskie tîkli Zieme u elektriskie tîkli

11 State joint stock corporation "Latvenergo" is an energy utility, engaged in the area of power supply: 11 production and sales of electric and heating energy; electricity transmission and distribution services; telecommunications new field in the core business. Latvenergo activities are regulated by the Law on Energy and the Law on Public Utility Regulators. All of the Company s shares are owned by the Latvian State and held by the Ministry of Economy. The Company s Structure: Shareholders meeting; Council; Board. Shareholders meeting is the highest supervisory institution. In coordination with the owner, Shareholders meeting elects the members of Latvenergo Council for the period no longer than 3 years. The Council was approved on 31 March Vilis Vîtols, Chairman of the Council, elected on 17 January 2003, and the members of the Council Juris Ekmanis and Juris Radzéviçs discontinued their work in the Council. The new Council includes Andris Liepiñß, Roberts Dilba and Margarita Brikmane, who was reelected; the new members of the Council are Gints Lipsbergs, Ivars Gulbis, Romåns MeΩeckis and Anatolijs Abramovs. Margarita Brikmane was elected the Chairman of the Council. The Board manages the company. It acts in accordance with the policy approved by the Shareholders meeting and carries out its functions under the supervision of the Council. For 2004 the Board of Latvenergo are Kårlis Mi elsons (Chairman), Aigars Me ko (Deputy Chairman), Matîss Paegle, Ilmårs Stuklis and Olafs Vîtols. Structure of Latvenergo Administrative Department IT Department Corporate Communications Department Environment, Health and Safety Dep. Museum Project Group Corporate Strategy Department Procurement Department Production Department TEC-1 Reconstruction Group BOARD Member of the Board Corporate Strategy Member of the Board Production Council Chairman of the Board Member of the Board Finances Deputy Chairman of the Board Transmission and Distribution Internal Audit Department Finance and Credit Department Economics Department Accounting Research and Development Dep. Inspection Services Power Production Trasmission Distribution and Sales Distribution Elektric Network Manager Telecommunications Liesma Daugava hydro-power plants High Voltage Network Eastern Electrical Networks Latvenergo telecommunications Service Riga combined heat power plants Central Electrical Networks Latvenergo project Training and Energy research Centre Electric Network Department Electric Wholesale Division Electricity Sales and Customer Service Department Southern Electrical Networks Western Electrical Networks Riga Electrical Networks North-eastern Electrical Networks Northern Electrical Networks

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13 Ener ijas bilance Balance of power industry Müsu kopéjås labklåjîbas atsléga. Nemanåma visur klåtesamîba katrå ikdienas solî, katrå dzîves ritma taktî. Solîjums un amplitüdas diapazons müsu mazajiem un lielajiem plåniem, skañdarbiem un uzdevumiem. The key to our common welfare. Intangible presence in every step we make in the day-time and in every rhythm of life at night. Promise and range of amplitude for our small and big plans, compositions and tasks.

14 14 Elektroener ijas bilance 2004.gadå, GWh Tehnolo iskais patériñß un transformatoru zudumi 30,6 Nodroßinåjums HES 3044 Pieprasîjums 5572,8 Rüpniecîba 1704,3 Tehnolo iskais patériñß un transformatoru zudumi 147,4 TES 1224,8 Iedzîvotåji 1352,7 Véja elektrostacijas 1,3 Lauksaimniecîba 121,8 No citiem raωotåjiem 326,9 6693,1 Tirdzniecîba, pakalpojumi, iestådes un to lietotåji 2394,1 Tålåk pårdevéjs 42,8 Starpvalstu piegådes 2096,3 Latvenergo saimnieciskås vajadzîbas 12,9 Pårvades zudumi, tehnolo iskais patériñß un starpvalstu tranzîta zudumi 929,4 Igaunija 1130,3 Krievija 523,5 Lietuva 399,6 Starpvalstu tranzîts 3248,5 Siltumener ijas bilance 2004.gadå, GWh Nodroßinåjums TEC TEC Kopå 2768 Pieprasîjums Vairumtirdzniecîba (Rîgas siltums) 2760 Iedzîvotåji 4 Påréjie klienti 4

15 Electric Energy Balance Sheet in 2004, GWh 15 Technological consumption and losses in transformers 30.6 Supply HPP 3044 Demand Industrial customers Technological consumption and losses in transformers CHPP Households Wind Power Stations 1.3 Agriculture Reseller 42.8 From other producers International Suppliers Commercial and service sphere customers, state and regional institutions and other customers Latvenergo consumption on self-service needs 12.9 Transmission and distribution losses, technolog. consumption and international transit losses Estonia Russia Lithuania Interstate transit Heat Energy Balance in 2004, GWh Supply TEC TEC In total 2768 Demand Wholesale trade (Rîgas Siltums) 2760 Households 4 Other consumers 4

16 16 VAS Latvenergo (LE) gadå LE elektrostaciju eneratoru kopéjå uzstådîtå jauda gada beigås ir 2054,1 MW, bet Rîgas termoelektrostacijås uzstådîto siltumener iju eneréjoßo iekårtu siltuma jauda 1853 MW th. Rîgas termoelektrostacijas (RTES) TEC-1 uzstådîtå elektriskå jauda ir 129,5 MW el, bet siltuma jauda 616 MW th ; TEC-2 uzstådîtå elektriskå jauda ir 390 MW el, bet siltuma jauda 1237 MW th. Daugavas hidroelektrostacijas (DHES) eguma HES saståvå ietilpst divas HES ar kopéjo jaudu 264,1 MW; P aviñu HES uzstådîtå jauda ir 868,5 MW; Rîgas HES uzstådîtå jauda ir 402 MW. LE hidroelektrostacijås kopå saraωo 3044 GWh, kas ir 71% no kopéjås gadå saraωotås elektroener ijas (par 19% vairåk nekå iepriekßéjå gadå). LE termoelektrostacijas saraωo 1225 GWh elektroener- ijas 28,7% no LE kopumå saraωotås elektroener ijas, un 2768 GWh siltumener ijas ap 70% no Rîgas pilsétas centralizétai siltumapgådei saraωotå siltuma. Valsts kopéjå elektroener ijas patériña bilancé LE elektrostacijas gadå sedz 63,8%, saraωojot 4270 GWh elektroener ijas. No neatkarîgajiem elektroener ijas raωotåjiem iepirktås 327 GWh ßajå bilancé sedz 4,9%. No Igaunijas, Lietuvas un Krievijas elektroener ijas raωotåjiem iepirktas 2096 GWh elektroener ijas. LE realizé saviem klientiem 5573 GWh elektroener ijas (par 3,3% vairåk nekå iepriekßéjå gadå) un 2768 GWh siltumener ijas. LE pårvades sistému gada beigås veido 1248 km 330 kv sprieguma lîniju, 3954 km 110 kv gaisvada lîniju un 33 km 110 kv kabe u lîniju, 129 apakßstacijas. LE sadales elektrotîkla lîniju garumi gada beigås: vidéjå sprieguma (6 20 kv) lînijas km; zemsprieguma (0,23 0,4 kv) lînijas km. LE sadales elektrotîkla lîniju kopgarums gadå km. Sadales sistémas operatori nodroßina elektroapgådi vairåk nekå miljonam elektroener ijas lietotåju. SJSC Latvenergo (LE) in 2004 The total installed capacity of LE power plants generators by the end of 2004 was 2,054.1 MW, and thermal capacity of heat generating equipment installed at Riga heat power plants 1,853 MW th. Riga combined heat power plants in (CHPP) TEC-1 installed electric capacity is MW el, thermal capacity 616 MW th ; TEC-2 installed electric capacity is 390 MW el, thermal capacity 1,237 MW th ; Daugava river hydropower plants (DRHP) eguma HPP includes two hydropower plants with total capacity MW; P aviñu HPP installed capacity is MW; Riga HPP installed capacity is 402 MW. In the year 2004 hydropower plants of LE in total, produced 3,044 GWh, which amounts to 71% of the total electrical power and is by 19% more, than in the previous year. In the year 2004 the heat power plants produced 1,225 GWh of electrical power, which amounts to 28.7% of the total electrical power output of LE and 2,768 GWh amounting to 70% of the heat, produced for the centralized heat supply of the city of Riga. In the balance sheet of the total national consumption of electric power in 2004 our power plants cover 63.8%, their output being 4,270 GWh of electric power. From the independent power producers (IPP) 327 GWh were purchased, which covers 4.9%. From energy companies of Estonia, Lithuania and Russia 2,096 GWh of electric power were purchased. LE sells to its clients 5,573 GWh of electric power (3.3% more than in the previous year) and 2,768 GWh of heat power. By the end of 2004 transmission network systems of LE comprised 1,248 km of 330 kv voltage lines, 3,954 km 110 kv overhead cable lines and 33 km 110 kv cable lines and 129 substations. Length of LE distribution network lines in the end of 2004: Medium voltage (6-20 kv) lines 33,197 km; Low voltage (0,23 0,4 kv) lines 67,136 km; The total length of LE distribution network in the year 2004 amounted to 100,333 km. Operators of the distribution system provide for electricity supply of more than one million electricity consumers.

17 Finanßu pårskats Financial Statement Kopéjås saimniecîbas talkas diena, kad izñem no plaukta katru instrumentu, notîra, saskaita un glîti noliek plauktå atpaka. The day of joint work in the common household, when every instrument is taken off the shelf to be cleaned, counted and neatly placed back.

18 SAGATAVOTS SASKAˆÅ AR STARPTAUTISKAJIEM FINANÍU PÅRSKATU SAGATAVOÍANAS STANDARTIEM UN NEATKARÈGS REVIDENTU ZIˆOJUMS

19 Darbîbas rådîtåji Ieñémumi Ieñémumi no elektroener ijas realizåcijas EBITDA EBITDA rentabilitåte 32% 24% Saimnieciskås darbîbas pe ña Saimnieciskås darbîbas pe ñas rentabilitåte 15% 8% Pårskata gada pelña Pe ña uz akciju LVL 0,13 0,06 Naudas plüsma saimnieciskås darbîbas rezultåtå Kapitålieguldîjumi Paßu kapitåls Darbinieku skaits gada beigås Vadîbas ziñojums Valsts akciju sabiedrîba "Latvenergo" (turpmåk tekstå Latvenergo vai Uzñémums) ir energoapgådes uzñémums, kas nodarbojas ar elektroener ijas, siltumener ijas raωoßanu un tirdzniecîbu, sniedz pårvades, sadales un telekomunikåcijas pakalpojumus. Latvenergo ir viens no lielåkajiem Latvijas uzñémumiem. Darbîbas rezultåti Latvenergo gada ieñémumi ir 229,2 miljoni latu, kas ir par 28,1 miljoniem latu vai 14% vairåk nekå iepriekßéjå pårskata gadå, ko pamatå noteica realizétås elektroener ijas apjoma un vidéjå realizåcijas tarifa pieaugums. Uzñémums lietotåjiem ir realizéjis 5573 GWh elektroener ijas, kas ir par 179 GWh vai par 3% vairåk nekå gadå. Pe ña pirms nolietojuma (EBITDA), salîdzinot ar gadu, ir pieaugusi par 24,7 miljoniem latu un saståda 72,6 miljonus latu. Galvenie faktori, kas ietekméjußi palielinåjumu salîdzinåjumå ar iepriekßéjo pårskata gadu, ir elektroener ijas realizåcijas un eksporta ieñémumu pieaugums gadå darbîbas pe ñu negatîvi ietekméjis nolietojuma un amortizåcijas pieaugums, ko radîjusi Uzñémuma izstrådåtå energosistémas atjaunoßanas un attîstîbas kapitålieguldîjumu programma. Nolietojums un amortizåcija palielinåjusies par 3,3 miljoniem latu vai 10%. Pårskata gada pe ña ir 24,7 miljoni latu, kas ir par 13,9 miljoniem latu vairåk nekå gadå gadå Uzñémums saraωojis 4270 GWh elektroener ijas, kas ir par 689 GWh vai 19% vairåk nekå iepriekßéjå gadå, ko pamatå noteica lielåka elektroener ijas izstråde Daugavas hidroelektrostacijås. Lai nodroßinåtu klientus ar nepiecießamo elektroener ijas apjomu, gadå neto iepirkums no årvalstu energokompånijåm bija 2096 GWh. Papildus no neatkarîgiem raωotåjiem tika iepirkts 327 GWh elektroener ijas. Pårskata gadå Latvenergo kopéjie kapitålieguldîjumi sasniedza 114,2 miljonus latu, kas ir par 20,6 miljoniem latu vairåk nekå gadå gadå raωoßanas struktürvienîbås ieguldîti 50,3 miljoni latu, no kuriem 39,6 miljoni latu filiåles Rîgas termoelektrostacijas raωotnes TEC-1 rekonstrukcijas projektå, pårvades elektrotîklos 12,8 miljoni latu, sadales elektrotîklos 42,1 miljoni latu, telekomunikåcijås 2,8 miljoni latu. Lai finansétu investîciju programmas, Uzñémums papildus paßu lîdzek iem palielinåja kopéjo aizñémuma apjomu par 43,4 miljoniem latu gada 11. martå starptautiskå kredîtreitingu a entüra Moody s Investor Service pieß îra Latvenergo investîciju pakåpes kredîtreitingu Baa1 ar stabilu perspektîvu.

