On 25 March 2015 the Board of TEO LT, AB (hereinafter Teo or “the Company”) decided:
- To approve the draft of the audited annual consolidated financial statements of the Company for the year 2014, prepared according to International Financial Reporting Standards, and to propose to the Company’s Annual General Meeting of Shareholders to approve the draft of the Company’s annual consolidated financial statements for the year 2014.
Audited financial results of Teo Group for the year 2014 are the same as on 29 January 2015 announced results for the twelve months of 2014: consolidated Teo Group revenue for the year 2014 amounted to LTL 698,450 thousand (EUR 202,285 thousand) and profit for the period was LTL 131,465 thousand (EUR 38,075 thousand).
- To approve the Company’s Consolidated Annual Report for the year 2014, prepared by the Company and assessed by the auditors, and to present the Company’s Consolidated Annual Report for information to the Company’s Annual General Meeting of Shareholders.
- To approve the draft of the Company’s profit allocation for the year 2014 and to propose for the Annual General Meeting of Shareholders to allocate the profit according to the draft of the profit allocation: from the Company’s distributable profit of EUR 39,886 (LTL 137,720 thousand) to allocate EUR 39,618 thousand (LTL 136,792 thousand) for the dividend payment for the year 2014 or EUR 0.068 (LTL 0.235) dividend per share. For annual payments (tantiemes) to six members of the Board for the year 2014 to allocate EUR 93.8 thousand (LTL 324 thousand), i.e. EUR 15,640 (LTL 54 thousand) per one member of the Board.
- To propose to the Annual General Meeting of Shareholders to reduce the Company’s obligatory reserve by EUR 5.6 million and to reallocate this amount to the Company's retained earnings.
- To convoke the Annual General Meeting of Shareholders in TEO LT, AB headquarters, at room on 23 floor, Lvovo str. 25, Vilnius, Lithuania, at 13.00 on 29 April 2015, and to propose to the Annual General Meeting of Shareholders’ the following draft agenda:
1. Information of the Company’s auditor.
2. Approval of the annual consolidated financial statements of the Company for the year 2014 and presentation of the consolidated annual report of the Company for the year 2014.
3. Allocation of the profit of the Company of 2014.
4. Regarding the reduction of the Company’s obligatory reserve.
5. Election of the Company’s auditor.
6. Regarding the par value of shares and change of the authorized capital expression in litas into expression in euro.
7. Approval of the new wording of the By-Laws of the Company.
8. Election of the Company’s Board members.
9. Regarding implementation of decisions.
The Board proposes to the meeting of shareholders to elect UAB Deloitte Lietuva as the Company’s audit enterprise to perform the audit of the annual consolidated financial statements of the Company for the year 2015 and to make the assessment of the consolidated annual report of the Company for the year 2015.
Also it is proposed to the shareholders to change the expression of the par value of the Company's shares and the authorized capital in litas into expression in euro. The par value of one Company's share shall be equal to 0.29 euro and the Company's authorized capital shall equal to 168,957,810.02 euro.
Taking into consideration that the current term of the Company’s Board of Directors expires on 25 April 2015, TeliaSonera AB, a largest shareholder of Teo, holding 88.15 per cent of shares, proposed for the two-year term of the Board to re-elect Robert Andersson, Stefan Block, Claes Nycander, Tiia Tuovinen, Inga Skisaker and Rolandas Viršilas.
ENCL.:
- TEO LT, AB Financial Statements, Consolidated Annual and Independent Auditor’s Reports for the year ended 31 December 2014.
- Presentation of TEO LT, AB Group results for the year 2014.
Egle Gudelyte-Harvey,
Head of Legal Affairs Division,
tel. +370 5 236 7292
