Shareholders of the Montenegrin Electric Transmission System (CGES) will be paid a dividend of ten million euros in gross amount, it was decided today at the Shareholders' Assembly.
The net profit of CGES, stated in the annual financial report for the last business year, is EUR 35,72 million.
"The profit will be distributed by paying the amount of ten million euros to the shareholders as a gross amount of dividend, while 25,72 million euros will be distributed as undistributed profit and will accumulate with the undistributed profit from previous years," CGES announced. .
The shareholders unanimously confirmed the decision on dividend distribution.
The CGES shareholders' assembly, which was held today, began with a welcome address by the executive director, Ivan Asanović, after which he informed the shareholders of the financial reports for the previous year, including the independent auditor's report, which was unanimously adopted by the shareholders.
After that, there was a vote on the distribution of the realized profit for the last year, where the shareholders were informed about the proposed and approved distribution models that will contribute to the further growth and development of the company.
The company reminded that the budget for this year and the Business Plan of CGES for the period until 2028, as the company's strategic documents adopted by the Board of Directors in December last year, foresee the payment of dividends this year in the gross amount of ten million euros .
"The stated amount of the dividend is assumed on the basis of realized and projected business results, taking into account the negative corrections of the regulatory allowed income that will be determined by the Regulatory Agency for Energy and Utilities in the following period. "Also, the proposed amount of the dividend was determined based on the planned capital investments and financial position of CGES, respecting the basic principles of stability and sustainability of business activities," the statement added.
Also, at the assembly session, a detailed report on business operations for the past year was presented, providing a detailed insight into all business activities and results of all organizational parts of the company, which was unanimously adopted by the shareholders.
In the further course of the session, the Information on the current situation and the proposal to change the budget and deadlines for the completion of the project connecting the electric power systems of Montenegro and Italy with a direct current undersea cable was discussed, which is of vital importance for the strategic development of the company.
Shareholders supported the proposed changes.
At the Shareholders' Meeting, the decision to appoint Ernst & Young as auditor was unanimously confirmed, which is not the case with the decision on the remuneration policy of CGES, which was not adopted.
The final part of the Assembly was devoted to personal issues, where shareholders voted on the dismissal of the current and the appointment of new members of the Board of Directors of CGES.
In this regard, confidence was given to the majority of the members of the previous convocation, so Aleksandar Mijušković, Jelena Matejić, Guida Guide, Slavoljub Todorović, Vučko Fatić and Violeta Vuljaj were re-elected.
Instead of Giacomo Donini, the new member of the Board of Directors is Maria Rosaria Guarniere, representative of the strategic Italian partner - Terna.
"After the Shareholders' Assembly, which once again confirmed the strong commitment of all participants to the further development and success of the company, a constitutive session of the Board of Directors of the new convocation was held, where it was decided that the President of the Board of Directors would be Aleksandar Mijušković, and his deputy Maria Rosaria Guarniere". they said from CGES.
After the constitutive session, Mijušković pointed out that it was both an honor and a duty for him to be re-elected to the position of President of the Board of Directors.
"In the past years, we achieved success in all business segments. Our financial results are not only the best in the history of the company, they are indicators of the stability and sustainability of the business. We launched ambitious projects and successfully completed many investments, including infrastructure modernization, capacity expansion and implementation of advanced technological solutions. These investments not only improved our operational efficiency, but also ensured sustainable growth and development in the future," said Mijušković.
He stated that it is a time of great challenges in the energy sector, for which dedicated work and well-set strategic goals are necessary.
"I am sure that we will meet them ready, because we have a dedicated team. That's why I'm taking the opportunity to thank our strategic partners for their cooperation and support, as well as all the employees of CGES, with whom we continue the path to even greater success", concluded Mijušković.
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