20 20 Uzñémuma turpmåkå attîstîba Uzñémums gadå konsekventi turpinås energosistémas atjaunoßanas un attîstîbas programmu. Plånots, ka investîcijas sasniegs 82,4 miljonus latu gadå tiks pabeigta filiåles Rîgas termoelektrostacijas raωotnes TEC-1 rekonstrukcija, kopumå ßajå projektå ieguldot 106 miljonus eiro. Ir plånots iesåkt TEC-2 rekonstrukcijas un modernizåcijas projekta priekßdarbus. Investîcijas pårvades elektrotîklos saglabåsies lîdzßinéjå lîmenî, ieguldot projektos, kas saistîti ar energosistémas attîstîbu, droßîbu un licençu prasîbu izpildi. Sadales elektrotîklos paredzéts turpinåt jaunu klientu pieslégumu nodroßinåßanu un pabeigt gadå uzsåkto vésturiski bez elektroener ijas palikußo saimniecîbu elektrifikåciju. Telekomunikåcijås plånots turpinåt publisko iekßzemes un starptautisko balss telefonijas, publisko datu un elektronisko ziñojumu pårraides pakalpojumu attîstîbu. Uzñémuma vadîba Uzñémuma padomé lîdz gada 31. martam bija: Vilis Vîtols (padomes priekßsédétåjs), Juris Radzeviçs (padomes priekßsédétåja vietnieks), Andris Liepiñß (padomes sekretårs), Roberts Dilba un Juris Ekmanis. Såkot no gada 31. marta, padomes locek i ir: Margarita Brikmane (padomes priekßsédétåja), Romåns MeΩeckis (padomes priekßsédétåjas vietnieks), Andris Liepiñß (padomes sekretårs), Roberts Dilba, Ivars Gulbis, Gints Lipsbergs un Anatolijs Abramovs. Pårskata gadå Latvenergo valdes locek i bija: Kårlis Mi elsons (valdes priekßsédétåjs), Aigars Me ko (valdes priekßsédétåja vietnieks), Olafs Vîtols, Matîss Paegle un Ilmårs Stuklis. Notikumi péc pårskata gada beigåm Såkot ar gada 3. martu, Latvenergo padomé ir: Vilis Vîtols (padomes priekßsédétåjs), Roberts Dilba (padomes priekßsédétåja vietnieks), Andris Liepiñß (padomes sekretårs), Margarita Brikmane, Gints Lipsbergs, Jånis Gråviñß un Edgars Vo skis. Latvijas Republikas Saeima gada 1. aprîlî ir pieñémusi grozîjumus "Ener étikas likumå", kuri nosaka, ka Uzñémums var izveidot pårvades un sadales sistémas operatorus kå nodalîtas juridiskas personas. Paredzams, ka Latvijas Republikas Saeima gadå pieñems "Elektroener ijas tirgus likumu", kas izveido tiesisku vidi funkcionéjoßam elektroener ijas tirgum, tådéjådi nodroßinot visiem elektroener ijas lietotåjiem Latvijå iespéju brîvi izvéléties elektroener ijas tirgotåju. Sagaidåms, ka, pamatojoties uz ßiem likumiem, gadå Sabiedrisko pakalpojumu reguléßanas komisija izsniegs licenci elektroener ijas pårvadei AS "Augstsprieguma tîkls", kura uzsåks darbîbu kå juridiski neatkarîgs pårvades sistémas operators. Kopß pårskata gada beigåm nav bijußi citi notikumi, izñemot ßeit minétos, kas bütiski ietekmétu Uzñémuma finansiålo ståvokli uz gada 31. decembri. Priekßlikums par pe ñas sadali Saskañå ar Latvijas Republikas Ministru kabineta noteikumiem Nr. 996 "Kårtîba, kådå tiek noteikta un ieskaitîta valsts budωetå izmaksåjamå pe ñas da a un citi maksåjumi par valsts kapitåla izmantoßanu" Uzñémuma vadîba ierosina novirzît maksåjumam par valsts kapitåla izmantoßanu latus, tas ir 0,0438 latus par vienu akciju, bet påréjo pårskata gada pe ñu latus ieskaitît rezervés. Par gada pe ñas sadali lems Latvenergo akcionåru sapulce. Padomes vårdå: Valdes vårdå: Vilis Vîtols, padomes priekßsédétåjs Kårlis Mi elsons, valdes priekßsédétåjs gada 26. aprîlî

21 Revidentu ziñojums 21 Valsts akciju sabiedrîbas "Latvenergo" akcionåram Més esam veikußi valsts akciju sabiedrîbas "Latvenergo" (turpmåk tekstå Uzñémuma) gada finanßu pårskatu, kas atspogu oti no 22. lîdz 38. lappusei, revîziju. Revidétie finanßu pårskati ietver Uzñémuma gada pe ñas vai zaudéjumu apré inu, gada 31. decembra bilanci, paßu kapitåla izmaiñu pårskatu, naudas plüsmas pårskatu un pielikumu. Par ßiem finanßu pårskatiem ir atbildîga Uzñémuma vadîba. Més esam atbildîgi par atzinumu, ko izsakåm par ßiem finanßu pårskatiem, pamatojoties uz müsu veikto revîziju. Més veicåm revîziju saskañå ar Starptautiskås GråmatveΩu federåcijas izdotajiem Starptautiskajiem revîzijas standartiem. Íie standarti nosaka, ka mums jåplåno un jåveic revîzija tå, lai iegütu pietiekamu pårliecîbu par to, ka finanßu pårskatos nav bütisku k üdu. Revîzija ietver finanßu pårskatos norådîto summu un citas finanßu pårskatos ietvertås informåcijas pamatojuma pårbaudi izlases veidå. Revîzija ietver arî pielietoto gråmatvedîbas principu un nozîmîgu uzñémuma vadîbas izdarîto pieñémumu, kå arî vispåréju finanßu pårskatu satura izvértéjumu. Uzskatåm, ka veiktå revîzija ir devusi pietiekamu pamatojumu müsu atzinuma izteikßanai. Müsupråt, iepriekß minétie finanßu pårskati sniedz skaidru un patiesu priekßstatu par valsts akciju sabiedrîbas "Latvenergo" finansiålo ståvokli gada 31. decembrî, tås darbîbas rezultåtiem un naudas plüsmu gadå saskañå ar Starptautisko gråmatvedîbas standartu valdes izdotajiem Starptautiskajiem finanßu pårskatu sagatavoßanas standartiem. SIA "Ernst & Young Baltic" Licence Nr. 17 Diåna Krißjåne Personas kods: Valdes priekßsédétåja LR zvérinåta revidente Sertifikåts Nr. 124 Rîgå, gada 26. aprîlî

22 22 Pe ñas vai zaudéjumu apré ins Piezîme Ieñémumi Påréjie saimnieciskås darbîbas ieñémumi Iepirktå elektroener ija 4 (51 653) (47 556) Kurinåmais 5 (32 725) (32 818) Personåla izmaksas 6 (40 417) ( Nolietojums, amortizåcija un vértîbas samazinåjums 10, 11 (37 192) (33 921) Remontdarbu un uzturéßanas izmaksas (19 195) (18 666) Påréjås saimnieciskås darbîbas izmaksas (14 491) (15 358) Nekustamå îpaßuma nodoklis (1 969) (1 955) Paßu uzñémuma kapitålieguldîjumiem izpildîtie darbi Saimnieciskås darbîbas pe ña Procentu izmaksas, neto 7 (6 529) (4 991) Zaudéjumi no ieguldîjumiem 12 (58) (73) Pe ña pirms uzñémumu ienåkuma nodok a Uzñémumu ienåkuma nodoklis 8 (4 160) Pårskata gada pe ña Pe ña uz akciju (LVL) 9 0,13 0,06 Pielikums, kas atspogu ots no 25. lîdz 38. lappusei, ir ßo finanßu pårskatu neatñemama saståvda a. Padomes vårdå: Valdes vårdå: Vilis Vîtols, padomes priekßsédétåjs Kårlis Mi elsons, valdes priekßsédétåjs

23 Bilance 23 AKTÈVI Piezîme Ilgtermiña ieguldîjumi Nemateriålie ieguldîjumi Pamatlîdzek i Ieguldîjumi Apgrozåmie lîdzek i Kråjumi, neto Pircéju un pasütîtåju parådi, neto Uzkråtie ieñémumi un citi debitori Nauda un naudas ekvivalenti KOPÅ AKTÈVI PAÍU KAPITÅLS UN SAISTÈBAS Paßu kapitåls Akciju kapitåls Rezerves Nesadalîtå pe ña Kopå paßu kapitåls Ilgtermiña kreditori Aizñémumi Uzkråjumi Atliktå uzñémumu ienåkuma nodok a saistîbas Påréjie kreditori un nåkamo periodu ieñémumi Èstermiña kreditori Aizñémumi Parådi piegådåtåjiem un darbuzñéméjiem un påréjie kreditori Uzkråtås saistîbas Procentu likmju mijmaiñas darîjumi PAÍU KAPITÅLS UN SAISTÈBAS KOPÅ Pielikums, kas atspogu ots no 25. lîdz 38. lappusei, ir ßo finanßu pårskatu neatñemama saståvda a. Padomes vårdå: Valdes vårdå: Vilis Vîtols, padomes priekßsédétåjs Kårlis Mi elsons, valdes priekßsédétåjs

24 24 Paßu kapitåla izmaiñu pårskats Piezîme Akciju kapitåls Rezerves Nesadalîtå pe ña Kopå gada 1. janvårî Ieskaitîts rezervés (9 080) - Dividendes par gadu - - (3 359) (3 359) Pårskata gada pe ña gada 31. decembrî Ieskaitîts rezervés (5 004) - Dividendes par gadu - - (5 756) (5 756) Pårskata gada pe ña gada 31. decembrî Pielikums, kas atspogu ots no 25. lîdz 38. lappusei, ir ßo finanßu pårskatu neatñemama saståvda a. Naudas plüsmas pårskats Piezîme Naudas plüsma saimnieciskås darbîbas rezultåtå Pe ña pirms uzñémumu ienåkuma nodok a Korekcijas par: - nolietojumu, amortizåciju un vértîbas samazinåßanos procentu izdevumiem zaudéjumiem no ieguldîjumiem uzkråjumiem Kråjumu samazinåjums Debitoru parådu pieaugums/(samazinåjums) (2 819) 520 Kreditoru parådu, uzkråto saistîbu, nåkamo periodu ieñémumu un påréjo kreditoru palielinåjums Nauda saimnieciskås darbîbas rezultåtå Samaksåtie procenti (5 874) (4 265) Samaksåtais uzñémumu ienåkuma nodoklis (331) (1 268) Neto nauda saimnieciskås darbîbas rezultåtå Naudas plüsma ieguldîjumu izmaiñu rezultåtå Ieguldîjumu pårdoßana/iegåde, neto Nemateriålo ieguldîjumu un pamatlîdzek u iegåde, neto ( ) (92 471) Neto nauda ieguldîjumu izmaiñu rezultåtå ( ) (92 421) Naudas plüsma finanséßanas darbîbas rezultåtå Sañemtie aizdevumi Atmaksåtie un pårfinansétie aizdevumi (13 136) (23 671) Samaksåtås dividendes (4 556) (1 356) Neto nauda finanséßanas darbîbas rezultåtå Naudas un tås ekvivalentu pieaugums/samazinåjums (887) Nauda un tås ekvivalenti pårskata gada såkumå Nauda un tås ekvivalenti gada perioda beigås Pielikums, kas atspogu ots no 25. lîdz 38. lappusei, ir ßo finanßu pårskatu neatñemama saståvda a.

25 Pielikums 1. VISPÅRÈGA INFORMÅCIJA PAR UZˆ MUMU Valsts akciju sabiedrîba "Latvenergo" (tålåk tekstå Latvenergo vai Uzñémums) ir vertikåli integréts energoapgådes uzñémums, kas nodarbojas ar elektroener ijas un siltumener ijas raωoßanu, kå arî ar elektroener ijas pårvadi, sadali un pårdoßanu. Visas Latvenergo akcijas pieder valstij, un to turétåja ir Latvijas Republikas Ekonomikas ministrija. Uzñémuma juridiskå adrese ir PulkveΩa BrieΩa iela 12, Rîga, LV-1230, Latvija. Saskañå ar Latvijas Republikas "Ener étikas likumu" VAS "Latvenergo" ir atzîts par valstiski svarîgu tautsaimniecîbas objektu un nav privatizéjams. Latvijas ener étikas nozari regulé "Ener étikas likums". Saskañå ar Ministru kabineta noteikumiem visiem elektroener ijas lietotåjiem Latvijå, izñemot måjsaimniecîbas, dotas tiesîbas izvéléties elektroener ijas piegådåtåjus (årvalstu vai vietéjos) un sañemt elektroener ijas pårvades un sadales tîkla pakalpojumus gadå paredzamas izmaiñas "Ener étikas likumå", saskañå ar kuråm nekavéjoties büs jånodala elektroener ijas pårvades funkcija un lîdz gada 1. jülijam jånodala arî sadales funkcija. Visticamåk, abas minétås funkcijas veiks atseviß i meitas uzñémumi. Saskañå ar likumu "Par sabiedrisko pakalpojumu regulatoriem" sabiedrisko pakalpojumu reguléßanu veic neatkarîga valsts ieståde Sabiedrisko pakalpojumu reguléßanas komisija (turpmåk tekstå Regulators) tås padomes vadîbå. Regulatora uzdevumos ietilpst aizståvét lietotåju intereses, noteikt tarifu apré inåßanas metodiku, noteikt tarifus, licencét sabiedrisko pakalpojumu sniegßanu, sekmét konkurenci reguléjamajås nozarés un tamlîdzîgi. Regulatora darbîba tiek finanséta no ieñémumiem, kas güti, iekaséjot valsts nodevu no sabiedrisko pakalpojumu sniedzéjiem. Såkot ar gada 1. janvåri, Uzñémuma tarifi tika paaugstinåti vidéji par 11% gadå visa elektroener ija, izñemot eksportu, tika pårdota saskañå ar regulétiem tarifiem. 2. NOZÈMÈGI GRÅMATVEDÈBAS UZSKAITES PRINCIPI Finanßu pårskatu sagatavoßanas pamatprincipi Finanßu pårskati ir sagatavoti saskañå ar Starptautiskajiem finanßu pårskatu sagatavoßanas standartiem (SFPSS), kas ietver Starptautisko gråmatvedîbas standartu valdes (SGSV) apstiprinåtos standartus un interpretåcijas, un Starptautisko gråmatvedîbas standartu komitejas (SGSK) apstiprinåtajiem Starptautiskajiem gråmatvedîbas standartiem, un Paståvîgås interpretåciju komitejas interpretåcijåm, kas bija spékå gada 31. decembrî. Finanßu pårskati sagatavoti saskañå ar såkotnéjås vértîbas uzskaites principu, izñemot atvasinåtos finanßu instrumentus, kas atspogu oti to patiesajå vértîbå. Visas finanßu pårskatå ietvertås summas izteiktas tükstoßos latu (LVL), ja nav norådîts citådi. Izmaiñas gråmatvedîbas uzskaites principos Pårskata periodå Uzñémums ieviesa izmaiñas gråmatvedîbas uzskaites principos, saskañå ar kuriem tiek uzskaitîta elektroener ijas realizåcija un maksa par pieslégumu. Abas minétås izmaiñas piemérotas, såkot ar gadu un turpmåk, jo to korekciju apméru, kas attiecas uz iepriekßéjiem periodiem, nav iespéjams pamatoti noteikt. a) Elektroener ijas realizåcija Såkot ar ßo pårskata periodu, Uzñémums uzskaité iek auj iedzîvotåjiem piegådåtås elektroener ijas aplésto vértîbu laika posmå no pédéjå skaitîtåja lasîjuma datuma lîdz gada beigåm un iek auj ßo summu uzkråtos ieñémumos. b) Maksa par pieslégumu Tarifu struktüras izmaiñu dé, såkot ar ßo pårskata periodu, ieñémumi no maksåjumiem par pieslégumiem tiek attiecinåti uz nåkamajiem periodiem un iegråmatoti kå ieñémumi viså attiecîgo aktîvu lietderîgås lietoßanas laikå, izmantojot lineåro metodi. Ietekme no ßîm izmaiñåm gråmatvedîbas uzskaites principos ir atspogu ota 3. un 20. piezîmé. Finanßu ieguldîjumi Ieguldîjumi meitas un asociéto uzñémumu kapitålå tiek uzskaitîti, izmantojot paßu kapitåla metodi. Izmantojot ßo metodi, Uzñémums savå pe ñas vai zaudéjumu apré inå iek auj meitas un asociéto uzñémumu saimnieciskås darbîbas pe ñu vai zaudéjumus, kas güta/güti péc attiecîgo ieguldîjumu veikßanas proporcionåli Uzñémuma da ai meitas un asociétajos uzñémumos. Bez tam lîdzdalîba meitas un asociétajos uzñémumos tiek kori éta atbilstoßi izmaiñåm meitas un asociéto uzñémumu paßu kapitålå, ñemot vérå Uzñémuma da u ßajos uzñémumos, atspogu ojot ßîs korekcijas Uzñémuma paßu kapitålå. Tådéjådi iegråmatotå lîdzdalîbas vértîba atbilst Uzñémuma da ai meitas un asociéto uzñémumu paßu kapitålå. Ilgtermiña ieguldîjumi citu uzñémumu kapitålå, kuros Uzñémumam pieder mazåk par 20% pamatkapitåla, tiek uzskaitîti to iegådes vértîbå, atskaitot nepårejoßu vértîbas samazinåjumu, ja tåds ir, lai izvértétu ieguldîjumu patieso vértîbu. Darîjumi årvalstu valütås Visi darîjumi årvalstu valütås ir pårvértéti latos péc Latvijas Bankas noteiktå valütas kursa attiecîgå darîjuma veikßanas dienå. Finanßu aktîvi un saistîbas årvalstu valütås tiek pårré inåtas latos péc Latvijas Bankas noteiktå kursa 25

