CrnogorskiCGES distributes a dividend of 10 million euros in gross amount
We inform the public that the XV Annual General Shareholder Meeting of Crnogorski elektroprenosni sistem was held in Podgorica on 28 June 2024, with a very rich agenda. The meeting started with a welcome address by the Executive Director, Ivan Asanović, after which he informed the shareholders of the financial statements for the previous year, including the independent auditor's report, which the shareholders unanimously adopted.
After that, there was a vote on the distribution of the realised income for 2023, where the shareholders were informed about the proposed and approved distribution models that will contribute to the further growth and development of the company. We remind you that the Budget 2024 and the Business Plan 2024-2028 of CGES, as strategic documents of the company, which were adopted by the Board of Directors in December 2023, envisage the payment of dividends in 2024 in the gross amount of 10.0 million €. €The aforesaid amount of the dividend is assumed based on the realised and projected business results, taking into account the negative adjustments of the regulatory allowed revenue that will be determined in the coming period by the Energy and Water Regulatory Agency. In addition, 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 net income of Crnogorski elektroprenosni sistem AD, which is stated in the annual financial report for the business year 2023, amounts to 35,717,703 €. €The income ćwill be distributedaspayingofthe whilethat ć10,000,000 € to be paid to shareholders as a gross dividend amount, while ćamount 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.
In addition, at the meeting, a detailed operating statement for 2023 was presented, providing a detailed insight into all business activities and results of all organisational units of our company.
In the further course of the meeting, information on the current situation and the proposal to amend the budget and deadlines for the completion of the project of connecting the electric power systems of Montenegro and Italy with a direct current undersea cable was considered, which is of vital importance for the strategic development of the company. Shareholders supported the proposed amendments.
At the Shareholders' Meeting, the decision to appoint Ernst & Young as auditor was unanimously confirmed, Ernst And Young,which is not the case with the decision on the remuneration policy of CGES, which was not adopted.
The final part of the meeting was dedicated to personnel issues, where shareholders voted on the removal 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, soAleksandar Mijušković,, B.Sc.E.E.,Jelena Matejić, M.Sc., Guide Guide(Terna – National Electricity Grid S.p.A.), Slavoljub TodorovićBsc in Mining engineering,Vučko Fatić, BEcon Violeta Vuljaj, BSc in Management, were reappointed. Instead Giacomo Donini, the new member of the Board of Directors is Maria Rosaria Guarniere, representative of the strategic Italian partner - Terna..
After the Shareholder Meeting, which once again confirmed the strong commitment of all participants to the further development and success of our company, a constitutive meeting of the Board of Directors of the new convocation was held, where it was decided that the Chairman of the Board of Directors would be Aleksandar Mijušković,, and his Vice - Maria Rosaria Guarniere.
After the constitutive meeting, Mijušković pointed out that it was both an honour and a pleasure for him to be repointed to the position of Chairman of the Board of Directors of our energy company.
"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 modernisation, capacity extension and implementation of advanced technological solutions. These investments not only improved our operational efficiency, but also ensured sustainable growth and development in the future", Mijušković pointed out.
"It is a time of great challenges in the energy sector, which requires dedicated work and well-set strategic goals. I am sure that we will meet them ready, because we have a dedicated team. That's why I am 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", Aleksandar Mijušković concluded.
