Press-releases

2017

DRAFT RESOLUTIONS OF ANNUAL GENERAL MEETING OG SHAREHOLDERS OF JSC „RĪGAS ELEKTROMAŠĪNBŪVES RŪPNĪCA 20.06.2017.

Draft resolutions of annual general meeting of shareholders of Joint-stock company “Rīgas elektromašīnbūves rūpnīca” 20.06.2017.

Shareholders meeting decision 

The agenda:

  1. The message of the board about company’s results for 2016.
  2. The message of the sworn auditor.
  3. Review and approval of the annual report  for 2016.
  4. Election of the sworn auditor for 2017 and approval of it’s remuniration.
  5. Elections of the supervisory board.
  6. Assigning functions of the audit committee on the newly elected board of the company.


(1) The message of the board about company’s results for 2016.

Decision made:

The annual general meeting has taken the information into consideration. 

(2) The message of the sworn auditor.

Decision made:

The annual general meeting has taken the information into consideration. 

(3) Review and approval of the annual report  for 2016.

Decision made:

To approve the report of joint-stock company “Rīgas elektromašīnbūves rūpnīca” for 2016 : balance, calculation of profits and losses, the report on variation of a fixed capital, the report on movement of money resources, explanatories, appendices, the information of a management. To approve the consolidated annual report of 2016 of the group. 

(4) Election of the sworn auditor for 2017 and approval of its remuniration.

Decision made:

To appoint the jury auditor «Grant Thornton Baltic», registration 50003619401, the address – 22 Blaumana str., Riga, LV-1011, license Nr.155, jury auditor Kaspars Rutkis, the certificate Nr.171. 

Approve remuneration of the sworn auditor.

(5) Elections of the supervisory board.

Decision made:

Elect following persons as the members of JSC “Rīgas elektromašīnbūves rūpnīca” Board:

  1. Kirills Nužins/ KIRILL NUZHIN Work experience: for last four years – Russian Federation, "УМС" Ltd. general director. He has no JSC “Rīgas elektromašīnbūves rūpnīca” shares.   
  2. Andrejs Sarkisovs/ANDREY SARKISOV/ Work experience: for last twelve years – Russian Federation, law office „Status-Kvo”, lawyer. He has no JSC “Rīgas elektromašīnbūves rūpnīca” shares.
  3. Nataļja Sarkisova/NATALIA SARKISOVA/ Work experience: for last ten years – Russian Federation, law office „Status-Kvo”, information service general manager. She has no JSC “Rīgas elektromašīnbūves rūpnīca” shares.   
  4. Stanislavs Vodolazskis /STANISLAV VODOLAZSKII/ Work experience: for last six years – Russian Federation, JSC „Krona Grup” general director. He has no JSC “Rīgas elektromašīnbūves rūpnīca”  shares.   
  5. Sergejs Bolisovs/SERGEY BOLYSOV Work experience: 2013-2016 г.г.- partner in management and human resource consulting firm “Yudzhin Global Konsalting”; from 2017 г. – head of individual enterprise Bolysov, main activity – consultancy services to entrepreneurs  on external economic activity . He has no JSC “Rīgas elektromašīnbūves rūpnīca”  shares.  

Approve remuneration for the members of the council.

(6) Assigning functions of the audit committee on the newly elected board of the company.

Decion made:

To assign implementation of  Audit Committee functions on newly elected board of the company till the end of their empowerment time according to statutes of the entity.


DRAFT RESOLUTIONS OF ANNUAL GENERAL MEETING OF SHAREHOLDERS OF JOINT-STOCK COMPANY „RĪGAS ELEKTROMAŠĪNBŪVES RŪPNĪCA”

Draft resolutions of annual general meeting of shareholders of Joint-stock company “Rīgas elektromašīnbūves rūpnīca” 20.06.2017


The agenda:

1. The message of the board about company’s results for 2016.

2. The message of the sworn auditor.

3. Review and approval of the annual report  for 2016.

4. Election of the sworn auditor for 2017 and approval of it’s remuniration.

5. Elections of the supervisory board.

6. Assigning functions of the audit committee on the newly elected board of the company.


(1) The message of the board about company’s results for 2016.

Draft decision:

The annual general meeting has taken the information into consideration. 


(2) The message of the sworn auditor.

Draft decision:

The annual general meeting has taken the information into consideration. 


(3) Review and approval of the annual report  for 2016.

Draft decision:

To approve the report of joint-stock company “Rīgas elektromašīnbūves rūpnīca” for 2016: balance, calculation of profits and losses, the report on variation of a fixed capital, the report on movement of money resources, explanatories, appendices, the information of a management. To approve the consolidated annual report of 2016 of the group.


(4) Election of the sworn auditor for 2017 and approval of it’s remuniration.

Draft decision:

To appoint the jury auditor “Grant Thornton Baltic”, registration 50003619401, the address – 22 Blaumana str., Riga, LV-1011, license Nr.155, jury auditor Kaspars Rutkis, the certificate Nr.171. To state compensation for consolidated annual report at the amount of EUR  4 000.00 (net of tax) and for separate annual report at the amount of EUR 8 000.00 (net of tax). 


(5) Elections of the supervisory board.

Draft decision:

- Elect following persons as the members of JSC “Rīgas elektromašīnbūves rūpnīca” Board:

Kirills Nužins/ KIRILL NUZHIN - Work experience: for last three years – Russian Federation, "УМС" Ltd. general director. He has no JSC “Rīgas elektromašīnbūves rūpnīca” shares. 

Andrejs Sarkisovs/ANDREY SARKISOV/ - Work experience: for last eleven years – Russian Federation, law office „Status-Kvo”, lawyer. He has no JSC “Rīgas elektromašīnbūves rūpnīca” shares.

Nataļja Sarkisova/NATALIA SARKISOVA/ - Work experience: for last nine years – Russian Federation, law office „Status-Kvo”, information service general manager. She has no JSC “Rīgas elektromašīnbūves rūpnīca” shares.   

Stanislavs Vodolazskis /STANISLAV VODOLAZSKII/ - Work experience: for last five years – Russian Federation, JSC „Krona Grup” general director. He has no JSC “Rīgas elektromašīnbūves rūpnīca”  shares.   

