The profit after tax of the Electric Power Company of Montenegro (EPCG) last year amounted to over 10,23 million euros, the company announced.
The regular Shareholders' Assembly of EPCG was held today in Nikšić, chaired by the company's Executive Director Ivan Bulatović, and a total of 13 agenda items were discussed.
EPCG announced that the proposal for a decision on the adoption of the company's financial statements for last year, along with the notes and draft opinion of the auditor BDO, was adopted by a majority vote of the shareholders present and entitled to vote.
As they stated, the auditor assessed that EPCG management successfully maintained liquidity and creditworthiness last year, improved the level of collection and the number of regular payers, while electricity prices for citizens and businesses remained at the same level.
The statement states that it is particularly emphasized that all results were achieved with a high degree of professionalism of the Board of Directors, management and employees.
EPCG said that the Assembly also adopted the consolidated financial statements for last year, according to which the net result of the EPCG Group amounted to 12.002.144 euros.
"With a majority of votes, shareholders also supported the proposed decision to adopt the EPCG business report for last year," the statement said.
It is stated that the company's total revenue last year amounted to EUR 440.385.520, of which operating revenue accounted for EUR 424.147.106 and financial revenue accounted for EUR 16.238.414.
"At the same time, total expenses amounted to 430.154.824 euros, distributed among operating expenses of 390.993.091 euros, salary expenses of 31.032.450 euros, other operating expenses of 1.719.671 euros, financial expenses of 2.038.493 euros, expenses based on the value adjustment of financial assets of 2.127.359 euros, and net tax expenses (current and deferred) in the amount of 2.243.760 euros," the statement said.
EPCG said that the company's profit after taxes last year amounted to 10.230.696 euros.
"In addition to financial indicators, the report highlighted that total electricity production amounted to 2.942,7 gigawatt-hours (GWh), which represents a realization of 98,25 percent compared to the plan," the company said.
They said that total consumption by distribution customers amounted to 2.790,5 GWh, while 934,47 GWh of electricity was purchased and 1.153,79 GWh was sold through long-term and short-term trading arrangements.
EPCG said that, in order to cover losses on the network, 298,78 GWh was delivered to the Montenegrin Electricity Distribution System, and 12,76 GWh to the Montenegrin Electricity Transmission System.
As they stated, capital investments last year reached EUR 52.861.622.
"Of the total invoiced realization by suppliers and outstanding receivables from previous years, a total of 296.545.039 euros were collected, achieving an impressive collection rate of 99,43 percent," the statement said.
It is stated that 2.844.192 euros were collected from direct customers (collection rate 100,86 percent), while 293.700.846 euros were collected from distribution customers (collection rate 99,43 percent).
EPCG said that the total number of employees as of December 31st last year was 1.176.
They said that under the fourth item on the agenda, a proposal for a decision on the distribution of profits reported as of December 31st of last year was adopted.
The statement states that it was determined that the company's net profit on that day amounted to EUR 10.230.696, of which EUR 9.207.626 will be transferred to retained earnings, while EUR 1.023.069 will be allocated to the reserve fund.
EPCG said that the company's total undistributed profit as of December 31st last year amounted to 70.177.149 euros.
Shareholders, as they said, also adopted a proposal for a decision on determining EPCG's compensation policy with a methodology for calculating variable compensation for persons with special duties.
"This document specifies the amount of remuneration for management positions: the President of the Board of Directors will receive 3,50 of the average EPCG salary earned in the previous month, while the President who is not in professional work in the Company will receive 2,50 of the average salary," the statement says.
It is stated that members of the Board of Directors will receive compensation of 1,00 average salary, and if they are professionally engaged, 2,00 average salary.
EPCG said that the executive director is entitled to 3,00 average salaries, while other members of management are entitled to compensation ranging from 1,30 to 2,75 average salaries.
"When considering the sixth and seventh points, the shareholders supported the proposed decision to approve the agreement on the joint development of the Gvozd 2 wind farm project and the agreement of the members of the company Green Gvozd second phase doo, as well as the agreement on a loan arrangement with the European Bank for Reconstruction and Development," the statement said.
These acts, as stated, envisage the continuation of activities on the construction of the Gvozd 2 wind farm, worth 25 million euros.
EPCG said that the Assembly adopted amendments to the Statute and the Rules of Procedure of the Shareholders' Assembly and that shareholders were also informed about discounts in the price of electricity, which were previously approved by the Board of Directors.
They said that, by the will of the majority of shareholders, BDO was re-elected as the auditor for this year.
EPCG stated that the current members of the company's Board of Directors have been dismissed and new members have been appointed.
"The new convocation consists of Jelena Andjelic, Tahir Djonbaljaj, Milutin Djukanovic, Neven Gosovic, Simo Jokic, Dragan Loncar and Irfan Husovic. At the constitutive meeting, Milutin Djukanovic was elected President of the Board of Directors," the statement said.
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