26 26 pårskata gada pédéjå dienå. Årvalstu valütas kursu svårstîbu rezultåtå gütå pe ña vai zaudéjumi tiek atspogu oti attiecîgå perioda pe ñas vai zaudéjumu apré inå. Latvijas Bankas noteiktie valütas maiñas kursi: LVL LVL 1 USD 0,516 0,541 1 EUR 0,703 0,674 Nemateriålie ieguldîjumi Visi nemateriålie ieguldîjumi tiek uzskaitîti to såkotnéjå vértîbå, atskaitot uzkråto amortizåciju un vértîbas samazinåjumu. Datorprogrammu licences un datorprogrammas un ar to ievießanu saistîtas izmaksas tiek uzskaitîtas nemateriålajos ieguldîjumos, un to amortizåcija tiek apré inåta péc lineårås metodes ßo aktîvu lietderîgås izmantoßanas laikå, kas nepårsniedz 5 gadus. Pamatlîdzek i Visi pamatlîdzek i tiek uzskaitîti to såkotnéjå vértîbå, atskaitot uzkråto nolietojumu un vértîbas samazinåjumu. Nozîmîgu rekonstrukciju un uzlabojumu izmaksas, kas paildzina pamatlîdzek a lietderîgås izmantoßanas laiku vai palielina tå vértîbu, tiek kapitalizétas, un to nolietojums tiek apré inåts viså ßo aktîvu lietderîgås izmantoßanas laikå. Påréjås remonta un uzturéßanas izmaksas tiek iek autas pe ñas vai zaudéjumu apré inå to raßanås brîdî. Pe ña vai zaudéjumi no pamatlîdzek a pårdoßanas vai norakstîßanas tiek noteikti, salîdzinot gütos ieñémumus ar pamatlîdzek a bilances vértîbu, un tie tiek iek auti saimnieciskås darbîbas pe ñå. Pamatlîdzek u nolietojums tiek apré inåts péc lineårås metodes, samazinot katra pamatlîdzek a såkotnéjo vértîbu lîdz to atlikußajai vértîbai viså to lietderîgås izmantoßanas laikå: Apléstais lietderîgås izmantoßanas laiks gados kas un büves : - hidroelektrostacijas, termoelektrostacijas elektroener ijas pårvades tîkli elektroener ijas sadales tîkli Iekårtas un maßînas: - hidroelektrostacijås termoelektrostacijås transformatoru stacijås 10 Påréjie pamatlîdzek i 2 5 Zemei nolietojums netiek apré inåts, jo tai ir neierobeωots lietderîgås izmantoßanas laiks. Pamatlîdzek u vértîbas samazinåßanås Ja kådi notikumi vai apståk u maiña liecina, ka pamatlîdzek u bilances vértîba varétu büt neatgüstama, attiecîgo pamatlîdzek u vértîba tiek pårskatîta, lai noteiktu to vértîbas samazinåßanos. Ja eksisté vértîbas neatgüstamîbas pazîmes un ja aktîva bilances vértîba pårsniedz aplésto atgüstamo summu, aktîvs tiek norakstîts lîdz tå atgüstamajai summai. Pamatlîdzek a atgüstamå summa ir lielåkå no neto pårdoßanas vértîbas un lietoßanas vértîbas, apléstås nåkotnes naudas plüsmas tiek diskontétas to tagadnes vértîbå, izmantojot pirmsnodok u diskonta likmi, kas atspogu o tagadnes tirgus prognozes attiecîbå uz aktîva vértîbas izmaiñåm un uz to attiecinåmajiem riskiem. Aktîvam, kas pats nerada ievérojamas naudas plüsmas, atgüstamå summa tiek noteikta atbilstoßi tam naudas plüsmu eneréjoßajam aktîvam, pie kura tas pieder. Zaudéjumi vértîbas samazinåjuma rezultåtå tiek atzîti pe ñas vai zaudéjumu apré inå. Kråjumi Kråjumi tiek uzskaitîti zemåkajå no paßizmaksas vai neto realizåcijas vértîbas. Paßizmaksa tiek noteikta péc vidéjo svérto cenu metodes. Ja kråjumu neto realizåcijas vértîba ir zemåka par vidéjo svérto iegådes vértîbu, ßiem kråjumiem tiek izveidoti attiecîgi uzkråjumi to vértîbas samazinåßanai lîdz neto realizåcijas vértîbai. Pircéju un pasütîtåju parådi un citi debitori Debitoru parådi bilancé såkotnéji tiek atspogu oti attiecîgås atlîdzîbas patiesajå vértîbå. Péc tam tie tiek atspogu oti to såkotnéjå vértîbå, atskaitot uzkråjumus ßaubîgiem un bezcerîgiem debitoru parådiem. Nauda un naudas ekvivalenti Naudu un naudas ekvivalentus veido nauda bankå un kasé un îstermiña noguldîjumi, kuru såkotnéjais dzéßanas termiñß nepårsniedz trîs méneßus. Konsolidétajå naudas plüsmas pårskatå nauda un naudas ekvivalenti atspogu o iepriekß minéto naudu un naudas ekvivalentus, atskaitot neatmaksåto bankas konta negatîvo atlikumu (overdraftu). Dividendes Dividendes tiek atzîtas Uzñémuma finanßu pårskatos kå kreditori tajå periodå, kurå Uzñémuma dalîbnieku pilnsapulce apstiprina dividenωu izmaksåßanu. Pensijas un citi pabalsti darbiniekiem péc darba attiecîbu pårtraukßanas Uzñémumam ir fiksétu ieguldîjumu pensiju fonds. Par katru pensiju plåna dalîbnieku tiek veikti ikméneßa ieguldîjumi bezpe ñas akciju sabiedrîbå "Pirmais slégtais pensiju fonds". Minétie ieguldîjumi ir 5 % apmérå no katra pensiju programmas dalîbnieka atalgojuma. Maksåjumi fikséto ieguldîjumu pensiju fondå tiek uzskaitîti izmaksås tajå periodå, kad attiecîgais darbinieks ir sniedzis attiecîgos pakalpojumus Uzñémumam. Papildus iepriekß minétajam pensiju plånam Uzñémums tiem darbiniekiem, kuri atbilst noteiktiem kritérijiem, péc darba attiecîbu pårtraukßanas izmakså pabalstus. Uzkråjumi pabalstiem darba attiecîbu pårtraukßanas gadîjumos tiek apré inåti, ñemot vérå esoßo algu lîmeni un to darbinieku skaitu, kam ßåds pabalsts varétu pienåkties,

27 ja viñi pårtrauktu darba attiecîbas ar Uzñémumu, iepriekß piemérotås pabalstu likmes, kå arî vairåkus statistiskos pieñémumus. Uzñémumu ienåkuma nodoklis Uzñémumu ienåkuma nodoklis tiek apré inåts, pamatojoties uz pårskata gadå güto ar nodokli apliekamo ienåkumu, ñemot vérå atlikto nodokli. Uzñémumu ienåkuma nodoklis tiek apré inåts, piemérojot ar nodokli apliekamajam attiecîgajå taksåcijas periodå gütajam ienåkumam Latvijas tiesîbu aktos noteikto nodok a likmi. Atliktais nodoklis tiek apré inåts saskañå ar saistîbu metodi attiecîbå uz visåm pagaidu atß irîbåm starp aktîvu un saistîbu vértîbåm finanßu pårskatos un to vértîbåm nodok u apré inu mér iem. Atliktå nodok a apré inos tiek izmantota nodok u likme, kas paredzama periodos, kad pagaidu atß irîbas izlîdzinåsies, balstoties uz bilances datumå noteiktajåm nodok a likmém. Pagaidu atß irîbas, galvenokårt, izriet no atß irîgajåm gråmatvedîbas un nodok u vajadzîbåm pielietotajåm nolietojuma likmém pamatlîdzek iem, kå arî no nodok u vajadzîbåm neatskaitåmajiem uzkråjumiem. Atliktås nodok u saistîbas kå aktîvi finanßu pårskatos tiek atspogu otas tikai tådå gadîjumå, ja var pietiekami pamatoti paredzét to atgüstamîbu. Aizñémumi Aizñémumi såkotnéji tiek atspogu oti to patiesajå vértîbå. Nåkamajos pårskata periodos aizdevumi un aizñémumi tiek uzskaitîti to amortizétajå vértîbå, izmantojot faktiskås procentu likmes metodi. Procentu maksåjumi par aizñémumiem tiek atzîti to raßanås brîdî. Uzkråjumi Uzkråjumi tiek atzîti, kad Uzñémumam paståv saistîbas (juridiskas vai pamatotas) kåda pagåtnes notikuma dé, paståv varbütîba, ka ßo saistîbu izpildei büs nepiecießama ekonomiskos labumus ietveroßu resursu aizplüßana no Uzñémuma un saistîbu apjomu iespéjams pietiekami ticami novértét. Bilancé uzkråjumi tiek veikti, iespéjami precîzi nosakot to izdevumu summu, kas ir nepiecießama, lai saistîbas dzéstu tådå apmérå, kådas tås ir bilances datumå. Uzkråjumi var tikt izmantoti tikai attiecîbå uz izdevumiem, kuriem såkotnéji ir tikußi veidoti, un tiek samazinåti gadîjumå, ja iespéjamå resursu aizplüßana vairs nav paredzama. Nåkamo periodu ieñémumi Nåkamo periodu ieñémumi atspogu o uz nåkamo pårskata periodu pårnestos no citiem uzñémumiem bez maksas sañemtos pamatlîdzek us un no klientiem sañemtos maksåjumus saistîbå ar infrastruktüras rekonstrukciju péc klientu pieprasîjuma. Nåkamo periodu ieñémumu amortizåcija tiek apré inåta viså attiecîgo aktîvu lietderîgås izmantoßanas laikå, izmantojot lineåro metodi. Atvasinåtie finanßu instrumenti Uzñémums izmanto tådus atvasinåtos finanßu instrumentus kå procentu likmju mijmaiñas lîgumus, lai norobeωotu risku, kas izriet no procentu likmju svårstîbåm. Íådi atvasinåtie finanßu instrumenti tiek uzskaitîti to patiesajå vértîbå. Procentu likmju mijmaiñas lîgumu patieså vértîba tiek noteikta péc kotétåm tirgus cenåm vai diskontétås naudas plüsmas mode iem. Visi atvasinåtie lîgumi tiek atspogu oti kå aktîvi, ja to patieså vértîba ir pozitîva, un kå pasîvi, ja to patieså vértîba ir negatîva. Lai veiktu risku norobeωoßanas instrumentu uzskaiti, ßie norobeωoßanas instrumenti tiek klasificéti vai nu kå patiesås vértîbas riska norobeωoßanas instrumenti, ja tie norobeωo risku, kas saistîts ar atzîta aktîva vai saistîbu patiesås vértîbas maiñu, vai naudas plüsmas risku norobeωoßanas instrumenti, ja tie nodroßina pret naudas plüsmas izmaiñåm, kas attiecinåmas uz risku, kas saistîts ar atzîta aktîva vai saistîbu, vai prognozéta darîjuma risku. Uzñémums iepriekß minétos atvasinåtos lîgumus uzskaita kå naudas plüsmas risku norobeωoßanas instrumentus. Attiecîbå uz tiem naudas plüsmas risku norobeωoßanas instrumentiem, kas tiek izmantoti, lai norobeωotu tos riskus, kas atbilst speciåliem risku norobeωoßanas uzskaites nosacîjumiem, tå da a no riska norobeωoßanas instrumenta radîtå guvuma vai zaudéjuma, kas uzskatåma par efektîvu riska norobeωoßanu, tiek atzîta tießi paßu kapitålå, bet neefektîvå da a pårskata gada pe ñå vai zaudéjumos. Risku norobeωoßanas uzskaite tiek pårtraukta, kad beidzies risku norobeωoßanas instrumenta termiñß, tas ir pårdots, pårtraukts vai izpildîts, vai arî riska norobeωoßana vairs neatbilst kritérijiem, kas jåizpilda, lai varétu piemérot risku norobeωoßanas uzskaiti. Íådå gadîjumå visas kumulatîvås pe ñas vai zaudéjumu summas, kas izriet no risku norobeωoßanas instrumenta un kas iepriekß atzîtas paßu kapitålå, tiek pårnestas uz pe ñas vai zaudéjumu apré inu. Ja darîjuma, saistîbå ar kuru izveidots risku norobeωoßanas instruments, îstenoßana vairs nav ticama, paßu kapitålå atzîtå kumulatîvå pe ña vai zaudéjumi tiek ieskaitîti pårskata perioda pe ñå vai zaudéjumos. Finanßu instrumentu patieså vértîba Finanßu instrumentu patieså vértîba ir summa, par kådu finanßu instrumentu iespéjams apmainît starp labi informétåm, ieinteresétåm pusém, kuras nav finansiåli saistîtas, izñemot gadîjumos, kad instrumenti tiek pårdoti piespiedu kårtå vai likvidåcijas rezultåtå. Patieså vértîba tiek aplésta, pamatojoties uz tirgus cenåm vai diskontéto naudas plüsmu mode iem. Iespéjamås saistîbas un aktîvi Íajos finanßu pårskatos iespéjamås saistîbas nav atzîtas. Tås kå saistîbas tiek atzîtas tikai tad, ja iespéjamîba, ka lîdzek i tiks izdoti, k üst pietiekami pamatota. Iespéjamie aktîvi ßajos finanßu pårskatos netiek atzîti, bet tiek atspogu oti tikai tad, kad iespéjamîba, ka ar darîjumu saistîtie ekonomiskie guvumi nonåks lîdz Uzñémumam, ir pietiekami pamatota. 27