- To confirm reward of the members of the Board in amount of EUR 10 560,00 (ten thousand five hundred sixty euro) in a year.

 

(6) Assigning functions of the audit committee on the newly elected board of the company.

Draft decision:

To assign implementation of  Audit Committee functions on newly elected board of the company till the end of their empowerment time according to statutes of the entity.


Joint-stock Company «Rīgas Elektromašīnbūves Rūpnīca» Notification About Convening The Annual General Meeting On 20.06.2017

The Management Board of Joint-stock company «Rīgas elektromašīnbūves rūpnīca» (registry code 40003042006, address: Riga, 53 Ganibu dambis, LV-1005), convenes an annual general meeting of shareholders on  June, 20th of 2017. 14:00. Riga, 53 Ganibu dambis, in a conference room of the office building.

 

The agenda:

  1. The message of the board about company’s results for 2016.
  2. The message of the sworn auditor.
  3. Review and approval of the annual report  for 2016.
  4. Election of the sworn auditor for 2017 and approval of it’s remuniration.
  5. Elections of the supervisory board.
  6. Assigning functions of the audit committee on the newly elected board of the company.

 

Registration of the shareholders will take place on the same day as general meeting – 20th of June 2017. Registration will be available from 13:00 till 13:45 in the conference room of JSC «Rīgas elektromašīnbūves rūpnīca»  office building.

 

Shareholders can take part in the general meeting of the shareholders personally or by assigning representatives. The shareholders are required to provide person identification document, the representatives (authorized representative) are required to provide a power of attorney cerified by notary  and the person identification document.

A proxy instrument form is available at „Nasdaq Riga” AS website http://www.nadaqbaltic.com, on the homepage of Joint-stock company «Rīgas elektromašīnbūves rūpnīca» at http://www.rer.lv/ and on the homepage of the Central Storage of Regulated Information http://www.oricgs.lv/.

 

The date of a record in the list of shareholders for participation in the

shareholder meeting, is 12th of June 2017. Only these persons, who who are the owners of

joint-stock company «Rīgas elektromašīnbūves rūpnīca» shares at this

date, have a right to participate in the shareholder meeting.

 

From 22nd of May 2017, during working days from 10:00 to 15:00, Riga, 53 Ganibu dambis shareholders will be able to familiarize with the projects of decisions planned to be reviwed durring the meeting and present their feedback and suggestions.  

Board of joint-stock company «Rīgas elektromašīnbūves rūpnīca»

 

Information prepared by:

Tamara Rogova

JSC “Rīgas elektromašīnbūves rūpnīca”

Lawyer

Phone.: (+371) 61301847, (+371) 27001052

E-mail: tamara.rogova@rer.lv

Concerning JSC “Rīgas Elektromašīnbūves Rūpnīca” Supervisory Board

The member of supervisory board of JSC “Rīgas elektromašīnbūves rūpnīca” Maksims Gordjukovs had informed the company that he resigned from position of supervisory board member.

PJSC “Baltic Bank” Sold 1 008 994 Shares Of The Publicly-traded JSC “RER”

In accordance with the received reports on significant participation, the shareholder of PJSC "Baltic Bank" sold 1,008,994 shares of the publicly-traded JSC “Rīgas elektromašīnbūves rūpnīca”,  on April 18, 2017, which is 17.40% of the share capital, and Crowning Finance Cyprus Limited on April 18, 2017 acquired 1,008,994 shares of JSC “Rīgas elektromašīnbūves rūpnīca” of public issue (17.40% of the share capital).

JSC "Rīgas Elektromašīnbūves Rūpnīca" Is Planning To Implement The Project

JSC "Riga Electric Machine Building Works" (JSC "Rīgas elektromašīnbūves rūpnīca") (RER) is planning to implement the project “Complex solutions in Riga Electric Machine Building Works for improvement of energy efficiency”. Within the project company has published procurements for renovation of the manufacturing premises for 370 000 and for purchase of Vertical Machining Center with CNC for 140 000 euro. All costs mentioned above are indicative, and equipment price will be certain after the procurement process has been concluded. This report complements the previous report of the RER, in which information about 13 procurement procedures was given, which included purchase of 11 equipment units and renovation of gas pipe and gas distribution point. Evaluation of received tenders of the previously announced procurement procedures continues until April 13.

Tender submission deadline for the renovation of the manufacturing premises is April 26, 2017, submission deadline for the Vertical Machining Center with CNC is April 19, 2017.

It is planned to finish all deliveries of the equipment and renovation works till spring 2019.

The project will be implemented within the specific objective “'Promoting the efficient use of energy resources, reducing energy consumption and transition to RES in the manufacturing sector” of the EU Structural Funds support programme 4.1.1.

JSC "Riga Electric Machine Building Works" Plant Planned To Promote The Efficient Use Of Energy Resources

JSC "Riga Electric Machine Building Works" (JSC "Rīgas elektromašīnbūves rūpnīca") is planning to implement the project “Complex solutions in “Riga Electric Machine Building Works” for improvement of energy efficiency”. Within the project company has published procurements for renovation of the gas distribution point for 32 000 euro, gas pipe renovation for 9000 euro, LED technology lighting equipment for 160 000 euro, water heating boiler for 147 000 euro, and air compressors for 80 000 euro.

The company published several procurements for purchase of energy efficient production equipment as well. It is planned to purchase abrasive blasting chamber for cleaning surfaces before painting for 95 000 euro, press with matrix set for tip assembly for 12 000 euro, drying oven for 45 000 euro, hydro abrasive cutting equipment for 250 000 euro, compounded punching device for traction motor stator sheet preform cutting for 60 000 euro, multifunctional welding machine for 7000 euro, equipment for cutting and removing of flame retardant cable insulation for 60 000 euro, and  high-frequency power soldering system for 58 000 euro. All costs mentioned above are indicative, and equipment price will be certain after the procurement process has been concluded.

Tender submission deadline for all procurements is March 31. It is planned to finish all deliveries of the equipment and renovation works till spring 2019.

The project will be implemented within the specific objective “'Promoting the efficient use of energy resources, reducing energy consumption and transition to RES in the manufacturing sector” of the EU Structural Funds support programme 4.1.1.

