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Public Report on the State-Owned Enterprises and Shares in 2015

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Public Report on the State-Owned Enterprises and Shares in 2015 Public Report on the State-Owned Enterprises and Shares in 2015 Riga 2016 Public Report on the State-Owned Enterprises and Shares in 2015 Cross-Sectoral Coordination Centre Riga 2016 This is the latest annual report on the state- owned enterprises and shares prepared by the Cross-Sectoral Coordination Centre of the Republic of Latvia, and it provides information on the governance of state-owned enterprises and performance results in 2015. Dear cooperation partners and citizens, The year 2015 has been an important time of change in members has been substantially changed and is now based on the field of governance of state-owned enterprises. At the previously defined experience and competence requirements; beginning of the year, the new “Law on Governance of Capital compulsory public call for application of candidates is ensured Shares of a Public Person and Capital Companies” came into and nomination committees are being developed, which force, the drafting of which was based on the OECD Guidelines include independent experts and observers, in order to select on Corporate Governance of State-Owned Enterprises. In the best professionals for the positions of supervisory council accordance with the law, on May 2015, the Cabinet of Ministers and management board members in state-owned enterprises appointed the Cross-Sectoral Coordination Centre (CSCC) as the through a professional and transparent selection process. institution performing the tasks of an institution responsible for State-owned enterprises have a major impact on State coordination of governance of state-owned enterprises. During development, employment and State budget revenues; that the reporting period, the CSCC developed a legitimate legal is why it is particularly important to ensure efficient use of framework at the level of the Cabinet of Ministers, including for the capital invested by the State, thus improving the rates of such important issues as the dividend policy of state-owned return and contributing to an increase in value of state-owned enterprises, selection of supervisory council and management enterprises. This report allows us to find out more about the board members and evaluation of performance results of state- progress in achieving these indicators and assess the efficiency owned enterprises. of measures attempted while being open-minded and Alongside the introduction of the new law, both general encouraging suggestions for the improvement of governance accessibility to information about performance of state-owned of state-owned enterprises and its coordination. enterprises and government’s awareness of strategic issues of Finally, I would like to say thank you for jointly achieved results state-owned enterprises have improved, thereby contributing and wish a smart and professional public asset management! to more balanced and valid decisions on the development of state-owned enterprises, incl., by taking into account a detailed analysis by a coordination institution and an evaluation that is independent of shareholders. The practice of selecting and Pēteris Vilks appointing the management board and supervisory council Head of the Cross-Sectoral Coordination Centre 2 Table of contents Introduction...................................................................................................................................................................................................................................................................................6 Financial summary about the financial indicators of use of State capital................................................................................................................................................8 Methodology used in the report....................................................................................................................................................................................................................................13 Overview of the sectors Energy............................................................................................................................................................................................................................................................................14 Forestry and agriculture.....................................................................................................................................................................................................................................21 Transport and logistics.......................................................................................................................................................................................................................................25 Communications....................................................................................................................................................................................................................................................35 Real estate...................................................................................................................................................................................................................................................................40 Health care..................................................................................................................................................................................................................................................................45 Culture...........................................................................................................................................................................................................................................................................53 Other sectors Certification, conformity assessment and metrology.....................................................................................................................................................................56 Financial services....................................................................................................................................................................................................................................................57 Public electronic mass media.........................................................................................................................................................................................................................59 Education and sports...........................................................................................................................................................................................................................................62 Other state-owned enterprises.....................................................................................................................................................................................................................64 Planned development of governance of state-owned enterprises in 2016........................................................................................................................................69 Annex SOEs, State-owned equity shares, equity shares belonging to the SOEs and enterprises effectively controlled by the State.........70 3 List of tables Table 1. Aggregate financial indicators characterising the operation of SOEs and capital companies with state-owned equity shares...................................................................................................................................................................................................................................................8 Table 2. Performance indicators of SOEs of energy sector..........................................................................................................................................................................17 Table 3. Financial indicators of SOEs in the energy sector.............................................................................................................................................................................17 Table 4. Main financial indicators of the JSC Latvenergo Group.........................................................................................................................................................................18 Table 5. Main financial indicators of JSC Augstsprieguma tīkls............................................................................................................................................................................19 Table 6. Main financial indicators of JSC RĪGAS SILTUMS......................................................................................................................................................................................20 Table 7. Performance indicators of SOEs in the forestry sector........................................................................................................................................................................22 Table 8. Performance indicators of SOEs in the agricultural sector...............................................................................................................................................................23 Table 9. Financial indicators of the forestry sector....................................................................................................................................................................................................23
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