28 28 Ieñémumu atzîßana Ieñémumi tiek atzîti atbilstoßi pårliecîbai par iespéju Uzñémumam güt ekonomisko labumu un tik lielå apmérå, kådå to iespéjams pamatoti noteikt. a) Elektroener ijas realizåcija Ieñémumi no elektroener ijas realizåcijas iedzîvotåjiem tiek atzîti, pamatojoties uz iedzîvotåju ziñotajiem skaitîtåju rådîjumiem. Ja nepiecießams, ieñémumos tiek iek auta arî piegådåtås elektroener ijas apléstå vértîba laika posmå no pédéjå skaitîtåja lasîjuma datuma lîdz gada beigåm. Ieñémumi no elektroener ijas realizåcijas uzñémumiem tiek atzîti, pamatojoties uz ré iniem, kas katru ménesi tiek izrakstîti uzñémumiem par attiecîgajå ménesî piegådåto elektroener iju, pamatojoties uz skaitîtåju rådîjumiem. b) Siltumener ijas realizåcija Uzñémums atzîst ieñémumus no siltumener ijas realizåcijas katra méneßa beigås, pamatojoties uz skaitîtåju rådîjumiem. c) Maksa par pieslégumu Klienti veic maksåjumu par pieslégumu, kas da éji sedz tås infrastruktüras izmaksas, kas nepiecießama, lai pieslégtu attiecîgo klientu tîklam. Nerealizétie ieñémumi no maksåjumiem par pieslégumiem bilancé tiek atspogu oti kå ilgtermiña nåkamo periodu ieñémumi un amortizéti pe ñas vai zaudéjumu apré inå viså attiecîgo aktîvu lietderîgås lietoßanas laikå, izmantojot lineåro metodi (skatît arî gråmatvedîbas uzskaites principu "Nåkamo periodu ieñémumi"). Ieñémumi atspogu oti, atskaitot pievienotås vértîbas nodokli un atlaides. Saistîtås personas Saistîtås personas ir Uzñémuma akcionåri un akcionåriem piederoßi uzñémumi, meitasuzñémumi, valdes locek i, viñu tuvi imenes locek i un uzñémumi, kuros tiem ir bütiska ietekme vai kontrole. Saskañå ar SGS Nr. 24 "Skaidrojumi par saistîtu personu darîjumiem" darîjumi ar citiem valstij piederoßiem uzñémumiem netiek skaidroti, ja ßie uzñémumi veic tikai savai darbîbai raksturîgus darîjumus ar Uzñémumu. Apléßu izmantoßana Sagatavojot finanßu pårskatus saskañå ar SFPSS, vadîbai nåkas pamatoties uz zinåmåm aplésém un pieñémumiem, kas ietekmé atseviß as pårskatos atspogu otås summas un datus. Tådéjådi faktiskie rezultåti varétu atß irties no ßåm aplésém. Notikumi péc pårskata gada beigåm Finanßu pårskatos tiek atspogu oti tådi notikumi péc pårskata gada beigåm, kas sniedz papildu informåciju par uzñémuma finansiålo ståvokli bilances sagatavoßanas datumå (kori éjoßie notikumi). Ja notikumi péc pårskata gada beigåm nav kori éjoßi, tie tiek atspogu oti finanßu pårskatu pielikumos tikai tad, ja tie ir bütiski. 3. IEˆ MUMI Elektroener ijas realizåcija Uzñémumi Iedzîvotåji Siltumener ijas realizåcija Påréjie pakalpojumi gada elektroener ijas realizåcijas ieñémumi iedzîvotåjiem iek auj piegådåtås elektroener ijas aplésto vértîbu par laika posmu no pédéjå skaitîtåja lasîjuma datuma lîdz gada beigåm LVL tükst. apmérå. Ja paßreizéjå gråmatvedîbas politika tiktu piemérota gadå, nozîmîga ßîs summas da a tiktu iek auta iepriekßéjos periodos. Påréjie pakalpojumi iek auj piesléguma maksas 136 tükst. (2003: tükst.) latu apmérå. Ja paßreizéjå gråmatvedîbas politika tiktu pielietota gadå, gadå ieñémumi no piesléguma maksåm tiktu iegråmatoti 117 tükst. latu apmérå.

29 4. IEPIRKTÅ ELEKTROENERÌIJA Imports no påréjåm Baltijas valstîm Iepirkts no Latvijas raωotåjiem Imports no påréjåm valstîm KURINÅMÅ IZMAKSAS Kurinåmå izmaksas tükst. (2003: tükst.) latu apmérå veido Rîgas TEC-1 un TEC-2 raωoßanas vajadzîbåm piegådåtå gåze. 6. PERSONÅLA IZMAKSAS Atlîdzîba par darbu, prémijas, atva inåjuma nauda un pabalsti darba attiecîbu pårtraukßanas gadîjumos Pensiju izmaksas iemaksas pensiju plånå Sociålås apdroßinåßanas obligåtås iemaksas un citi darba koplîgumå noteiktie pabalsti Ieskaitot atlîdzîbu vadîbai: Atlîdzîba par darbu, prémijas, atva inåjuma nauda Pensiju izmaksas iemaksas pensiju plånå 10 8 Sociålås apdroßinåßanas obligåtås iemaksas un citi darba koplîgumå noteiktie pabalsti Darbinieku skaits gada beigås Vidéjais darbinieku skaits pårskata periodå Uzñémuma vadîbas atlîdzîbå iek auta atlîdzîba padomes un valdes locek iem un valsts pilnvarniekiem. 7. FINANÍU IZMAKSAS, NETO Procentu ieñémumi (132) (188) Procentu maksåjumi par aizñémumiem no bankåm Komisijas maksa par aizñémumiem no bankåm Procentu likmju mijmaiñas darîjumu pårvértéßana (skatît 24. piezîmi) Zaudéjumi no valütas kursu svårstîbåm, neto UZˆ MUMU IENÅKUMA NODOKLIS Par pårskata gadu apré inåtais uzñémumu ienåkuma nodoklis Atliktais ienåkuma nodoklis (izmaiñas pårskata gada laikå) Saistîbå ar îslaicîgo atß irîbu raßanos un samazinåjumu (1 154) Saistîbå ar uzñémumu ienåkuma nodok a likmes samazinåßanos - (621) Kopå uzñémumu ienåkuma nodoklis (1 775)

30 30 Paredzamå uzñémumu ienåkuma nodok a saskañoßana ar faktisko uzñémumu ienåkuma nodokli ir atspogu ota ßådi: Pe ña pirms uzñémuma ienåkuma nodok a Ienåkuma nodok a likme, 15% (2003. gadå: 19%) Izmaksas, par kuråm nav samazinåms ar nodokli apliekamais ienåkums (166) (2 861) Atß irîba uzñémumu ienåkuma nodok a likmes samazinåjuma rezultåtå - (621) (1 775) Atliktais uzñémumu ienåkuma nodoklis atspogu ots ßådi: Bilance Pe ñas vai zaudéjumu apré ins Atliktå uzñémumu ienåkuma nodok a saistîbas Paåtrinåtais nolietojums nodok u vajadzîbåm (2 586) Atliktå uzñémumu ienåkuma nodok a saistîbas, bruto Atliktå uzñémumu ienåkuma nodok a aktîvs Pabalsti darba attiecîbu pårtraukßanas gadîjumå (504) (414) (90) 414 Uzkråjumi vides aizsardzîbai (102) (102) Påréjie atliktå uzñémumu ienåkuma nodok a aktîvi (382) (295) (87) 295 Atliktå uzñémumu ienåkuma nodok a aktîvs, bruto (988) (811) Par pårskata gadu apré inåtais atliktais uzñémumu ienåkuma nodoklis (1 775) Atliktå uzñémumu ienåkuma nodok a saistîbas, neto PEÒˆA UZ AKCIJU Pårskata gada pe ña (tükst. LVL) Vidéjais akciju skaits pårskata periodå Pe ña uz vienu akciju (LVL) 0,13 0,06 Pe ña uz vienu akciju ir apré inåta, izdalot pårskata gada pe ñu ar vidéjo svérto akciju skaitu pårskata gadå un gadå Uzñémumam nebija iespéjamo parasto akciju, tådéjådi pe ña uz akciju atbilst mazinåtajai pe ñai uz akciju. 10. NEMATERIÅLIE IEGULDÈJUMI Attîstîbas Licences Dator- Izveidoßanas Kopå izmaksas programmas izmaksas un avansa maksåjumi gada 31. decembrî Papildinåjumi Pårgrupéjumi - (30) Izslégti pårskata gadå - (2) - (10) (12) Amortizåcija (61) (10) (1 089) - (1 160) gada 31. decembrî gada 31. decembrî Såkotnéjå vértîba Uzkråtå amortizåcija (212) (71) (2 060) - (2 343) Atlikusî vértîba gada 31. decembrî Såkotnéjå vértîba Uzkråtå amortizåcija (138) (1) (3 078) - (3 217) Atlikusî vértîba

31 11. PAMATLÈDZEKÒI 31 Zeme Tehnolo iskås Påréjie Nepabeigtå Kopå un ékas iekårtas un pamatlîdzek i celtniecîba un maßînas avansa maksåjumi gada 31. decembrî Papildinåjumi Pårgrupéjumi (50) (61 942) (61 942) Izslégti pårskata gadå (220) (75) (23) (1) (319) Nolietojums (11 393) (21 532) (2 595) (105) (35 625) Aktîvu vértîbas samazinåßana - (407) - - (407) gada 31. decembrî gada 31. decembrî Såkotnéjå vértîba Uzkråtais nolietojums (98 080) ( ) (10 575) (12) ( ) Atlikusî vértîba gada 31. decembrî Såkotnéjå vértîba Uzkråtais nolietojums ( ) ( ) (12 015) (104) ( ) Atlikusî vértîba a) Vértîbas samazinåjums Saskañå ar SGS Nr. 36 "Aktîvu vértîbas samazinåßanås" veiktås vértîbas samazinåjuma pårbaudes rezultåtå tika atzîts Rîgas TEC-1 tehnolo isko iekårtu un maßînu vértîbas samazinåjums 407 tükst. latu (2003. gadå: tükst. latu) apmérå, kas izrietéja no ievérojamajiem rekonstrukcijas darbiem, kas plånoti ßajå termoelektrocentrålé. Naudas plüsmu eneréjoßå vienîba saståv no TEC-1 aktîviem. Nosakot naudas plüsmu eneréjoßås vienîbas lietoßanas vértîbu, naudas plüsmas tika diskontétas, izmantojot nominålo pirmsnodok u likmi 8,9%. b) Kadastrålå vértîba gada 31. decembrî Uzñémuma zemes kadastrålå vértîba bija tükst. latu (2003. gadå: tükst. latu), kamér zemes bilances vértîba bija attiecîgi tükst. latu un tükst. latu. c) Nepabeigtå celtniecîba un avansa maksåjumi gada 31. decembrî nepabeigtå celtniecîba un avansa maksåjumi atspogu oja Rîgas TEC-1 rekonstrukcijas projekta izmaksas tükst. latu (2003. gadå: tükst. latu) apmérå. Plånots, ka Rîgas TEC-1 såks darboties gada oktobrî. 12. IEGULDÈJUMI Lîdzdalîba (%) Uzñéméjdarbîbas veids Lîdzdalîba meitasuzñémumå AS Augstsprieguma tîkls 100% Pårvade Lîdzdalîba asociétajos uzñémumos AS Latgales ener étika 23,69% Elektroener ijas raωoßana SIA Baltijas Energosistému dispeçeru centrs 33,33% Elektroener ijas kontrole un pårvalde BO AS Pirmais slégtais pensiju fonds 50,00% Pensiju plånu pårvalde Påréjie ieguldîjumi

32 32 Izmaiñas ieguldîjumos atspogu otas ßådi: Pårskata gada såkumå Izmaiñas ieguldîjumos, neto 187 (123) Pårskata gada beigås a) Lîdzdalîba AS Augstsprieguma tîkls AS Augstsprieguma tîkls dibinåta gada 28. decembrî. Íis meitasuzñémums nav konsolidéts, jo lîdz ßo finanßu pårskatu parakstîßanas dienai tas savu saimniecisko darbîbu vél nebija uzsåcis. b) Lîdzdalîba BO AS Pirmais slégtais pensiju fonds BO AS Pirmais slégtais pensiju fonds ir bezpe ñas organizåcija. Saskañå ar Latvijas Republikas likumu "Par bezpe ñas organizåcijåm" bezpe ñas organizåcijas nedrîkst sadalît ienåkumu pårsniegumu pår izdevumiem. Tådéjådi ieguldîjumi bezpe ñas organizåcijå tiek novértéti veikto ieguldîjumu pamatkapitåla vértîbå. 13. KRÅJUMI, NETO Materiåli un rezerves da as Kurinåmais Avansa maksåjumi par kråjumiem Uzkråjumi materiåliem un rezerves da åm (270) (665) PIRC JU UN PASËTÈTÅJU PARÅDI, NETO Debitori: - elektroener ija siltumener ija citi Uzkråjumi ßaubîgajiem un bezcerîgajiem parådiem: - elektroener ija (1 676) (1 866) - siltumener ija (1 068) (8 106) - citi (61) (18) (2 805) (9 990) Debitori, neto: - elektroener ija siltumener ija citi gadå Uzñémums norakstîjis bezcerîgos parådus par piegådåto siltumener iju tükstoßu latu apmérå un samazinåjis attiecîgos uzkråjumus. 15. NAUDA UN NAUDAS EKVIVALENTI Nauda bankå un kasé Èstermiña noguldîjumi bankå Par naudu bankå Uzñémumam katru dienu tiek apré inåti procenti, galvenokårt pamatojoties uz mainîgajåm banku noguldîjumu likmém. Èstermiña noguldîjumus Uzñémums veic uz daωådiem termiñiem robeωås no vairåkåm dienåm lîdz vienam ménesim atkarîbå no Uzñémuma naudas plüsmas prognozé paredzétajåm tülîtéjåm naudas vajadzîbåm. Par îstermiña noguldîjumiem procenti tiek apré inåti atbilstoßi attiecîgajåm îstermiña noguldîjumu likmém.