Decreasing Of Share Of JSC „Riga Electric Machine Building Works” In The Capital Stock (03/03/2017)

3rd of March 2017 in the Register of Enterprises registered a decrease in the participation of JSC “Riga Electric Machine Building Works” in the equity capital of the subsidiary “RER-Termināls” Ltd, reg.number 40203010535, up 29.82%.

The second participant “BSCT” Company purchased additional 6,000 shares of the capital “RER-Termināls” Ltd., after which it was owned 8,000 shares, or 70.18%.

The resulting sale of shares of the capital sum of money EUR 600 000 is directed to repay the loan liabilities of JSC “Riga Electric Machine Building Works” to JSC „Meridian Trade Bank”.

On The Members Of The Board Of JSC "Rigas Elektromasinbuves Rupnica"

Decisions of the Board of JSC "Rigas elektromasinbuves rupnica" on 24.01.2017:

Three Board Members were re-elected - Mikalai Yerokhau, Olga Petersone and Aleksandrs Popadins for a new term according to the Company’s Charter - three years:

Mikalai Yerokhau was appointed as Chairman of the Board.                             

Composition of the Board of the Company: Mikalai Yerokhau, Olga Petersone, Aleksandrs Popadins, Ilja Sestakovs and Grigorijs Kapustins.

2016

Decreasing Of Share Of JSC „Riga Electric Machine Building Works” In The Capital Stock

25th of October 2016 Commercial Register of Latvian Republic registered decrease in “Riga Electric Machine Building Works” JSC’s ownership in the share capital of the subsidiary company - “RER-Terminals” LTD, registration number 40203010535.

Ownership in the share capital of JSC “Riga Electric Machine Building Works» decreased from 91,23% to 82,46%.

Second shareholder of “RER-Terminals” LTD - BSCT LTD now owns 2000 out of 11400 capital shares. 

About Changes In The Management Board Of JSC "Riga Electric Machine Building Works"

With this JSC "Riga Electric Machine Building Works" (AS "Rīgas elektromašīnbūves rūpnīca") informs that on 18th of October 2016 Grigorijs Kapustins was appointed as a new member of the management board.

Grigorijs Kapustins has been working for JSC "Riga Electric Machine Building Works" since 1996 and was holding various positions over those years. In 1996 was working in position of senior foreman and head of production unit; in 2001 was appointed as a head of manufactory department. In March 2016 – head of machinery production department and from September same year - Technical director’s deputy.  

Does not own JSC "Riga Electric Machine Building Works" shares.

Current actual list of JSC "Riga Electric Machine Building Works" Management Board looks following:  

Chairman of the Board: Mikalai Yerokhau.

Members of the Board: Olga Petersone, Aleksandrs Popadins, Ilja Shestakovs, Grigorijs Kapustins.

13th Of September 2016 Commercial Register Of Latvian Republic Registered A Share Decrease JSC “Riga Electric Machine Building Works” In The Share Capital Of The Subsidiary Company.

13th of September 2016 Commercial Register of Latvian Republic registered a share decrease JSC “Riga Electric Machine Building Works” in the share capital of the subsidiary company - “RER-Terminals” LTD , registration number 40203010535.

Capital share of JSC “Riga Electric Machine Building Works» decreased from 100% to 91,23%. Company “BSCT LTD”, registration number 40003673834, became a second shareholder of “RER-Terminals” LTD after it purchased 1000 out 11400 shares.

The Results Of Concern Activity In The First Half Of The Year 2016.

The volume of net turnover of the Concern in the first half of the year 2016 was EUR 8 827 215, that is 33.9% greater than in the same period of the last year. At the same time the volume of gross profit was 1 mln. EUR that is 3,6 times greater than in the first half of 2015.

Taking into consideration the great volume of investments, which was equal to 5,4 mln. EUR in 2015, in 2016 the significant increase of volume of wear of fixed assets is expected, as a result in the first half of 2016 the amount of profit before interests, taxes, ware and tare (EBITDA) was 3 mln. EUR, that is 2,1 times greater than the volume of EBITDA which was equal to 1,4 mln. EUR in the first half of 2015. At the same time the net finance result is 0,2 mln. EUR of losses contrary to negligeable net profit which was equal to 0,01 mln. EUR in the first half of 2015.

In the first half of 2016 the financial situation of the Concern became significantly more stable. The relative share of shareholders’ equity of the Concern in an aggregate number of assets is 55,7% contrary to 49,5% in the same period of the last year, but the ratio of working assets to short-term obligations is 1,25 contrary to 1,13 in the same period of the last year. The total assets in the first half of 2016 increased by 10%. The management of JSC “RER” considers that the activity results of the Concern within the whole 2016 keep the noticeable growth tendency and the financial situation will keep improving.



Resolutions Of The Extraordinary Shareholders' Meeting Of Joint-stock Company „Riga Electric Machine Building Works” 22nd Of July 2016

AGENDA:

  1. Revocation of the Board and election of the new Board members
  2. The establishment of the subsidiary company

1) Recall of the Board before the end of the term, elect the new members of the Board and  confirm the amount of remuniration of members of the Board.

DECISION TAKEN:

Recall of the Board before the end of the term and elect following persons as the members of JSC “Riga Electric Machine Building Works” Board:

  1. Kirills Nužins /KIRILL NUZHIN/
    Work experience: for last three years – Russian Federation, "УМС" Ltd. general director. He has no JSC „Riga Electric Machine Building Works” shares.  
  2. Andrejs Sarkisovs /ANDREY SARKISOV/
    Work experience: for last eleven years – Russian Federation, law office „Status-Kvo”, lawyer. He has no JSC „Riga Electric Machine Building Works” shares.
  3. Nataļja Sarkisova /NATALIA SARKISOVA/
    Work experience: for last nine years – Russian Federation, law office „Status-Kvo”, information service general manager. She has no JSC „Riga Electric Machine Building Works” shares.  
  4. Stanislavs Vodolazskis /STANISLAV VODOLAZSKII/
    Work experience: for last five years – Russian Federation, CJSC „Krona Grup” general director. He has no JSC „Riga Electric Machine Building Works” shares.  
  5. Maksims  Gordjukovs /MAKSIM GORDYUKOV/
    Work experience: for last eight years – Russian Federation, JSC „Alfa-Bank”, regional trade director; for last two years – Russian Federation, AAS „Baltijskij Bank” Member of the Board. He has no JSC „Riga Electric Machine Building Works” shares.  

