CGES is paying a dividend of 8.2 million euros gross.
Today, the 14th Ordinary General Assembly of CGES was held in Podgorica, at which the most significant issues concerning the work of one of the most successful companies in Montenegro were on the agenda.
Taking into account all the aforementioned circumstances that will have an effect on CGES's business in the coming period, and in the interest of the Company's financial stability and sustainability, it is proposed that a gross dividend of €8.2 million be paid to the shareholders of CGES from the profit generated in 2022. euros, from the profit achieved in 2022, which amounts to a substantial 20.3 million euros. €, and that the remaining portion be accumulated as retained earnings with the profits from previous years, which the shareholders unanimously accepted.
During today's General Assembly, the shareholders, in accordance with the Law on Commercial Companies, the established agenda and the Company's Statute, unanimously adopted the financial statements with the auditor's report, as well as the Report on Business Operations for 2022. the audited financial statements with the auditor's report, the Report on Business for 2022, as well as the remuneration policy, and also confirmed the decision on the election of “Ernst & Young as auditor in 2023
The shareholders also adopted a resolution on the dismissal and election of new members of the company's Board of Directors, and thus the members representing state capital in the Company were re-elected: Aleksandar Mijušković, M.Eng. (Elec.). Zdravko Blečić, M.A. in State and European Law and Studies, Almedina Husović, LL.B. and Mijat Mirković, B.Eng. Jelena Matejić, MSc, will represent the joint-stock company 'Elektromreža Srbije' on the CGES Board, as she has done until now, and the Italian energy company Terna – Rete Elettrica Nazionale S.p.A. Current members Giacomo Donini and Guido Guida.
On the same day, the inaugural meeting of the newly elected Board of Directors was held, at which it was decided that Aleksandar Mijušković will serve as Chairman of the Board of Directors in the upcoming term, while Giacomo Donini is the Deputy Vice-Chairman.
Re-elected Chairman of the Board of Directors, Aleksandar Mijušković, after the inaugural meeting of the Board of Directors, emphasised that it is an honour for him to once again be at the helm of a company such as CGES. "I am very proud of what has been achieved in the past period, both in terms of the investments realised and the financial indicators, which place CGES among the most successful companies in Montenegro. Over the past two years, we have had a clear vision and have shown that we have the ability and strength to realise that vision.
Good business practices, a rapid adaptation to major changes, and a continuous commitment to development are the hallmarks of our company. "The drive for development, which is our primary goal, the exploration of new ideas, and the respect for and encouragement of diverse opinions all contribute to the success of both the company and its employees," said Mijušković.
CGES has, in the past, and we believe not only within our local context, been recognised for its significant investment in the development of the transmission system. In particular, the submarine interconnection project with Italy stands out, namely the Trans-Balkan Corridor project, which will create an energy bridge from Italy via Montenegro, BiH, Serbia all the way to Romania, within which the completion of the 400 kV 'Lastva – Pljevlja' transmission line and the completion of the 400 kV ring are already expected by the end of the year, which is a truly remarkable achievement for our country.
With a net profit of €20.3 million, a historic result for CGES, and the investment momentum we have significantly realised, we have not only met our set objectives, but have exceeded them.
All our shareholders will directly benefit from this profit, to whom, thanks to the decision adopted at today's General Meeting of Shareholders, we will pay a dividend of 8.2 million euros gross. It is an exceptional fact, concluded Mijušković, that to date, CGES shareholders have been paid dividend in the amount of 33,782,023 €.