33 16. AKCIJU KAPITÅLS 33 Re istrétais un apmaksåtais VAS "Latvenergo" akciju kapitåls ir tükst. latu. Vienas akcijas nominålvértîba ir 1 lats. 17. REZERVES gada 31. decembrî rezerves tükst. latu apmérå atspogu o iepriekßéjos gados akcionåra pilnsapulcés izveidotås rezerves tükst. latu apmérå Uzñémuma attîstîbai un saskañå ar såkotnéjiem Uzñémuma statütiem izveidotås rezerves tükst. latu apmérå. Saskañå ar gada 30. novembra Ministru kabineta noteikumiem Nr. 996 "Kårtîba, kådå tiek noteikta un ieskaitîta valsts budωetå izmaksåjamå pe ñas da a un citi maksåjumi par valsts kapitåla izmantoßanu" valstij piederoßam uzñémumam jåveic maksåjumi par valsts kapitåla izmantoßanu ne mazåk kå 27% (2003. gadå: 27%) apmérå no dividendés sadalåmås pårskata gada pe ñas. Papildus ßîm dividendém Uzñémumam gadå jåmakså papildu dividendes tükst. latu apmérå, gadå tükst. latu apmérå un gadå 848 tükst. latu apmérå. Lémumu par gada pe ñas sadali pieñems akcionåru pilnsapulce. 18. AIZˆ MUMI Ilgtermiña aizñémumi (atskaitot îstermiña da u) Ilgtermiña aizñémumu îstermiña da a Èstermiña aizñémumi Èstermiña aizñémumi Izmaiñas ilgtermiña aizñémumos: Atlikums 1. janvårî Sañemtie un pårfinansétie aizñémumi Atmaksåtie aizñémumi (9 520) (9 447) Nerealizétå pe ña no valütas kursu svårstîbåm Atlikums 31. decembrî Ilgtermiña aizñémumu sadalîjums pa aizdevéjiem: Årvalstu investîciju bankas Årvalstu komercbankas Latvijå re istrétas finanßu institücijas Ilgtermiña aizñémumu valütu struktüra: % % Eiro Lati ASV dolåri - 40 Påréjås valütas

34 34 Ilgtermiña aizñémumu sadalîjums péc atmaksas termiñiem: Ilgtermiña aizñémumi ar fiksétu procentu likmi - < 1 gads gadi >5 gadi Ilgtermiña aizñémumi ar mainîgu procentu likmi - < 1 gads gadi >5 gadi Ilgtermiña aizñémumu sadalîjums péc pårcenoßanas termiña: < 1 gads gadi >5 gadi a) Sañemtås garantijas Pårskata gada beigås Uzñémuma kredîtportfelî ietilpa Latvijas Republikas Finanßu ministrijas garantéti aizñémumi no Eiropas Investîciju bankas un Societe Generale 6,4 milj. latu apmérå, kå arî komercbanku sindikåta garantétais aizñémums no Eiropas Investîciju bankas 28,1 milj. latu apmérå. b) îlas Uzñémums savus aktîvus aizñémumu nodroßinåßanai nav ie îlåjis. c) Neizmantotås summas gadå noslégts lîgums ar Eiropas Investîciju banku par 40 milj. eiro liela aizdevuma pieß irßanu gada 31. decembrî minétå aizdevuma neizmantotå da a bija 20 milj. eiro gada 31. decembrî Uzñémumam bija pieejami neizmantotie îstermiña aizñémumi 27,3 milj. latu apmérå, attiecîbå uz kuriem ir izpildîti visi noteiktie nosacîjumi. d) Vidéjå svértå procentu likme Pårskata periodå ilgtermiña aizñémumu vidéjå svértå procentu likme bija 4,06% (2003. gadå: 3,9%) gada beigås vidéjå ilgtermiña aizñémumu vidéjås svértås procentu likmes marωas bija ßådas: aizñémumiem eiro EURIBOR + 0,792%, aizñémumiem latos RIGIBOR + 0,985% gada beigås bija noslégti divi procentu likmju mijmaiñas darîjumi par 30 milj. eiro, saskañå ar kuriem tika noteikta fiksétå procentu likme attiecîgi uz 5 un 10 gadiem (skatît 24. piezîmi). 19. UZKRÅJUMI Apré inåts par pårskata gadu Uzkråjumi pabalstiem darba attiecîbu pårtraukßanas gadîjumos Uzkråjumi apkårtéjås vides aizsardzîbai Pabalsti darba attiecîbu pårtraukßanas gadîjumos ir vienreizéji pabalsti, kas tiek izmaksåti Uzñémuma darbiniekiem, ja tie atbilst darba koplîgumå noteiktiem kritérijiem. Uzkråjumi pabalstiem darba attiecîbu pårtraukßanas gadîjumos tiek apré inåti, ñemot vérå esoßo algu lîmeni un to darbinieku skaitu, kam ßåds pabalsts varétu pienåkties, ja viñi pårtrauktu darba attiecîbas ar Uzñémumu, iepriekß piemérotås pabalstu likmes, kå arî vairåkus statistiskos pieñémumus. Uzkråjumi apkårtéjås vides aizsardzîbai atspogu o apléstås izmaksas saistîbå ar Rîgas TEC-1 pelnu lauku sakopßanu saskañå ar Lielrîgas Re ionålås vides pårvaldes pieprasîjumu un ßî projekta tehniski ekonomiskås izpétes rezultåtiem.

35 20. PÅR JIE KREDITORI UN NÅKAMO PERIODU IEˆ MUMI Nåkamo periodu ieñémumi no maksåjumiem par pieslégumiem un bez maksas sañemtajiem pamatlîdzek iem Nere istrétais kapitåla palielinåjums Påréjie kreditori gada 31. decembrî nåkamo periodu ieñémumi no maksåjumiem par pieslégumiem ir tükst. (2003: 40 tükst.) latu. Ja paßreizéjå gråmatvedîbas politika tiktu piemérota gadå, gada 31. decembrî nåkamo periodu ieñémumi no maksåjumiem par pieslégumiem bütu tükst. latu apmérå. Saskañå ar Ministru kabineta rîkojumu tika nolemts gadå palielinåt Uzñémuma akciju kapitålu par tükst. latu un gadå vél par 157 tükst. latu gada 31. decembrî kapitåla palielinåjums nebija re istréts, tådéjådi ßajos finanßu pårskatos tas atspogu ots kå kreditoru paråds. 21. PARÅDI PIEGÅDÅTÅJIEM UN DARBUZˆ M JIEM UN PÅR JIE KREDITORI Maksåjumi par materiåliem un pakalpojumiem Maksåjumi par elektroener iju Nodok i un sociålås apdroßinåßanas obligåtås iemaksas Sañemtie avansa maksåjumi Påréjie kreditori un uzkråtås saistîbas Parådi piegådåtåjiem un darbuzñéméjiem un påréjie kreditori sadalîjumå pa valütåm: % % Lati Eiro Citas valütas gada 31. decembrî maksåjumi par materiåliem un pakalpojumiem ietvéra parådu Siemens Industrial Turbomachinery (iepriekß Demag Delaval Industrial Turbomachinery) tükst. latu (2003. gadå: tükst. latu.) apmérå par TEC-1 rekonstrukcijas darbiem. Péc pårskata gada beigåm Uzñémums sañéma ilgtermiña finanséjumu minéto saistîbu nokårtoßanai. 22. UZKRÅTÅS SAISTÈBAS Uzkråjumi atva inåjumu naudas maksåjumiem Uzkråjumi darbinieku prémijåm

36 NODOKÒI UN SOCIÅLÅS APDROÍINÅÍANAS OBLIGÅTÅS IEMAKSAS Apré inåts Samaksåts Ieskaitîts dividenωu samaksai Uzñémumu ienåkuma nodoklis (2 318) 331 (1 200) (1 919) Pievienotås vértîbas nodoklis (87) (12 273) (929) Sociålås apdroßinåßanas obligåtås iemaksas (1 051) (10 281) (1 467) Iedzîvotåju ienåkuma nodoklis (730) (7 162) (1 026) Nekustamå îpaßuma nodoklis (43) (1 969) Dabas resursu nodoklis (32) (83) 86 - (29) (675) (34 086) (1 200) (5 307) Pårmaksåtie nodok i Nodok u saistîbas (1 943) (5 370) (675) (5 307) Pårskata gadå Uzñémums ieskaitîja pårmaksåto uzñémuma ienåkuma nodokli tükst. latu apmérå izmaksåjamås dividendés (2003.gadå: tükst.). 24. PROCENTU LIKMJU MIJMAIˆAS LÈGUMI Såkuma Beigu Nosacîtå Maksåjamå Sañemamå datums datums vértîba % likme % likme EUR'000 % EURIBOR Mijmaiña ,695 3 mén Mijmaiña ,395 3 mén Lai mazinåtu Uzñémuma aizñémumu, par kuriem tiek maksåti procenti, portfe a procentu likmju risku, Uzñémums ir noslédzis divus procentu likmju mijmaiñas lîgumus, saskañå ar kuriem mainîgås procentu likmes aizståtas ar fiksétåm procentu likmém. Abi lîgumi ir uzskatåmi par neefektîviem naudas plüsmas riska norobeωoßanas instrumentiem saskañå ar SGS Nr. 39 "Finanßu instrumenti: atzîßana un novértéßana" minétajiem kritérijiem, tådéjådi to vértîbas izmaiñas tika iek autas gada pe ñas vai zaudéjumu apré inå. Lai sasniegtu Finanßu risku vadîbas politikå noteiktos 2 4 gadus, Uzñémums gada såkumå noslédzis vél trîs procentu likmju mijmaiñas lîgumus uz 1, 3 un 5 gadiem attiecîgi par 25, 20 un 20 milj. eiro. 25. DARÈJUMI AR SAISTÈTAJÅM PERSONÅM Saistîtajåm personåm pårdotå produkcija un sniegtie pakalpojumi: AS Rîgas siltums (siltumener ija) BO SIA Baltijas Energosistému dispeçeru centrs (noma, IT pakalpojumi) Påréjie (noma un citi pakalpojumi) No saistîtajåm personåm iepirktås preces un pakalpojumi: BO SIA Baltijas Energosistému dispeçeru centrs (noma) AS Latgales ener étika (elektroener ija) BO AS Pirmais slégtais pensiju fonds AS Rîgas siltums (siltumener ija) Påréjie (noma, telekomunikåcijas, komisijas maksa)

37 Saistîto personu parådi: AS Rîgas siltums BO SIA Baltijas Energosistému dispeçeru centrs 5 6 Påréjie Parådi saistîtajåm personåm: AS Rîgas siltums AS Latgales ener étika BO SIA Baltijas Energosistému dispeçeru centrs 1 31 Påréjie Atlîdzîba padomes un valdes locek iem, kå arî valsts pilnvarniekiem atspogu ota 6. piezîmé. 26. IESP JAMÅS SAISTÈBAS gada 31. decembrî Uzñémumam bija saistîbas tükst. latu (2003. gadå: tükst. latu) apmérå, kas izriet no lügumiem par kapitålieguldîjumiem, kas bilances datumå vél nebija îstenoti. 27. FINANÍU RISKU VADÈBA Lai mazinåtu finanßu riskus un dokumentétu finanßu risku vadîbu Uzñémumå, gadå tika izstrådåta un valdei iesniegta Finanßu risku vadîbas politika, kuru valde apstiprinåja gada beigås. Politika aplüko procentu likmju risku, valütas risku, likviditåtes risku un kredîtrisku, kå arî paredz procedüras, atskaitîjumus un pieñemamus finanßu instrumentus. a) Kredîtrisks Finanßu aktîvi, kuri potenciåli pak auj Uzñémumu zinåmai kredîtriska pakåpei, ir galvenokårt îstermiña noguldîjumi, pircéju un pasütîtåju parådi un avansa maksåjumi treßajåm pusém. Kredîtrisks saistîbå ar pircéju un pasütîtåju parådiem ir ierobeωots, pateicoties plaßajam Uzñémuma klientu lokam. Uzñémumam nav nozîmîgu kredîtriska koncentråciju attiecîbå uz kådu vienu darîjumu partneri vai lîdzîgam raksturojumam atbilstoßu darîjumu partneru grupu. Veiktie avansa maksåjumi, kuri varétu radît bütisku kredîtrisku, tiek nodroßinåti ar banku garantijåm. Kredîtrisks saistîbå ar îstermiña noguldîjumiem bankås tiek pårvaldîts, sabalanséjot finanßu darîjumu un lîdzek u izvietojumu, lai vienlaikus saglabåtu iespéju izvéléties izdevîgåkos piedåvåjumus un samazinåtu iespéjamîbu zaudét finanßu lîdzek us vai noslégtos finanßu darîjumus. b) Procentu likmju risks Saskañå ar Uzñémuma finanßu politiku Uzñémums procentu likmju risku pårvalda, sabalanséjot kredîtus ar fiksétajåm un mainîgajåm procentu likmém, vadoties péc aizñémumu portfe a vidéjås fiksétås procentu likmes perioda rådîtåjå, kurß atspogu o kredîtportfe a jutîgumu pret procentu likmju maiñåm. Lielåkajai da ai Uzñémuma aizñémumu un kredîtlîniju ir mainîgas procentu likmes. Uzñémuma vadîba veic regulåru situåcijas analîzi, lai novértétu nepiecießamîbu palielinåt fikséto procentu likmju îpatsvaru aizñémumu portfelî un pagarinåt aizñémumu portfe a vidéjo fiksétås procentu likmes periodu. Lai norobeωotu procentu likmju risku, Uzñémums izmanto procentu likmju mijmaiñas lîgumus, kas noslégti ar finanßu institücijåm (skatît 24. piezîmi). c) Likviditåtes risks Uzñémums uztur atbilstoßu naudas un naudas ekvivalentu daudzumu vai nodroßina atbilstoßu finanséjumu, izmantojot banku pieß irtås kredîtlînijas, lai pildîtu savas saistîbas saskañå ar Uzñémuma straté iskajiem plåniem, kå arî lai kompensétu naudas plüsmas svårstîbas, kas radußås daωådu finanßu risku ietekmé (skatît 18. piezîmi). d) Valütas risks Uzñémums ir pak auts valütas riskam, galvenokårt veicot noré inus årvalstu valütås par aizñémumiem, investîcijåm un importéto elektroener iju (darîjumu risks), kå arî tådé, ka da a Uzñémuma aizñémumu, kå arî kreditoru ir årvalstu valütås (pårvértéßanas risks) gadå lats bija piesaistîts SDR valütu grozam, tådé, lai mazinåtu pårvértéßanas risku, Uzñémums nodroßinåja piesaistîtå åréjå finanséjuma proporciju ASV dolåros un eiro atbilstoßi ßo valütu proporcijai SDR valütu grozå. Kopß gada 1. janvåra lats ir piesaistîts eiro ar ßauru koridoru +/-1%, tåpéc, lai mazinåtu valütas risku, Uzñémums lîdz gada beigåm bija konvertéjis gandrîz visas tå finanßu saistîbas ASV dolåros uz eiro gada 31. decembrî tikai 0,1 % Uzñémuma aizñémumu portfe a bija citås valütås, izñemot latus un eiro (skatît 18. piezîmi).