2)  The establishment of a subsidiary company.

DECISION TAKEN:

To agree with Board's decision to establish subsidiary - limited liability company with one founder and make property investment in the share capital of the subsidiary.

Draft Resolutions Of Extraordinary General Meeting Of Shareholders Of Joint-stock Company „Riga Electric Machine Building Works” On 22.07.2016

AGENDA:

  1. Recall of the Board and electing of new members of the Board.
  2. The establishment of a subsidiary. 

1) Recall of the Board before the end of the term, elect the new members of the Board and  confirm the amount of reward of members of the Board.

THE DECISION:

Recall of the Board before the end of the term and elect following persons as the members of JSC “Riga Electric Machine Building Works” Board:

  1. Kirills Nužins /KIRILL NUZHIN/
    Work experience: for last three years – Russian Federation, "УМС" Ltd. general director. He has no JSC „Riga Electric Machine Building Works” shares.  
  2. Andrejs Sarkisovs /ANDREY SARKISOV/
    Work experience: for last eleven years – Russian Federation, law office „Status-Kvo”, lawyer. He has no JSC „Riga Electric Machine Building Works” shares.
  3. Nataļja Sarkisova /NATALIA SARKISOVA/
    Work experience: for last nine years – Russian Federation, law office „Status-Kvo”, information service general manager. She has no JSC „Riga Electric Machine Building Works” shares.  
  4. Stanislavs Vodolazskis /STANISLAV VODOLAZSKII/
    Work experience: for last five years – Russian Federation, CJSC „Krona Grup” general director. He has no JSC „Riga Electric Machine Building Works” shares.  
  5. Maksims  Gordjukovs /MAKSIM GORDYUKOV/
    Work experience: for last eight years – Russian Federation, JSC „Alfa-Bank”, regional trade director; for last two years – Russian Federation, AAS „Baltijskij Bank” Member of the Board. He has no JSC „Riga Electric Machine Building Works” shares.  

To confirm reward of the members of the Board in amount of EUR 10 560,00 (ten thousand five hundred sixty euro) in a year.

2)  The establishment of a subsidiary.

THE DECISION:

 To agree with the Board’s  decision to establish subsidiary – one founders Ltd. and make property investment in the share capital of the subsidiary. 


DATE, WHEN ISSUER WANTS TO RECEIVE THE MEETING LIST – July 19, 2016.
ISSUER’S CONTACT PERSON – Tamara Rogova, phone. +371 67381712, +371 27001052  

Joint-stock Company „Riga Electric Machine Building Works” Notice Of сonvening Of The EGM On July 22, 2016.

The Management Board of Joint-stock company „Riga Electric Machine Building Works» (registry code 40003042006, address: Riga, 31 Ganibu dambis, LV-1005), convenes and announces, that the extraordinary general meeting of shareholders of Joint-stock company „Riga Electric Machine Building Works» will take place on July 22, 2016 at 14.00 Riga, 31 Ganibu dambis, in a room Nr.29 (conference room) of an office building.

The agenda:

  1. Сhanges in staff of the Board of Joint-stock company „Riga Electric Machine Building Works».
  2. The establishment of a subsidiary.

Registration of shareholders will take place in day of general meeting on July 22, 2016 from 13.00 to 13.45. in a place of carrying out of assembly.

 

Shareholders can take part on general meeting of shareholders personally or through representatives. The shareholder is obliged to show the document of the person, the representative (authorized representative) at registration should show the notarilly certified power of attorney and the document of the person.

A proxy instrument form is available at NASDAQ OMX  Riga website http://www.nadaqbaltic.com., on the homepage of  Joint-stock company „Riga Electric Machine Building Works» at http://www.rer.lv/ and on the homepage of the Central Storage of Regulated Information http://www.oricgs.lv/.

 

The date of a record, at that the list of shareholders for participation in the shareholder meeting, is July 14, 2016. Only these persons, who are owners of Joint-stock company „Riga Electric Machine Building Works» shares at this date, have a right to participate in the shareholder meeting.

 

Shareholders can familiarize with projects of decisions of cases in point of joint-stock assembly, and also present offers on the questions of joint-stock assembly included in the agenda, to working hours from 10.00 to 15.00. to the address of Riga, 31 Ganibu dambis since July 7, 2016.

 

Board of joint-stock company „Riga Electric Machine Building Works»

Additional information:

Tamara Rogova
JSC “Riga Electric Machine Building Works”
Lawyer
Phone: (+371) 67381712, (+371) 27001052
Fax: (+371) 67046959
E-mail: maija.golovija@rer.lv

Attachments:

Power of attorney


Resolutions Of Annual General Meeting Of Shareholders Of Joint-stock Company “Riga Electric Machine Building Works” (15.06.2016)

Resolutions of annual general meeting of shareholders of Joint-stock company “Riga Electric Machine Building Works”


JSC „Riga Electric Machine Building Works”, registration № 40003042006, reports, that regular meeting of shareholders had taken place 15th June, 2016 14:00 p.m.

Joint-stock company’s paid-up fixed capital   8.118.607 EUR.

Amount of voting - stocks is  5.799.005.

11 shareholders, representing 4 631 365 stocks, what is 79, 86% from the voting right capital had taken part in the meeting.

The meeting had taken note the board of directors’ report for the 2015 year and Certified auditor’s report.

The meeting had passed a verdict to approve the report of JSC „Riga Electric Machine Building Works” for 2015 year: balance, profit and loss account, production money-flow report, notes, applications, Management’s report; approve the consolidated financial statements for 2015 year.

 

Voting results:

„pro” 4 631 366 stocks

„contra” 0 stocks.

 

The meeting had passed a verdict to elect «Grant Thornton Baltic» Limited Liability Company as Certified auditor for 2016 year, registration № 50003619401, address : Blaumana street 22, Riga, LV-1011,  License № 155, Certified auditor Kaspar Rutkis, certificate № 171, and to set the auditor’s remuneration 12 000,00 EUR (without VAT) for audit of consolidated and special annual report .

