The Board approved financial statements for the year 2016 and convokes a shareholders’ meeting on 27 April 2017
On 3 April 2017 the Board of Telia Lietuva, AB (hereinafter “Telia Lietuva” or “the Company”) decided:
- To approve the draft of the audited annual consolidated and separate financial statements of the Company for the year 2016, prepared according to the 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 and separate financial statements for the year 2016.
The audited revenue of Telia Lietuva Group for the year 2016 is the same as the revenue for the twelve months of 2016 that was announced on 27 January 2017 – the audited consolidated Telia Lietuva Group revenue for the year 2016 amounted to EUR 345,906 thousand. EBITDA excluding non-recurring items was EUR 117,041 thousand (EUR 117,118 thousand was announced on 27 January 2017) and free cash flow amounted to EUR 44,176 thousand (EUR 44,176 thousand was announced on 27 January 2017). Due to additional amortisation and depreciation charges, the audited profit for the period of January-December 2016 was a bit lower and amounted to EUR 41,494 thousand, while EUR 41,903 thousand was announced on 27 January 2017.
- To approve the Company’s Consolidated Annual Report for the year 2016, 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 2016 and to propose for the Annual General Meeting of Shareholders to allocate the profit according to the draft of profit allocation: allocate from the Company’s distributable profit of EUR 68,057 thousand EUR 17,478 thousand for the payment of dividends for the year 2016, i.e. EUR 0.03 dividend per share, and carry forward to the next financial year an amount of EUR 50,578 thousand as retained earnings (undistributed profit). For two independent members to the Board – Inga Skisaker and Rolandas Viršilas – as tantiems (annual payment) for the year 2016 to allocate in total an amount of EUR 31,280, or EUR 15,640 each.
Following the conservative approach towards the Company’s long-term capital structure and seeking to maintain the Company’s net debt to EBITDA ratio not higher than 1.5 and to pay out up to 80 per cent of free cash flow as dividend, the Board proposes to increase the dividend pay-out and to pay EUR 0.03 dividend per share for the year 2016 already for the year 2016, while for the year 2015 the dividend per share amounted to EUR 0.01.
- To convoke the Annual General Meeting of Shareholders in Telia Lietuva, AB headquarters, in a room on the 23rd floor, Lvovo str. 25, Vilnius, Lithuania, at 13.00 on 27 April 2017, and to propose to the Annual General Meeting of Shareholders’ the following draft agenda:
1. Presentation by the Company’s auditor.
2. Approval of the annual consolidated and separate financial statements of the Company for the year 2016 and presentation of the consolidated annual report of the Company for the year 2016.
3. Allocation of the profit of the Company of 2016.
4. Election of the Company’s auditor.
5. Election of the Company’s Board members.
6. Regarding the implementation of decisions.
ENCL.:
- Draft of Telia Lietuva, AB Consolidated and Separate Financial Statements, Consolidated Annual Report and Independent Auditor’s Report for the year ended 31 December 2016.
- Presentation of Telia Lietuva AB Group results for the year 2016.
Darius Džiaugys,
Head of Investor Relations,
tel. +370 5 236 7878
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