38 gadå Uzñémums regulåri analizéja situåciju valütas tirgos un izmantoja finanßu instrumentus un ilgtermiña aizñémumus årvalstu valütås, lai norobeωotu risku, kas izriet no årvalstu valütas kursu svårstîbåm. Lata piesaiste eiro gada såkumå ievérojami samazinåja årvalstu valütu pårvértéßanas risku, tå ka Uzñémumam vairs nav ievérojamu izmaksu kådå citå årvalstu valütå, izñemot eiro. Tomér Uzñémums turpina ik dienu uzraudzît situåciju valütas tirgos un sagatavot attiecîgas naudas plüsmas prognozes, lai noteiktu jebkådu iespéjamu valütas risku vél pirms tå raßanås. Uzñémums ir noslédzis lîgumus ar lielåkajåm Latvijas komercbankåm par valütas maiñas nåkotnes lîgumiem. e) Patieså vértîba Finanßu aktîvu un saistîbu bilances vértîba aptuveni atbilst to patiesajai vértîbai.

39 PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS TOGETHER WITH INDEPENDENT AUDITORS` REPORT

40 40 Key figures Revenue 229, ,120 Electricity sales 197, ,119 EBITDA 76,620 47,970 EBITDA margin 32% 24% Operating profit 35,428 14,049 Operating margin 15% 8% Net profit 24,681 10,760 Earnings per share LVL Net cash from operating activities 76,298 53,331 Capital expenditure 114,235 93,655 Total equity 266, ,325 Personnel at the year end 6,228 6,491 Management report State joint-stock company "Latvenergo" (hereinafter Latvenergo or the Company) is an energy utility company engaged in production and sale of electricity and heat energy and providing electricity transmission and distribution, as well as telecommunication services. Latvenergo is among the largest enterprises in Latvia. Results In 2004, the revenue of Latvenergo amounted to LVL million, which exceeds the previous year's result by LVL 28.1 million or 14% and has been reached mainly due to the increase in electricity volumes and the average tariff. In 2004, the Companyís sales to consumers amounted to 5,573 GWh, thus exceeding the result for the year 2003 by 179 GWh or 3%. EBITDA amounts to LVL 72.6 million, thus having increased by LVL 24.7 million, compared to The main factors affecting such increase compared to the previous year are the increase in electricity sales and export revenues. With the Company continuing the investment program for asset renovation and modernisation, the depreciation and amortization growth has caused adverse effect on the profit. Depreciation and amortization have increased by LVL 3.3 million or 10%. Profit for the reporting year totals LVL 24.7 million, thus being LVL 13.9 million above the level of During the reporting year, the Company produced 4,270 GWh of electricity, which is by 689 GWh more than in the previous year and was basically caused by increasing energy output in hydropower stations of the Daugava River. To provide the customers with the necessary electricity amount, the net purchases from foreign energy companies and independent suppliers amounted to 2,096 GWh and 327 GWh respectively. In the year 2004, the Company's capital investments totalled LVL million, which is by LVL 20.6 million more than in LVL 50.3 million have been invested in production entities, of which LVL 39.6 million have been allocated to the project for reconstruction of the Riga TEC-1 combined heat and power plant, while investments in transmission networks account for LVL 12.8 million, in distribution networks LVL 42.1 million, and in telecommunications LVL 2.8 million. In order to sufficiently finance the above investment program, the Company, in addition to its own resources ensured the borrowings for the total amount LVL 43.4 million. On 11 March 2004, international rating agency Moody's Investors Service assigned the investment credit rating Baa1 to the Company. Future development In 2005, the Company will consistently continue the implementation of the program for renewal and development of the power system. According to the projections, the investments of the Company will reach LVL 82.4 million.in

41 2005, the reconstruction of Riga TEC-1 combined heat and power plant will be completed. The total investment in this project amounts to EUR 106 million. It is projected to start preliminary operations for TEC-2 reconstruction and modernisation. 41 The investments in transmission networks will be retained at the present level and mainly cover the projects related to the development and safety of power grids, as well as compliance with the licensing requirements. The Company will continue ensuring new customer connections to the grid and complete electrification of the households that have historically remained without electricity which was commenced in the year As regards telecommunications, it is planned to continue development of public domestic and international voice telephony, transmission of public data and electronic messages. Management Till 31 March 2004, the Council of the Company included: Vilis Vîtols (Chairperson of the Council), Juris Radzeviçs (Deputy Chairperson of the Council), Andris Liepiñß (Secretary to the Council), Roberts Dilba and Juris Ekmanis. Since 31 March 2004, the Council included: Margarita Brikmane (Chairperson of the Council), Romåns MeΩeckis (Deputy Chairperson of the Council), Andris Liepiñß (Secretary to the Council), Roberts Dilba, Ivars Gulbis, Gints Lipsbergs and Anatolijs Abramovs. During the reporting year, the Board of Latvenergo included: Kårlis Mi elsons (Chairperson of the Board), Aigars Me ko (Deputy Chairperson of the Board), Olafs Vîtols, Matîss Paegle and Ilmårs Stuklis. Events after the balance sheet date Since 3 March 2005, the members of the Council are: Vilis Vîtols (Chairperson of the Council), Roberts Dilba (Deputy Chairperson of the Council), Andris Liepiñß (Secretary to the Council), Margarita Brikmane, Gints Lipsbergs, Jånis Gråviñß and Edgars Vo skis. On 1 April 2005, the Parliament (Saeima) of the Republic of Latvia adopted amendments to the Energy Law whereunder the Company has to establish transmission and distribution network operators as separate legal entities. It is expected that in 2005 the Parliament will adopt the Electricity Market Law, which is to establish the legal environment for the operating electricity market so that all electricity consumers could freely choose the electricity provider. Therefore, it is expected that in 2005 the Public Utilities Commission will issue a licence for electricity transmission to AS Augstspriegumu tîkls so that this company could commence operating as a legally independent transmission network operator. Except as reflected herein and in the accompanying financial statements, from the last day of the reporting year through the date of signing these financial statements there have been no other events that would affect the financial position of the Company as at 31 December Distribution of profit In accordance with Cabinet Regulations No. 996 on the Procedure for Determination and Payment of the Portion of Profit Payable to the State Budget and Other Payments for Utilisation of State Capital, the Management of the Company proposes to allocate LVL 8,322,000 as a payment for utilisation of the state capital, i.e. LVL per share, while the remaining part of profit in the amount of LVL 16,359,084 should be transferred to reserves. Distribution of profit for the year 2004 will be subject to the resolution of the meeting of the shareholders. On behalf of the Council: On behalf of the Board: Vilis Vîtols Chairperson of the Council Kårlis Mi elsons The Chairman of the Board Riga, 26 April 2005

42 42 Auditors report To the shareholder of State joint stock company Latvenergo We have audited the accompanying financial statements of State joint stock company "Latvenergo" (hereinafter the Company) for the year ended 31 December 2004, set out on pages 43 through 59, which comprise the income statement, the balance sheet, statement of changes in equity, cash flow statement, and the related notes. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing issued by the International Federation of Accountants. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above give a true and fair view of the financial position of State joint stock company "Latvenergo" as of 31 December 2004, and of the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board. Ernst & Young Baltic SIA License No. 17 Diåna Krißjåne Personal ID code: Chairperson of the Board Latvian Sworn Auditor Certificate No. 124 Riga, 26 April 2005

43 Income Statement 43 Notes Revenue 3 229, ,120 Other operating revenue 2,527 1,655 Purchased power 4 (51,653) (47,556) Fuel 5 (32,725) (32,818) Personnel expense 6 (40,417) (40,007) Depreciation, amortisation, and impairment 10, 11 (37,192) (33,921) Repairs and maintenance (19,195) (18,666) Other operating expenses (14,491) (15,358) Real estate tax (1,969) (1,955) Works performed by the Company and capitalised 1,343 1,555 Operating profit 35,428 14,049 Finance expenses, net 7 (6,529) (4,991) Loss from investments 12 (58) (73) Profit before corporate income tax 28,841 8,985 Corporate income tax 8 (4,160) 1,775 Net profit 24,681 10,760 Earnings per share (LVL) The notes on pages 46 through 59 form an integral part of these financial statements. On behalf of the Council: On behalf of the Board: Vilis Vîtols Chairperson of the Council Kårlis Mi elsons The Chairman of the Board

44 44 Balance Sheet ASSETS Notes 31/12/ /12/2003 Non-current assets Intangible assets 10 8,021 6,196 Property, plant and equipment , ,708 Investments , ,453 Current assets Inventories, net 13 6,791 8,060 Trade receivables, net 14 20,742 17,907 Accrued income and other receivables 3,083 3,099 Cash and cash equivalents 15 4,444 3,069 35,060 32,135 TOTAL ASSETS 489, ,588 EQUITY AND LIABILITIES Capital and reserves Share capital , ,000 Reserves 17 51,569 46,565 Retained earnings 24,681 10,760 Total equity 266, ,325 Non-current liabilities Borrowings , ,373 Provisions 19 4,040 3,438 Deferred corporate income tax liability 8 15,029 13,187 Other liabilities and deferred income 20 10,428 3, , ,158 Current liabilities Borrowings 18 7,949 13,208 Trade and other payables 21 29,157 21,072 Accruals for liabilities and charges 22 1,503 2,588 Interest rate swaps 24 1, ,653 37,105 TOTAL EQUITY AND LIABILITIES 489, ,588 The notes on pages 46 through 59 form an integral part of these financial statements. On behalf of the Council: On behalf of the Board: Vilis Vîtols Chairperson of the Council Kårlis Mi elsons The Chairman of the Board

45 Statement of Changes in Equity 45 Notes Share capital Reserves Retained earnings Total As of 1 January ,000 37,485 12, ,924 Transfer to reserves 17-9,080 (9,080) - Dividends for (3,359) (3,359) Net profit ,760 10,760 As of 31 December ,000 46,565 10, ,325 Transfer to reserves 17-5,004 (5,004) - Dividends for (5,756) (5,756) Net profit ,681 24,681 As of 31 December ,000 51,569 24, ,250 The notes on pages 46 through 59 form an integral part of these financial statements. Cash flow Statement Notes Cash flows from/(to) operating activities Profit before corporate income tax 28,841 8,985 Adjustments for: - amortisation, depreciation and impairment 37,192 33,921 - interest expense 7 5,820 5,179 - loss from investments provisions 602 3,438 Decrease in inventories 1,269 1,798 Increase /(decrease) in receivables (2,819) 520 Increase / in payables, accruals, deferred income and other liabilities 11,540 4,950 Cash from operating activities 82,503 58,864 Interest paid (5,874) (4,265) Corporate income tax paid (331) (1,268) Net cash from operating activities 76,298 53,331 Cash flows from/(to) investing activities Proceeds from sale/purchase of investments Purchase of intangible assets and PPE (113,767) (92,471) Net cash to investing activities (113,747) (92,421) Cash flows from/(to) financing activities Proceeds from borrowings 56,516 63,230 Repayment and refinancing (13,136) (23,671) Dividends paid (4,556) (1,356) Net cash from financing activities 38,824 38,203 Net increase/ (decrease) in cash and cash equivalents 1,375 (887) Cash and cash equivalents at the beginning of year 3,069 3,956 Cash and cash equivalents at the end of year 15 4,444 3,069 The notes on pages 46 through 59 form an integral part of these financial statements.

46 46 Notes 1. CORPORATE INFORMATION State joint-stock company "Latvenergo" (hereinafter Latvenergo or the Company) is a vertically integrated energy utility company engaged in production of electric and heat energy, as well as transmission, distribution and sale of electricity. All of the Company's shares are owned by the state and are held by the Ministry of Economics. The legal address of the Company is 12 PulkveΩa BrieΩa street, Riga, LV-1230, Latvia. Pursuant to the Law of the Republic of Latvia On Energy, Latvenergo is designated a key object of the national economy and, therefore, not subject to privatisation. The Latvian energy sector is regulated by the Law of the Republic of Latvia On Energy. According to the regulations by the Cabinet of Ministers, all energy users in Latvia except for households are given the choice of electricity suppliers (domestic or foreign) and receive transmission and distribution network services in transporting the electricity. In 2005 there are expected changes in the aforementioned Law that will require the immediate separation of the transmission business, and by 1 July 2007, the separation of the distribution business, both most likely into separate subsidiaries. According to the Law On Public Service Regulators, public service regulation is carried out by an independent state entity Public Utilities Commission (hereinafter - the Regulator). The functions of the Regulator include protecting user interests, establishing the methodology for tariff calculations, approving tariffs, issuing licences for providing public services and encouraging competition in the industries subject to regulation. The Regulator is financed from the state duties collected from public service providers. The Company's electricity tariffs have been increased on 1 January 2004 on average by 11%. In 2004 all electricity sales except for exports were based on regulated tariffs. 2. ACCOUNTING POLICIES Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), which comprise standards and interpretations approved by the International Accounting Standards Board (IASB), and International Accounting Standards and Standing Interpretations Committee interpretations approved by the International Accounting Standards Committee (IASC) that remain in effect as of 31 December The financial statements have been prepared on a historical cost basis, except for derivative financial instruments that are stated at fair value. All amounts shown in these financial statements are presented in thousands of Latvian Lats (LVL), unless stated otherwise. Changes in accounting policies In the current reporting period the Company implemented changes in accounting policies related to electricity sales and connection fees. Both changes have been applied prospectively from 2004 onwards because the amounts of the adjustments that relate to prior periods are not reasonably determinable. a) Electricity sales Starting from the current reporting period the Company accrues an estimate of the sales value of electricity supplied to residential customers between the date of the last meter reading and the year end and includes this amount in accrued income and other receivables. b) Connection fees Due to the changes in the tariff structure, starting from the current reporting period, the revenue from connection fees is deferred and recorded as income on a straight-line basis over the useful life of the related assets. The effect of the changes in accounting policies is disclosed in Notes 3 and 20. Financial investments Investments in subsidiaries and associates are stated in accordance with the equity method, so that the Company includes its proportionate postacquisition share of the results of operations of such entities in its income statement. Further, the investments in subsidiaries and associates are adjusted for the Company's proportionate share of post-acquisition movements in the entities' equity by a charge to the Company's equity. As a result, the recorded value of the investment corresponds to the Company's proportionate share of the equity of the subsidiaries and associates. Investments in other entities where the Company holds less than 20% of the share capital are stated at cost less permanent impairment in value, if any, which is considered to approximate their fair value. Foreign currency All transactions denominated in foreign currencies are converted to Lats at the official exchange rate set by the Bank of Latvia prevailing at the date of the transaction. Financial assets and liabilities