 

Voting results:

„pro” 4 631 366 stocks

„contra” 0 stocks.

The Results Of Concern Activity Have Been Improved Significantly In The 1 Quarter Of 2016, In Comparison With The 1 Quarter Of 2015

So, the growth of the sales value has increased by 58,2 %, in the 1 quarter of 2016, and gross margin was €0,33 million, in contrast with gross losses in the amount of €0,4 million in the 1 quarter of 2015. Taking into account the big volume of investments, which are constituted in general €5,4 million. Depreciation volume is being increased substantially in 2016, and as the result, the amount of profit before the percents, taxes, depreciation and amortization (EBITDA) reached €0, 7 million, despite of net loss in amount of €0,2 million, in the 1 quarter of 2016. In its turn, net profit was practically close to nothing in the 1 quarter of 2015, and EBITDA reached €0,7 million.

JSC “Riga Electric Machine Building Works” management considers that Concern activity results will be saving overall tangible tendency during all 2016, and financial situation will be increasing. 

Draft Resolutions Of Annual General Meeting Of Shareholders Of JSC "Riga Electric Machine Building Works"

Draft resolutions of annual general meeting of shareholders of joint-stock company “Riga electric machine building works” (registration Nr.40003042006, Riga, 31 Ganibu dambis, LV-1005) 15.06.2016. attached

Attachments:

Draft resolutions


Joint-stock Company „Riga Electric Machine Building Works» Notice Of Convening The Annual General Meeting On 15.06.2016

The Management Board of Joint-stock company „Riga Electric Machine Building Works” (registry code 40003042006, address: Riga, 31 Ganibu dambis, LV-1005), convenes an annual general meeting of shareholders on  June, 15th of 2016. 14.00. Riga, 31 Ganibu dambis, in a room Nr.29 (conference room) of an office building.

 

The agenda:

  1. The message of board of joint-stock company on results of activity for 2015.
  2. The message of the jury auditor.
  3. Consideration and the statement of the annual report of joint-stock company for 2015.
  4. Election of the jury auditor for 2016 and the statement of compensation.

 

Registration of shareholders will take place in day of general meeting – on June, 15th of 2016. from 13.00 to 13.45. in a place of carrying out of assembly.

 

Shareholders can take part on general meeting of shareholders personally or through representatives. The shareholder is obliged to show the document of the person, the representative (authorized representative) at registration should show the notarilly certified power of attorney and the document of the person.

A proxy instrument form is available at NASDAQ OMX  Riga website http://www.nadaqbaltic.com, on the homepage of  Joint-stock company „Riga Electric Machine Building Works» at http://www.rer.lv and on the homepage of the Central Storage of Regulated Information http://www.oricgs.lv.

 

The date of a record, at that the list of shareholders for participation in the shareholder meeting, is June 07, 2016. Only these persons, who are owners of Joint-stock company „Riga Electric Machine Building Works» shares at this date, have a right to participate in the shareholder meeting.

 

Shareholders can familiarize with projects of decisions of cases in point of Joint-stock assembly, and also present offers on the questions of Joint-stock assembly included in the agenda, to working hours from 10.00 to 15.00. to the address of Riga, 31 Ganibu dambis since June, 01st of 2016.

 

 

 

Board of Joint-stock company „Riga Electric Machine Building Works”

MANAGEMENT REPORT

Business activities of the Holding Company in 2015.

Basic business activities of the Holding Company are manufacturing of electric machines and machinery (NACE code 2711).

The main types of products are as follows:

  • Electrical equipment for electric trains;
  • Electric equipment for passenger cars;
  • Electric equipment for metro cars;
  • Cast products.

In 2015 the net turnover of the Holding Company accounted for EUR 13 096 167.

The Holding Company has concluded the financial year 2015 with profit amounting to EUR 99 213

before tax and loss amounting to EUR 164 037 after tax.

Taking into account negative effect of the fall of Russian rouble exchange rate (RUB/EUR) on Concern’s performance in 2014, the Concern Board was providing changes in realisation agreements to euro currency with buyers from Russian market in first quarter of 2015 year. In conjunction with this, starting with 2015, Concern has not had any RUB/EUR exchange risks, which had been the most significant financial risks before.

At the same time, the devaluation of Russian ruble is being continued, that influences negatively on

Concern’s competitiveness due to price definition in Euro, and as a result – sale volume ratio of Concern products has decreased in Russian market.

In order to ensure Concern’s financial stability, JSC "Riga Electric Machine Building Works" (JSC “Rīgas elektromašīnbūves rūpnīca”, JSC 'RER") board has approved the plan of activities for optimization of all types of expenses in 2015. The plan of activities provided decrease of all types of expenses, including decrease of number of personnel.

Compensatory payments to the workers, who were laid off, had made negative influence on the Concern’s parent company financial results in the first quarter of 2015 year, but this negative influence was reduced during 2015 with the cost price expenses economy.

2015

About Project APVI14

We inform that regarding to the information sent previously, JSC "Riga Electric Machine Building Works" (JSC "Rīgas elektromašīnbūves rūpnīca", JSC "RER") has completed the implementation of machinery purchase project „Launch of new electrical engineering products”, within the support program „High value-added investments”.

Total Project investment is 1 441 652,00 EUR.

Total ERDF co-financing is 413 591,20 EUR.

The Project supports modernization and expansion of production that also results in development of new products.



Company Announcement On The Results Project Of Individual Research

We inform that at the second quarter of a 2015 year JSC ‘’Riga Electric Machine Building Works’’ (JSC "Rīgas elektromašīnbūves rūpnīca", JSC "RER") have successful finished implementation of the Project of individual research ‘’Creation transport machinery centre of competence’’ in accordance with Contract Nr.L-KC-11-0002  dated 06 April 2011 made between  Ltd ‘’Transport machinery centre of competence’’ and Investment and Development Agency of Latvia. Such that the new system (capacity 400 kW and 180 kW) of the electric motor was developed for trains with the asynchronous motor drive and also system of air conditioning, which we are planing to bring into a serial production soon. 



