's missingCGES is paying a dividend of 10 million euros gross.
We inform the public that the 15th Ordinary General Meeting of Shareholders of the Montenegrin Transmission System was held in Podgorica on 28 June 2024, with an exceptionally rich agenda. The Assembly began with a welcome address by the Chief Executive Officer, Ivan Asanović, after which he presented the financial statements for the previous year to the shareholders, including the independent auditor's report, which was unanimously adopted by the shareholders.
Following this, a vote was held on the distribution of the profit for 2023, where shareholders were informed of the proposed and approved distribution models that will contribute to the further growth and development of the company. We would like to remind you that the 2024 budget and the CGES Business Plan for the period 2024-2028, as the strategic documents of the Company, which were adopted by the Board of Directors in December 2023. million in 2024 is envisaged, in a gross amount of 10.0 million €The stated dividend amount is based on the actual and projected business results, taking into account negative adjustments to the regulated revenue which will be determined by the Regulatory Agency for Energy and Public Utilities in the coming period.Furthermore, the proposed dividend amount has been determined based on CGES's planned capital investments and financial position, whilst respecting the fundamental principles of stability and sustainability of its business activities.
The net profit of Crnogorski elektroprenosni sistem AD, as stated in the annual financial report for the 2023 business year, amounts to 35,717,703. €Profit ćto be distributedđShe is on herčin šthat ćthe amount of 10,000,000 € to be paid to shareholders as a gross dividend amount, while ćthe amount of 25,717,703 € to be allocated as retained earnings and will be accumulated with retained earnings from previous years.
The shareholders unanimously confirmed the decision on the distribution of dividends.
Also, at the general assembly meeting, a comprehensive report on the business for 2023 was presented, providing a detailed insight into all business activities and the results of all organisational units of our company.
During the subsequent part of the session, information was considered regarding the current status and the proposed amendment to the budget and deadlines for the project of connecting the electricity systems of Montenegro and Italy by means of a DC submarine cable, which is of vital importance for the company's strategic development. The shareholders supported the proposed amendments.
At the General Meeting of Shareholders, the decision on the appointment was unanimously confirmed. Ernst And Youngfor the auditor, which is not the case with the CGES fee policy decision, which was not adopted.
The final part of the assembly was dedicated to personnel matters, where the shareholders voted on the dismissal of the existing and the appointment of new members of the CGES Board of Directors. In this regard, the majority of the members of the previous board were shown renewed confidence, and were re-elected.Aleksandar Mijušković, M.Eng.Jelena Matejić, M.Sc., Guide Guide(Terna – National Electricity Grid S.p.A.), Glory-seeker TodorovićDiploma Engineer in MiningVučko Fatić, a qualified economist and Violeta Vuljaj, M.Sc. in Management. Instead Giacomo Donini, the new member of the Board of Directors is Maria Rosaria Guarniere, Representative of the strategic Italian partner - Terne.
Following the General Meeting of Shareholders, which once again reaffirmed the strong commitment of all participants to the further development and success of our company, the constitutive session of the new Board of Directors was held, at which it was decided that the Chairman of the Board of Directors would be Aleksandar Mijušković, and his deputy ' Maria Rosaria Guarniere.
Following the constitutive session, Mijušković stressed that it is both an honour and a pleasure to have been shown this trust. Re-elected to the position of Chairman of the Board of Directors of our energy company.
In recent years, we have achieved success in all business segments. Our financial results are not only the best in the company's history, they are an indicator of the stability and sustainability of our business. We have launched ambitious projects and successfully completed many investments, including the modernisation of infrastructure, capacity expansion and the implementation of advanced technological solutions. These investments have not only improved our operational efficiency, but have also ensured sustainable growth and development in the future," emphasised Mijušković.
"These are times of great challenges in the energy sector, which require dedicated work and well-established strategic goals.I am confident that we will meet them ready, as we have a dedicated team. I would therefore like to take this opportunity to thank our strategic partners for their cooperation and support, as well as all the employees at CGES, with whom we continue our journey towards even greater successes," concluded Aleksandar Mijušković.