47 denominated in foreign currencies are translated into Lats in accordance with the official of the Bank of Latvia exchange rate on the last day of the accounting period. The resulting profit or loss is charged to the income statement. Currency exchange rates stated by the Bank of Latvia: 31/12/ /12/2003 LVL LVL 1 USD EUR Intangible assets All intangible assets are stated at historical cost less accumulated amortisation and impairment. Capitalised licences and computer software development costs are recognized as assets and amortised using the straight-line method over their useful lives, not exceeding a period of 5 years. Property, plant and equipment All property, plant and equipment are stated at historical cost less accumulated depreciation and impairment. Significant renewals and improvements extending the useful life of the property, plant and equipment or increasing its benefits are capitalised and depreciated over their useful lives, while other repairs and maintenance expenses are charged directly to the income statement when the expenditure is incurred. Gains and losses on disposals are determined by comparing proceeds to carrying amount and are included in the operating profit. The depreciation on the tangible property, plant and equipment is calculated using the straightline method to write off the costs of each asset to their residual over their estimated useful lives as follows: Estimated useful life, years Buildings and structures: - Hydropower plant, fossil fuel plant Electricity transmission lines Electricity distribution lines Machinery and equipment: - Hydropower plant Thermal power stations Transformer stations 10 Other assets 2 5 Land is not depreciated, as it is deemed to have an unlimited useful life. Impairment of non-current tangible assets The carrying values of the non-current tangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such conditions exist and where the carrying values exceed the estimated recoverable amount, the assets of the cash generating units are written down to their recoverable amount. The recoverable amount of the assets is the greater of the net selling price and the value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market expectations regarding the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment losses are recognized in the income statement. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by the weighted average cost method. Where the net realizable value may have fallen below the average cost, an appropriate provision is made against the inventory items concerned to reduce their value to net realizable value. Trade and other receivables Accounts receivable are initially recorded in the balance sheet at the fair value of consideration provided, and are subsequently carried at cost less provisions made to cover anticipated loss on bad and doubtful accounts receivable. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. For the purposes of the Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. Dividends Dividends are recorded in the Company's financial statement as a payable in the period when approved by the Company's shareholders. Pensions and other post-employment benefits The Company has a defined contribution pension plan. Monthly contributions are made to the non-profit joint stock company Pirmais slégtais pensiju fonds in favour of plan members and are equivalent to the amount of 5% of each pension plan member's salary. The Company recognizes the 47

48 48 contributions to the defined contribution plan as an expense when an employee has rendered services in exchange of those contributions. In addition to the aforementioned plan the Company provides certain termination benefits to employees whose employment meets certain criteria. Provision for termination benefits is calculated taking into account the current level of salary and number of employees eligible to receive the payment, historical termination rates as well as number of actuarial assumptions. Corporate income tax Income tax charge is based on taxable income for the year and considers deferred taxation. Current year corporate income tax is calculated at the rate defined according to the tax regulations of the Republic of Latvia on the basis of the taxable income reported for the taxation year ended. Deferred tax is provided by using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets and liabilities are presented at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on the tax rates that have been enacted or substantially enacted by the balance sheet date. The principal temporary differences arise from different fixed asset depreciation rates and certain non-tax deductible provisions. Where an overall deferred taxation asset arises, it is only recognised in the annual financial statements where its recoverability is foreseen with reasonable certainty. Borrowings Borrowings are recognized initially at the fair value of proceeds received. In subsequent periods, borrowings are stated at amortised cost using the effective interest rate method. Interest costs on borrowings are expensed as incurred. Provisions for liabilities and charges Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are presented in the balance sheet at the best estimate of the expenditure required to settle the present obligation at the balance sheet date. Provisions are used only for expenditures for which the provisions were originally recognised and are reversed if an outflow of resources is no longer probable. Deferred income Deferred income represents tangible fixed assets received for free from other entities and reimbursements made by customers regarding reconstruction of the infrastructure at the requests of the customers. Deferred income is amortised on a straight-line basis over the useful life of the related assets. Derivative financial instruments The Company uses derivatives, such as interest rate swaps to hedge risks associated with the interest rate fluctuations. Such derivative financial instruments are stated at fair value. The fair value of interest rate swap contracts is based on quoted market prices and discounted cash flow models as appropriate. Derivatives are carried as assets when their fair value is positive and as current liabilities when their fair value is negative. For the purpose of hedge accounting, hedges are classified as either fair value hedges where they hedge the exposure to changes in the fair value of a recognized asset or as a liability or cash flow hedges where they hedge exposure to variability in cash flows that is either attributable to the particular risk associated with a recognized asset or liability or a forecasted transaction. The Company accounts for the aforementioned derivatives as a cash flow hedge. In relation to cash flow hedges to hedge firm commitments, which meet the conditions for special hedge accounting, the portion of gain or loss on the hedging instrument that is determined to be an effective hedge is recognized directly in equity and the ineffective portion is recognized in net profit or loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for the special hedge accounting. At that point in time, any cumulative gain or loss on the hedging instrument previously recognized in equity is transferred to the income statement. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to net profit and loss for the period. Fair values of financial instruments The fair value of financial instruments is defined as the amount at which an instrument could be exchanged in a current transaction between financially uncommitted, knowledgeable, willing parties other than by forced or liquidation sale. Fair values are estimated based on market prices and discounted cash flow models as appropriate.

49 Commitments and contingencies Contingent liabilities are not recognized in the financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognized in the financial statements but disclosed when an inflow of economic benefits is probable. Revenue recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. a) Electricity sales Electricity sales to residential customers are recorded on the basis of meter readings reported by customers. Where relevant, this includes an estimate of the sales value of electricity supplied between the date of the last meter reading and the year end. Electricity sales to corporate customers are recognised and billed based on the electricity supplied at the end of each month on the basis of the meter readings. b) Heat sales The Company recognises revenues from sales of heat at the end of each month on the basis of the meter readings. c) Connection fees When connecting to the electricity network, the clients must pay a connection fee that partly reimburses the cost of infrastructure to be built 3. REVENUE to connect the client to the network. Connection fees are carried in the balance sheet as long-term deferred income and amortised to income on a straight-line basis over the useful life of the related assets (see also the accounting policy on Deferred income). Revenue is shown net of VAT and discounts. Related parties Related parties are defined as shareholders and shareholder owned companies, subsidiaries, members of the Board, their close relatives and companies in which they have a significant influence or control. According to IAS 24 Related party disclosures, transactions with state-owned companies are not disclosed if they are only by virtue of their normal dealings with the Company. Use of estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of the revenues and expenses during the reporting period. Actual results could differ from such estimates. Subsequent events Post-year-end events that provide additional information about the Companyís position at the balance sheet date (adjusting events) are reflected in the financial statements. Post-year-end events that are not adjusting events are disclosed in the notes when material Electricity sales Corporate customers 144, ,553 Residential customers 53,062 43, , ,119 Heat sales 24,579 23,959 Other services 7,088 12, , ,120 In 2004, electricity sales to residential customers include an estimate in amount of LVL 2,385 thous. of the sales value of electricity supplied to residential customers between the date of the last meter reading and the year end. If the current accounting policy would have been applied in 2003, a significant part of the estimate would have been booked in prior periods. Revenue from other services include connection fees in amount of LVL 136 thous. (2003: LVL 2,584 thous.). If the current accounting policy would have been applied in 2003, the connection fees in 2003 would amount to LVL 117 thous.

50 50 4. PURCHASED POWER Import from Baltic countries 26,017 23,629 Producers in Latvia 16,768 13,929 Import from other countries 8,868 9,998 51,653 47, FUEL EXPENSE Fuel expense in amount of LVL 32,725 thous. (2003: LVL 32,818 thous.) consists of gas supplied for production in Riga TEC-1 and Riga TEC-2 combined heat and power plants. 6.PERSONNEL EXPENSE Wages, salaries, bonuses, vacation pay and termination benefits 30,233 28,422 Pension costs defined contribution plan 1,356 1,291 Social insurance contributions and benefits defined in the Collective Agreement 8,828 10,294 40,417 40,007 Including remuneration to management: Wages, salaries, bonuses, vacation pay Pension costs defined contribution plan 10 8 Social insurance contributions and benefits defined in the Collective Agreement Employees at the end of the year 6,228 6,491 Average number of employees during the year 6,389 6,573 Remuneration to the management of the Company includes remuneration to the Members of the Council, Members of the Board, and authorized state representatives. 7. FINANCE EXPENSES, NET Interest income (132) (188) Interest expense on bank borrowings 5,676 3,794 Commission on bank borrowings Revaluation of interest rate swaps (see Note 24) Foreign exchange loss, net ,529 4, CORPORATE INCOME TAX Calculated current corporate income tax for the year 2,318 - Changes in deferred corporate income tax Relating to origination and reversal of temporary differences 1,842 (1,154) Relating to reduction in income tax rates - (621) Total corporate income tax expense/(income) 4,160 (1,775)

51 A reconciliation of corporate income tax income/ (expense) applicable to profit before corporate income tax to the actual tax expense is as follows: Profit before corporate income tax 28,841 8,985 Corporate income tax at the statutory rate 15% (2003: 19%) 4,326 1,707 Expenditure not allowable for corporate income tax purposes (166) (2,861) Difference due to the reduction in income tax rates - (621) 4,160 (1,775) Deferred corporate income tax relates to the following: Balance sheet Income statement 31/12/ /12/ Deferred corporate income tax liabilities Accelerated depreciation for tax purposes 16,017 13,998 2,019 (2,586) Gross deferred income tax liabilities 16,017 13,998 Deferred corporate income tax assets Termination benefits (504) (414) (90) 414 Environmental provisions (102) (102) Other deferred corporate income tax assets (382) (295) (87) 295 Gross deferred income tax assets (988) (811) Deferred income tax charge 1,842 (1,775) Deferred corporate income tax liability, net 15,029 13, EARNINGS PER SHARE Net profit () 24,681 10,760 Average number of shares of the year 190, ,000 Earnings per share (LVL) Earnings per share are calculated by dividing the net profit for the year by the average number of shares outstanding during the year. There were no potential shares during 2003 and 2004 therefore the basic earnings per share equal the diluted earnings per share. 10. INTANGIBLE ASSETS Development Licenses Software Assets in Total costs progress and advances At 31 December , ,196 Additions ,920 1,033 2,994 Transfers - (30) Disposals - (2) - (10) (12) Amortisation charge (61) (10) (1,089) - (1,160) At 31 December ,269 1,720 8,021 At 31 December 2003 Cost , ,539 Accumulated amortisation (212) (71) (2,060) - (2,343) Net book value , ,196 At 31 December 2004 Cost ,347 1,720 11,238 Accumulated amortisation (138) (1) (3,078) - (3,217) Net book value ,269 1,720 8,021

52 PROPERTY, PLANT AND EQUIPMENT Land and Technological Other fixed Capital work Total buildings equipment, assets in progress and machinery advances As of 31 December , ,799 5,457 40, ,708 Additions 36,303 31,536 2, , ,180 Transfers (50) (61,942) (61,942) Disposals (220) (75) (23) (1) (319) Depreciation (11,393) (21,532) (2,595) (105) (35,625) Impairment charge - (407) - - (407) As of 31 December , ,354 5,458 81, ,595 As of 31 December 2003 Cost 302, ,648 16,032 40, ,224 Accumulated depreciation (98,080) (126,849) (10,575) (12) (235,516) Net book amount 204, ,799 5,457 40, ,708 As of 31 December 2004 Cost 337, ,696 17,473 81, ,880 Accumulated depreciation (108,824) (146,342) (12,015) (104) (267,285) Net book amount 228, ,354 5,458 81, ,595 a) Impairment Impairment review completed in accordance with IAS 36 Impairment of Assets resulted in an impairment charge in the amount of LVL 407 thous. (2003: LVL 1,108 thous.) on technological equipment and machinery of the Riga TEC-1 combined heat and power plant, which was necessary due to the planned major reconstruction of the plant. The cashgenerating unit consists of the assets of the TEC-1 plant. In determining the value in use for the cash-generating unit, the cash flows were discounted at a nominal pre-tax rate of 8.9%. b) Cadastral value As of 31 December 2004 the cadastral value of the land owned by the Company was LVL 3,104 thous. (2003: LVL 2,530 thous.) whereas the book value of the land was LVL 3,226 and LVL 2,838, respectively. c) Capital work in progress and advances As of 31 December 2004, capital work in progress and advances includes a reconstruction project of Riga TEC-1 combined heat and power plant in the amount of LVL 69,075 thous. (2003: LVL 23,949 thous.). It is planned that Riga TEC-1 combined heat and power plant will commence its operation in October INVESTMENTS Ownership Principal 31/12/ /12/2003 (%) activities Investment in subsidiary AS Augstsprieguma tîkls 100% Transmission Investments in associated entities AS Latgales Ener étika 23.69% Electricity generation SIA Baltijas energosistému dispeçeru centrs 33.33% Power control and management BO AS Pirmais slégtais pensiju fonds 50.00% Management of pension plans Other investments

53 The movement of investments can be illustrated as follows: 53 31/12/ /12/2003 At the beginning of the year Change in investments, net 187 (123) At the end of the year a) Investment in AS Augstsprieguma tîkls AS Augstsprieguma tîkls was established on 28 December The subsidiary is not consolidated as by the date of signing these financial statements its operations have not been commenced. b) Investment in BO AS Pirmais slégtais pensiju fonds BO AS Pirmais slégtais pensiju fonds is a non-profit organization. In accordance with the Law of the Republic of Latvia On Non-profit Organizations, the excess of the income of non-profit organizations over their expense may not be distributed. Therefore, investments in non-profit organizations are valued at cost. 13. INVENTORIES, NET 31/12/ /12/2003 Raw materials and spare parts 4,986 6,740 Technological fuel 1,785 1,847 Prepayments for inventories Provision for raw materials and spare parts (270) (665) 6,791 8, TRADE RECEIVABLES, NET 31/12/ /12/2003 Receivables - Electricity customers 17,445 15,442 - Heating customers 4,896 11,962 - Other 1, ,547 27,897 Less provisions for bad and doubtful debts - Electricity customers (1,676) (1,866) - Heating customers (1,068) (8,106) - Other (61) (18) (2,805) (9,990) Receivables, net - Electricity customers 15,769 13,576 - Heating customers 3,828 3,856 - Other 1, ,742 17,907 During 2004, the Company has written off uncollectible heating customers receivables in amount of LVL 7,095 and reversed the related provisions. 15. CASH AND CASH EQUIVALENTS 31/12/ /12/2003 Cash at bank and in hand 2,444 3,069 Short term deposits 2,000-4,444 3,069 Cash at bank earns daily interest mostly based on floating bank deposit rates. Short term deposits are made for varying periods of between several days and one month depending on the immediate cash needs of the Company and cash flow forecasts. Short-term deposits earn interest at respective short-term deposit rates.