About EU Funds Project

We inform that regarding to the information sent previously, JSC "Riga Electric Machine Building Works" (JSC "Rīgas elektromašīnbūves rūpnīca", JSC "RER") have finished implementation of the Project „The launch of production of new asynchronous traction motors”, within the support program „High value-added investments”.

 

Total Project investment: ~2.17 million EUR.

Total ERAF co-financing – 0.98 million EUR.

 

As a result of the Project is modernization and expansion of production including development of new products.



14.07.2015 JSC “Riga Electric Machine Building Works” Announcement Notifications Of Loss Of Participation

JSC ‘’Riga Electric Machine Building Works’’ has received notification on 13th July, 2015 from Private Company IG ‘’Volga’’ notification about loss of significant direct shareholding (see attached).

According to this notification Private Company IG ‘’Volga’’ has lost a direct significant shareholding in JSC ‘’Riga Electric Machine Building Works’’, by losing its proportion of voting rights from 608 682 shares, which constitutes 10,5% of JSC ‘’Riga Electric Machine Building Works’’ total capital.  

 

Attachments:

JSC “Riga Electric Machine Building Works” notification form from Private Company IG ‘’Volga’’ about loss of participation.

13.07.2015 JSC “Riga Electric Machine Building Works” Announcement Notifications Of Acquisition Of Participation

JSC “Riga Electric Machine Building Works” has received notification on 8th July, 2015 from Private Company “Krona Grup” about acquisition of significant direct shareholding in JSC “Riga electric machine building works” (see attached).

According to this notification Private Company “Krona Grup” has 2 667 542  shares, which constitutes 46% of JSC “Riga Electric Machine Building Works” total capital. 

 

Attachments:

JSC “Riga Electric Machine Building Works” notification form from Private Company “Krona grup” about acquisition of participation

13.07.2015 CORRECTION: JSC “Riga Electric Machine Building Works” Announcement Notifications Of Acquisition Of Participation

The document was changed. The 7th paragraph of the table in the notification is correctly completed. Also the document is added with interpretation of the signature.

JSC “Riga Electric Machine Building Works’’ has received notification on 1st July, 2015 and from Private Company IG “Volga” notification about acquisition of significant direct shareholding (see attached) and Ltd “Mirtek” notification about acquisition of significant direct shareholding in JSC ‘’Riga Electric Machine Building Works’’ (see attached).

According to this notification Private Company IG “Volga’” has 608 682  shares, which constitutes 10,5% of JSC ‘”Riga Electric Machine Building Works’” total capital.

Also Ltd “Mirtek” has 2058860 shares, which constitutes 35,5% of JSC “Riga Electric Machine Building Works’’ total capital.

 

Attachments:

JSC “Riga Electric Machine Building Works” notification form from Ltd “Mirtek” about acquisition of participation.

JSC “Riga Electric Machine Building Works” notification form from Private Company IG “Volga” about acquisition of participation.

07.07.2015 JSC “Riga Electric Machine Building Works” Announcement Notifications Of Loss Of Participation

JSC “Riga Electric Machine Building Works” has received notification on 6th July, 2015 from Ltd “Mirtek” notification about loss of significant direct shareholding (see attached).

According to this notification Ltd “Mirtek” has lost a direct significant shareholding in JSC “Riga Electric Machine Building Works’”, by losing its proportion of voting rights from 2 058 860 shares, which constitutes 35,50% of JSC “Riga Electric Machine Building Works’’ total capital. 

 

Attachments:

JSC “Riga Electric Machine Building Works” notification form from Ltd ‘’Mirtek’’ about loss of participation.

06.07.2015 CORRECTION: JSC “Riga Electric Machine Building Works”Announcement Notifications Of Loss Of Participation

The document was changed. The document is added with interpretation of the signature

JSC “Riga Electric Machine Building Works” Announcement

Notifications of loss of participation

JSC “Riga Electric Machine Building Works’’ has received notification on 1st July, 2015  from Lacrier select inc. notification about loss of significant direct shareholding (see attached) and Padmore systems corp. notification about loss of significant direct shareholding in JSC ‘”Riga Electric Machine Building Works’’ (see attached).

According to this notification Lacrier select inc. has lost a direct significant shareholding in JSC “Riga Electric Machine Building Works’’, by losing its proportion of voting rights from 1 333 771 shares, which constitutes 23% of JSC “Riga Electric Machine Building Works’’ total capital.

Also Padmore systems corp. has lost a direct significant shareholding in JSC “Riga Electric Machine Building Works’’, by losing its proportion of voting rights from 1 333 771 shares, which constitutes 23% of JSC “Riga Electric Machine Building Works’’ total capital. 

 

Attachments:

JSC “Riga Electric Machine Building Works” notification form from Lacrier select inc. about loss of participation.

JSC “Riga Electric Machine Building Works” notification form from Padmore systems corp. about loss of participation.

02.07.2015 JSC “Riga Electric Machine Building Works” Announcement Notifications Of Acquisition Of Participation


JSC “Riga Electric Machine Building Works’’ has received notification on 1st July, 2015 and from Private Company IG “Volga” notification about acquisition of significant direct shareholding (see attached) and Ltd “Mirtek”’ notification about acquisition of significant direct shareholding in JSC “Riga Electric Machine Building Works’’ (see attached).

 According to this notification Private Company IG “Volga” has 608 682  shares, which constitutes 10,50% of JSC “Riga Electric Machine Building Works’’ total capital.

Also Ltd “Mirtek” has 2058860 shares, which constitutes 35,5% of JSC “Riga Electric Machine Building Works’’ total capital.

 

Attachments:

JSC “Riga Electric Machine Building Works” notification form from Private Company IG “Volga” about acquisition of participation.

JSC “Riga Electric Machine Building Works” notification form from Ltd “Mirtek” about acquisition of participation.

01.07.2015 JSC “Riga Electric Machine Building Works” Announcement Notifications Of Loss Of Participation

JSC “Riga Electric Machine Building Works’’ has received notification on 1st July, 2015  from Lacrier select inc. notification about loss of significant direct shareholding (see attached) and Padmore systems corp. notification about loss of significant direct shareholding in JSC “Riga Electric Machine Building Works’’ (see attached).

