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Latvenergo Group
Consolidated and
Latvenergo AS
Annual Report
2024
2
How to Use the Report
About Latvenergo Group
– Foreword
– About the Report
– About the Group
– Group Strategy
– Corporate Social
Responsibility
Corporate Governance
Operating Segments
Results
Sustainability Statement
Annexes to the Management
Report
Annual Report
Independent Auditors’ Reports
7
About the Report
Reporting period 1 January 2024 – 31 December 2024
Publication date 30 April 2025
Publication date of the previous report 24 April 2024
Regulatory framework Consolidated annual report has been prepared in accordance with:
y Law on Annual Statements and Consolidated Annual Statements
y International Financial Reporting Standards as adopted by the European Union (IFRS)
y the Law on Governance of Capital Shares of a Public Person and Capital Companies
y the Financial Instruments Market Law
y the Sustainability Information Disclosure Law
y European Sustainability Reporting Standards (ESRS) Delegated Regulation (EU) 2023/2772
y the Taxonomy Regulation (EU) 2020/852
Scope of the report The report discloses information about Latvenergo Group (see the section About the Group).
Content of the report The report discloses information about the topics and indicators that are material for the operations and sustainability of the Group.
ESRS2General Information are fully covered, and, based on the double materiality assessment – 8 ESRS topical standards.
Financial Statements include Statement of Financial Position as at 31 December 2024 and Statement of Profit or Loss, Statement of
Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows for the year ended 31 December 2024, as well as
Notes to the Financial Statements including material accounting policy information.
Approval of the report The Annual Report is signed electronically by the Management Board of Latvenergo AS, reviewed by the Supervisory Board and approved
by the Shareholder.
Independent auditors’ reports Independent auditors' assurance report on the sustainability statement and independent auditors' report on the financial statements has
been prepared by Ernst & Young Baltic SIA.
Report format The report is available electronically:
y on the Latvenergo website www.latvenergo.lv (in Latvian and English)
y on the Nasdaq Baltic website www.nasdaqbaltic.com (in Latvian and English)
Contact information Please send any questions or suggestions to: sustainability@latvenergo.lv.
Financial calendar Interim Condensed Financial Statements:
y For the first 3 months of 2025 (unaudited) – 30.05.2025
y For the first 6 months of 2025 (unaudited) – 29.08.2025
y For the first 9 months of 2025 (unaudited) – 28.11.2025
ESRS 2 SBM-2
Return to the Contents page
ESRS indicators
disclosed in the section
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or another section in the report
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About Latvenergo Group
Corporate Governance
Operating Segments
Results
Sustainability Statement
Annexes to the Management
Report
Annual Report
Independent Auditors’ Reports
3
CONTENTS
INDEPENDENT AUDITORS’ REPORTS
Foreword 5
About the Report 7
About the Group 8
Group Strategy 12
Corporate Social Responsibility 24
Key Figures 60
Operating Environment 62
Financial Results 63
Financial Risk Management 69
Events After the Reporting Year 70
Profit Distribution 70
Governance Bodies 29
Group Management 39
Internal Control System and Risk Management 40
Generation and Trade 45
Distribution 56
Green Bond Report 177
Terms and Abbreviations 180
STATEMENT OF MANAGEMENT RESPONSIBILITY 183
General Information 72
Environmental Information 100
EU Taxonomy 101
Social Information 145
Governance Information 167
Statement of Profit or Loss 186
Statement of Comprehensive Income 186
Statement of Financial Position 187
Statement of Changes in Equity 188
Statement of Cash Flows 189
Notes to the Financial Statements 190
Independent Auditors’ Report 239
Independent Auditors’ Assurance Report 247
MANAGEMENT REPORT FINANCIAL STATEMENTS
FINANCIAL STATEMENTSRESULTSABOUT LATVENERGO GROUP
SUSTAINABILITY STATEMENTCORPORATE GOVERNANCE
ANNEXES TO THE MANAGEMENT REPORTOPERATING SEGMENTS