54 SHARE CAPITAL The registered share capital of Latvenergo is LVL 190,000 thous. and consists of 190,000 thous. shares with the nominal value of LVL RESERVES As at 31 December 2004, the reserves in the amount of LVL 51,569 thous. consist of the reserves established in previous years by the meeting of the shareholder in the amount of LVL 48,569 thous. aimed at financing the development of the Company and the reserve in the amount of LVL 3,000 thous. established based on the historical statutes of the Company. In accordance with Cabinet Regulations No. 996 dated 30 November 2004, On the Procedure for Payment and Transfer to the State Budget of Dividends and Other Payments for Utilisation of State Capital, a state-owned enterprise must effect payments for utilisation of the state capital in the amount of not less than 27% (2003: 27%) of the net profit of the current year distributable as dividends. In addition to these dividends the Company is subject to additional dividend payments in amount of LVL 1,097 thous. in 2005, LVL 1,097 thous. in 2006 and LVL 848 thous. in The distribution of net income for the year ended 31 December 2004 will be subject to a resolution of the Shareholderís meeting. 18. BORROWINGS 31/12/ /12/2003 Non-current borrowings (excl. current portion) 154, ,373 Current portion of non-current borrowings 7,947 9, , ,916 Current borrowings 2 3, , ,581 Current borrowings 7,949 13,208 Movement of non-current borrowings: 31/12/ /12/2003 Balance as of 1 January 114,916 75,006 Borrowings received and refinanced 56,516 48,679 Borrowing repaid (9,520) (9,447) Unrealised foreign exchange gain Balance as of 31 December 161, ,916 Non-current borrowings by categories of lenders: 31/12/ /12/2003 Foreign investment banks 93,656 57,277 Foreign commercial banks 44,938 41,535 Financial institutions registered in the Republic of Latvia 23,365 16, , ,916 Non-current borrowings by the structure of currencies: 31/12/ /12/2003 % % Euro Latvian lats US dollars - 40 Other currencies

55 Non-current borrowings by maturity: 55 31/12/ /12/2003 Fixed rate non-current borrowings - < 1 year 1,273 1, years 3,616 3,891 - >5 years 2,243 22,694 7,132 28,080 Floating rate non-current borrowings - < 1 year 6,674 8, years 69,788 48,622 - >5 years 78,365 30, ,827 86,836 Non-current borrowings by the re-pricing maturity: 31/12/ /12/ < 1 year 156,100 88, years 3,616 3,891 - >5 years 2,243 22, , ,916 a) Guarantees received At the end of the reporting year the Company's credit portfolio included loans from the European Investment Bank and Societe Generale in the total amount of LVL 6.4 million guaranteed by the Ministry of Finance of the Republic of Latvia as well as the loan from the European Investment Bank in the amount of LVL 28.1 million guaranteed by the commercial banks' syndicate. b) Pledges The Company's assets are not pledged to secure the borrowings. c) Un-drawn borrowing facilities In 2004, the Loan Agreement with the European Investment Bank was concluded in the total amount of EUR 40 million of which as at 31 December 2004 the undisbursed portion amounts to EUR 20 million. At 31 December 2004 the Company had available LVL 27.3 million of undrawn committed short-term borrowing facilities in respect of which all conditions precedent had been met. d) Weighted average interest rate During the reporting period the weighted average interest rate on non-current borrowings was 4.06% (2003: 3.9%). At the end of 2004 the weighted average interest rate margins for the non-current borrowings were as follows: for borrowings in euro EURIBOR %, for borrowings in lats RIGIBOR %. At the end of 2003, two interest rate swap transactions were concluded for the amount of EUR 30 million and the interest rate was fixed for the periods of 5 and 10 years respectively (see Note 24). 19. PROVISIONS 31/12/2003 Charge for the year 31/12/2004 Termination benefits provision 2, ,362 Environmental provision , ,040 Termination benefits are one-off or monthly (for a limited period) payments payable upon termination of employment with the Company to employees meeting certain employment criteria in accordance with the Collective Agreement. Provision for termination benefits is calculated taking into account the current level of salary and number of employees eligible to receive the payment, historical termination rates as well as number of actuarial assumptions. The environmental provision represents the estimated costs of clean-up of Riga TEC-1 combined heat and power plant ash-fields in accordance with the requests made by the Lielriga regional environmental board and the feasibility study on this matter.

56 OTHER LIABILITIES AND DEFERRED INCOME 31/12/ /12/2003 Deferred income for connection fees and fixed assets received free of charge 7,697 1,258 Unregistered increase of share capital 2,035 1,878 Other liabilities ,428 3,160 As of 31/12/2004, the deferred income for connection fees amounts to LVL 6,431 thous. (2003: LVL 40 thous.). If the current accounting policy would have been applied in 2003, the deferred income for connection fees as of 31/12/2003 would amount to LVL 5,406 thous. In accordance with the decisions of the Cabinet of Ministers, it was decided to increase the share capital by LVL 1,878 million in 2003 and additional LVL 157 thousand in As of 31 December 2004, the increase in the share capital was not yet registered, therefore in these financial statements the increase is accounted for as a liability. 21. TRADE AND OTHER PAYABLES 31/12/ /12/2003 Payables for materials and services 15,405 11,990 Payables for electricity 3,349 3,041 Taxes and social security contributions 5,373 1,943 Advances received 2,136 1,245 Other payables and accruals 2,894 2,853 29,157 21,072 Trade and other payables by the structure of currencies: 31/12/ /12/2003 % % Latvian lats Euro Other currencies As of 31 December 2004, payables for materials and services include a payable to Siemens Industrial Turbomachinery (before: Demag Delaval Industrial Turbomachinery) in the amount of LVL 6,066 thous. (2003: LVL 2,698 thous.) for the works performed in relation to reconstruction of combined heat and power plant TEC-1. Subsequent to the year-end, the Company has obtained non-current financing to cover the aforementioned liability. 22. ACCRUALS FOR LIABILITIES AND CHARGES 31/12/ /12/2003 Accrual for vacation pay 1,341 1,212 Accruals for employee annual bonuses 162 1,376 1,503 2,588

57 23. TAXES AND SOCIAL INSURANCE CONTRIBUTIONS 57 31/12/2003 Calculated Paid Off-set with 31/12/2004 dividends payable Corporate income tax 1,268 (2,318) 331 (1,200) (1,919) Value added tax (87) (12,273) 11,431 - (929) Social insurance contributions (1,051) (10,281) 9,865 - (1,467) Personal income tax (730) (7,162) 6,866 - (1,026) Real estate tax (43) (1,969) 2, Natural resource tax (32) (83) 86 - (29) (675) (34,086) 30,654 (1,200) (5,307) Overpaid tax 1, Tax liabilities (1,943) (5,370) (675) (5,307) During the reporting year the Company has off-set the over-paid corporate income tax with the dividends payable in the amount of LVL 1,200 thous. (2003: LVL 2,003 thous.). 24. INTEREST RATE SWAPS Start Maturity Notional Rate Rate 31/12/ /12/2003 date date amount payable receivable EUR'000 % EURIBOR Swap , month Swap , month , In order to mitigate the interest rate risk for the Company's interest bearing debt portfolio the Company has entered into two interest rate swap agreements to swap the floating interest rate for a fixed interest rate. Both agreements do not meet the criteria of effective cash flow hedges as set forth by IAS 39 Financial Instruments: Recognition and Measurement, therefore the fluctuation in their value during the reporting year has been recognized in the income statement of To reach the target duration of 2 4 years stated in the Financial Risk Management policy the Company has entered in three more interest rate swap agreements of 1, 3 and 5 years for the respective amounts of 25, 20 and 20 millions euros at the beginning of year RELATED PARTY TRANSACTIONS Sales to related parties: AS Rîgas siltums (heat) 24,989 23,369 BO SIA Baltijas Energosistému dispeçeru centrs (rent, IT service) Other (rent and other services) ,104 24,158 Purchases from related parties: BO SIA Baltijas energosistému dispeçeru centrs (rent) AS Latgales ener étika (purchase of power) Pension Fund As Rîgas siltums(heat) Other (rent, telecommunication, commission, heat) 1,221 1,101 2,046 1,910

58 58 31/12/ /12/2003 Receivables from related parties: AS Rîgas siltums 3,284 3,852 BO SIA Baltijas energosistému dispeçeru centrs 5 6 Other 1 2 3,290 3,860 Payables to related parties: AS Rîgas siltums AS Latgales ener étika BO SIA Baltijas Energosistému dispeçeru centrs 1 31 Other Remuneration of the Members of the Board, Members of the Council and autorized state representive is presented in Note COMMITMENTS AND CONTINGENCIES As of 31 December 2004 the Company has commitments amounting to LVL 39,627 thous. (2003: 63,640 thous.) for capital expenditure contracted but not delivered at the balance sheet date. 27. FINANCIAL RISK MANAGEMENT In order to mitigate financial risks and to formalize Financial Risk management in the Company the Financial Risk Management Policy was developed during year 2004, presented to the Board and accepted at the end of The policy deals with interest rate, currency, liquidity and credit risks, establishes formalized procedures, deductibles and defines acceptable financial instruments. a) Credit risk Financial assets that to some extent potentially expose the Company to credit risk are mainly short-term deposits, trade receivables and advance payments made to third parties. Credit risk exposure in connection with trade receivables is limited due to broad range of the Companyís customers. The Company has no significant concentration of credit risk with any single counterpart or group of counterparts having similar characteristics. Advance payments liable to substantial credit risk have been secured by bank guarantees. Credit risk related to the short-term deposits in banks is managed by balancing the placement of financial assets and instruments in order to maintain the possibility to choose the best offers and to reduce probability to lose any financial instruments. b) Interest rate risk Pursuant to its corporate financial policy, the Company manages interest rate risk by balancing loans with fixed and floating interest rates according to the duration of the Company's interest - bearing debt. The duration is the average fixed interest rate period of all Company's interest-bearing debt and it reflects its sensitivity to fluctuations of interest rates. Most of the Company's loans and committed credit facilities bear a floating interest rate. Management performs a regular analysis to evaluate whether there is a necessity to increase the proportion of fixed rates in the Company's loan's portfolio and to prolong the duration. In order to mitigate the interest rate risk the Company uses interest rate swaps agreed with financial institutions (see Note 24). c) Liquidity risk The Company's policy is to maintain sufficient cash and cash equivalents or have available funding through an adequate amount of committed credit facilities to meet its commitments according with the Company's strategic plans as well as to compensate the fluctuations in the cash flow due to occurrence of variety of financial risks (see Note 18). d) Currency risk The Company is exposed to currency risk mainly in connection with settlements in foreign currencies for loans and borrowings, capital expenditures and imported electricity (transaction risk) as well as a part of the Company's borrowings and trade and other payables are exposed to currency risk (translation risk). During the year 2004 the rate of exchange of Latvian Lats was maintained relative to the International Monetary Fund Special Drawing Right (SDR basket of currencies), therefore, to minimize the translation risk, the Company maintained a mix of external financing in foreign USD and EUR proportional of representation of those currencies in the SDR. Starting from the 1 January 2005 the exchange rate of lat was re-pegged to euro within a small corridor of +/-1%, therefore to

59 minimize currency risk exposure the Company converted almost all of its financial liabilities in US dollars to euro at the end of year On 31 December 2004 the Company has only 0.1 % of its loan portfolio expressed in other currencies than Latvian Lats and euro (Note 18). 59 During the year 2004 the Company performed regular analysis of the currency markets, utilized financial instruments and used short-term and long-term borrowings in foreign currencies to hedge the transaction risk. The peg of lat to euro at the beginning of year 2005 resulted in significantly reduced transaction risk as the Company has not any substantial payments in any other foreign currency except euro. Nevertheless the Company continues to monitor currency markets on daily basis and to maintain respective cash flow forecasting in order to identify any potential currency risk before it arises. The Company has concluded master agreements for currency exchange and forward contracts with major commercial banks in Latvia. e) Fair value risk The fair value of monetary assets and liabilities in all material respects approximate their carrying amount.

60 60 Ar gada pårskatu plaßåkå izklåstå piedåvåjam iepazîties elektroniskajå versijå CD, USB vai Gada pårskatå izmantots Andreja Jurjåna skañdarbs "Açkups" (no svîtas "Latvju dejas"). Deeper insight of the Annual Report of the year 2004 we provide electronically CD, USB or at The composition of Andrejs Jurjåns "Açkups" (from the suite "Latvju dejas") is used in the Annual Report. Labklåjîbai un izaugsmei Straté ija Uzñémuma struktüra Straté ija RaΩoßana Pårvade Sadale Telekomunikåcijas Uzñémums un klients Uzñemums un sabiedrîba Uzñémums un vide Uzñémums un darbinieki Latvenergo - 65 Finanßu pårskats Labklåjîbai un izaugsmei Man ir gods raksturot gada 366 dienas, kuru ritéjumå esam nodroßinåjußi Latvijas energosistémas pilnasinîgu darbîbu un müsu klientu apgådi ar elektrîbu un siltumu. Ikdienas darba uzdevumi lielas kompånijas vadîtåjam bieωi uzdod jautåjumus, kurus nedrîkst tvert îstermiñå. Arvien paturu pråtå, ka müsu kompånijai dele étie uzdevumi ir kaut kas daudz vairåk nekå elektroapgådes organizéßana, gada finanßu plånu izpilde vai kåda cita paßsaprotama aktivitåte. Ir svarîgi nozares un visas tautsaimniecîbas procesus tvert kopumå ne tikai nacionålå vai re ionålå lîmenî. Tåpat ir jåcenßas izprast globålas norises, kas iespaido müsu nozares nåkotni gada septembrî, piedaloties Pasaules Ener étikas padomes kongreså, pårliecinåjos par müsu kompånijas îstenotå ce a nek üdîgumu, jo nemitîgi esam gåjußi kopsolî ar visas pasaules ener étikai aktuålo vadmotîvu ilgtspéjîbu. Ja rüpéjamies par rîtdienu, tad mums ir jåizvélas attîstîtåkås tehnolo ijas un müsu kompetencei jåbüt daudz augståkai un tålredzîgåkai, nekå prasa tuvåko méneßu uzdevumi. Tikai tås sistémas, kas spéj veikt un atbalsta ievérojamus ieguldîjumus, pretendé uz veiksmîgu darbu vidéjå un ilgå termiñå gads uzñémumam ir nesis ievérojamas saimnieciskas veiksmes, jo atkal esam pratußi palielinåt klientiem piegådåtås elektroener ijas apjomu: realizétas GWh elektroener ijas, kas ir par 179 GWh jeb 3,3 % vairåk nekå iepriekßéjå gadå. Uzñémuma gada neto apgrozîjums ir 229 miljoni latu par 28 miljoniem vairåk nekå iepriekßéjå gadå, kopéjås investîcijas sasniedz 114,2 miljonus latu (2003. gadå 94 milj.), esam nopelnîjußi gandrîz 25 miljonus latu. VAS "Latvenergo", PulkveΩa BrieΩa iela 12, Rîga, LV-1230, Latvija Tålr.: , Fakss: , e-pasts: [email protected], SJSC "Latvenergo", 12 PulkveΩa BrieΩa Str., Riga, LV-1230, Latvia Phone: , Fax: , [email protected],