According to this notification Lacrier select inc. has lost a direct significant shareholding in JSC “Riga Electric Machine Building Works’’, by losing its proportion of voting rights from 1 333 771 shares, which constitutes 23% of JSC “Riga Electric Machine Building Works’’ total capital.

Also Padmore systems corp. has lost a direct significant shareholding in JSC “Riga Electric Machine Building Works’’, by losing its proportion of voting rights from 1 333 771 shares, which constitutes 23% of JSC “Riga Electric Machine Building Works’’ total capital. 

 

Attachments:

JSC “Riga Electric Machine Building Works” notification form from Lacrier select inc. about loss of participation.

JSC “Riga Electric Machine Building Works” notification form from Padmore systems corp. about loss of participation.

The Implementation Of Projects Nr.APV/2.1.2.4.0/13/03/046 And Nr.APV/2.1.2.4.0/14/04/017

The implementation of projects Nr.APV/2.1.2.4.0/13/03/046 „The launch of production of new asynchronous traction motors” and Nr.APV/2.1.2.4.0/14/04/017 „Launch of new electrical engineering products” in JSC "Riga Electric Machine Building Works" (JSC "Rīgas elektromašīnbūves rūpnīca", JSC "RER") is in progress. Up to today have been singed contracts with all suppliers for delivery of production machines. The first part of machines is delivered and set up is in progress.

The Project Nr.APV/2.1.2.4.0/13/03/046 will be finished until September 2015. The Project Nr. APV/2.1.2.4.0/14/04/017 will be finished until November 2015. 


Projekts “Transporta mašīnbūves kompetences centra izveide
(Līguma Nr.L-KC-11-0002)
tiek īstenots sadarbībā ar



Pētījums 1.27 “Asinhronās vilces piedziņas elektrodzinēju sistēmas
ar jaudu līdz 4000 kW
projektēšana un testēšana
Pētījums 1.28 “Asinhronās vilces piedziņas elektrodzinēju sistēmas
ar jaudu līdz 4000 kW
eksperimentālā izstrāde
Pētījums 1.29 “Asinhronās vilces piedziņas elektrodzinēju sistēmas
ar jaudu līdz 180kW
projektēšana
Pētījums 1.30 “Asinhronās vilces piedziņas elektrodzinēju sistēmas
ar jaudu līdz 180 kW
eksperimentālā izstrāde
Pētījums 1.31 “Gaisa kondicionēšanas sistēmas
projektēšana un prototipa izstrāde




Joint-stock Company «Riga Electric Machine Building Works» Notice Of Convening The Annual General Meeting

The Management Board of Joint-stock company «Riga electric machine building works» (JSC "Rīgas elektromašīnbūves rūpnīca", JSC "RER" registry code 40003042006, address: Riga, 31 Ganibu dambis, LV-1005), convenes an annual general meeting of shareholders on June, 19th of 2015. 14.00. Riga, 31 Ganibu dambis, in a room Nr.29 (conference room) of an office building.

Prepaid fixed assets – 8 118 607 EUR Amount of actions with voting right - 5 799 005 actions.

The agenda:

  1. The message of board of joint-stock company on results of activity for 2014.
  2. The message of the jury auditor.
  3. Consideration and the statement of the annual report of joint-stock company for 2014.
  4. Election of the jury auditor for 2015 and the statement of compensation.
  5. A response of members of Council of joint-stock company «Riga electric machine building works».
  6. Election of new structure of Council of joint-stock company «Riga electric machine building works» and the statement of compensation.
  7. Election of Revision committee and the compensation statement.

Registration of shareholders will take place in day of general meeting - on June, 19th of 2015. from 13.00 to 13.50. in a place of carrying out of assembly.

Shareholders can take part on general meeting of shareholders personally or through representatives. The shareholder is obliged to show the document of the person, the representative (authorized representative) at registration should show the notarilly certified power of attorney and the document of the person.

A proxy instrument form is available at NASDAQ Riga website http://www.nadaqbaltic.com., on the homepage of Joint-stock company «Riga electric machine building works» at http://www.rer.lv/ and on the homepage of the Central Storage of Regulated Information http://www.oricgs.lv/.

A proxy instrument form (LV)

A proxy instrument form (EN)

The date of a record, at that the list of shareholders for participation in the shareholder meeting, is June 11, 2015. Only these persons, who are owners of joint-stock company «Riga electric machine building works» shares at this date, have a right to participate in the shareholder meeting.

Shareholders representing at least one-twentieth part of JSC capital, have the right, within seven days from the date of distribution of this Adjusted notice, to raise additional items in the Board for inclusion in the shareholders meeting agenda. A shareholder is required to submit draft decisions to the board on items for inclusion in the agenda of meeting they propose and that are in competence of the shareholders' meeting. Shareholders must submit explanations to the board about the additional items, for inclusion in the agenda they are requesting and on that there is not intended to make decisions.

Shareholders can familiarize with projects of decisions of cases in point of joint-stock assembly, and also present offers on the questions of joint-stock assembly included in the agenda, to working hours from 10.00 to 15.00. at the lawyer to the address of Riga, 31 Ganibu dambis since June, 03th of 2015.

Board of joint-stock company «Riga electric machine building works»

About Changes In The Management Board Of AS “Rīgas Elektromašīnbūves Rūpnīca” (10.02.2015)

With this AS “Rīgas elektromašīnbūves rūpnīca” informs that on January 30, 2015 Maxim Savenkov and Aleksandrs Suvorkins have left their Management board member positions in the company and Nikolajs Čudinovs and Iļja Šestakovs have been elected as the new management board members.

Information about newly appointed Members of the Management Board:

Nikolajs Čudinovs (Nikolajs Cudinovs)

Has been working for AS “Rīgas elektromašīnbūves rūpnīca” since 01.08.2006. Employed as the Technical Director Assistant.

2012: Acting Technical Director for the Matters of Production Operation

2013:  the Technical Director Assistant for the Matters of Reconstruction and Operations of Buildings and Constructions

2014: Head Engineer Assistant

Owns 5424 AS “Rīgas elektromašīnbūves rūpnīca” closed issue shares.

Iļja Šestakovs (Ilja Sestakovs)

Has been working for AS “Rīgas elektromašīnbūves rūpnīca” since 15.05.2006. Employed as the Sales Department Head.

Does not own AS “Rīgas elektromašīnbūves rūpnīca” shares.

 

Current AS “Rīgas elektromašīnbūves rūpnīca” full composition of company’s Management Board: Nikolajs Erohovs (Mikalai Yerokhau, Chairman), Olga Pētersone, Aleksandrs Popadins, Nikolajs Čudinovs, Iļja Šestakovs.

2014

Completion Of Plan Arranged For 2014

JSC “Riga Electric Machine Building Works” (hereinafter referred to as JSC “RER”) diligently works out development of new production offer and diversification of sales market of its production that allows reducing the currency risks of Russian Ruble. A number of contracts has been concluded with Tashkent and Baku metros. JSC “RER” maintains successful business relations with Polish and Slovenian cooperation partners as well; therefore, stable quantities of production supply have been provided. Successful completion of investment program started allows JSC “RER” to provide quality level required for the market therefore, cooperation with such partners as Deutsche Bahn, Hitachi etc. will be started. 

In the frames of completion of the investment program for 2014 that is a part of three-year investment arrangements individual research has been started in cooperation with the Transport Machine Building Competence Centre. In the frames of the Competence Centre for 2014-2015a number of asynchronous traction electric motor systems of 400 KW- and 180 KW - output power as well as air conditioning system. The total arranged research budget is about EUR 3 mil. while ERAF support financing is about EUR 750 thousands. 

Two projects have been commenced in “High value added investments” state support program, in project proposal calls three and four, respectively. The total amount of investment for both projects about which JSC RER already made announcements in 5 March 2014 and 17 July 2014 is 3,62 million EUR net of VAT or 3,94 million EUR, including VAT.

Based on signed sales agreements and in line with successful implementation of risk mitigation program in 2014, JSC RER forecasts profit for the year of no less than one million EUR, and expect sales growth in the nearest future.   

Management Board

High Value-added Investments, Fourth Stage

JSC "Riga Electric Machine Building Works" (JSC "Rīgas elektromašīnbūves rūpnīca", JSC "RER") continues acquisition and installation of equipment within the framework of the project №APV/2.1.2.4.0/14/04/017. The project “New electric machine building products introduction to the production process” is implemented in collaboration with “Investment and Development Agency of Latvia” in virtue of Agreement № L-APV-14-0125.


Projekts “Jaunu elektromašīnbūves produktu ieviešana ražošanā”

Finansējuma saņēmējs: akciju sabiedrība
“RĪGAS ELEKTROMAŠĪNBŪVES RŪPNĪCA”

Līgums Nr.L-APV-14-0125 noslēgts ar Latvijas
Investīciju un attīstības aģentūru 2014.gada 16.jūlijā

ERAF līdzfinansējums 425 448,59 EUR


High Value-added Investments, Third Stage

JSC "Riga Electric Machine Building Works"  (AS "Rīgas elektromašīnbūves rūpnīca", JSC "RER") continues acquisition and installation of equipment within the framework of the third stage “High value-added investments” project. The project “Induction motors introduction to the production process” is implemented in collaboration with “Investment and Development Agency of Latvia” in virtue of Agreement № L-APV-14-0058.


Projekts “Jaunu asinhronās vilces dzinēju ieviešana ražošanā”

Finansējuma saņēmējs: akciju sabiedrība
“RĪGAS ELEKTROMAŠĪNBŪVES RŪPNĪCA”

Līgums Nr.L-APV-14-0058 noslēgts ar Latvijas Investīciju un attīstības aģentūru 2014.gada 19.martā

ERAF līdzfinansējums 1 280 584,62 EUR



About The Situation In Ukraine

The situation in Ukraine definitely will affect the results of our operations in long term. As for now the Company has stocks, raw material to continue operations according to the current plan. We have sale and purchase contracts denominated in euro and USD. But in a few months if the situation in Ukraine escalates the Company may face some challenges regarding, e.g. regularity of supply, increasing debtors days. Our forecast and estimations regarding the situation in Ukraine will follow once additional information is available. 

 

JSC “Riga Electric Machine Building Works”

The Board  

About Approval Of EU Funds Project

JSC “Riga Electric Machine Building Works” (JSC “RER”) informs that regarding to the information sent previously, “Investment and Development Agency of Latvia” has approved the Project “The launch of production of new asynchronous traction motors” of JSC “RER” on the 3rd March, 2014, within the support program „High value-added investments”.

Total Project investment: ~2.85 million EUR.

Total ERDF co-financing – 1 280 584 EUR

The aim of the Project is to purchase new technologic machines for expanding product range based on innovations developed by employees and to launch the production of new asynchronous traction motors for electric passenger coaches and improving asynchronous traction motors for metro coaches. The implementation of the Project will secure higher quality of products, diversify product range, strengthening the competitiveness of the company and to raise the value of products and it could cause new export markets in future.

As a result of the Project will be modernization and expansion of production including development of new products.

 

JSC “Riga Electric Machine Building Works”

The Board  

JSC "Riga Electric Machine Building Works" Council Has Re-elected The Board

JSC "Riga Electric Machine Building Works" Council has re-elected the Board of Directors for the next 3 years on January 28, 2014 (minutes of the Council meeting Nr.01/2014).

All relevant papers will be submitted to the Register of Enterprises.


Composition of the Board 

Chairman of the board

  • Nikolajs Erohovs (Mikalai Yerokhau)

Members of the board

  • Aleksandrs Popadins
  • Aleksandrs Suvorkins
  • Maksims Savenkovs (Maxim Savenkov)
  • Olga Petersone

2013

Measures Of Support

We inform that on December 17, the Cabinet of Ministers provided support for JSC “Riga Electric Machine Building Works (hereinafter referred to as “RER”) investment project “Introduction of New Asynchronous Traction Motors into Manufacture”. In the investment project frames JSC “Riga Electric Machine Building Works” arranges to make investments at the amount of 3, 8 million Ls for manufacture equipment modernization, to extended the range of production manufactured, by means of introduction of new asynchronous traction electric motors intended for electric trains into manufactures well to improve current asynchronous traction electric motors for metro cars. After the investment project implementation JSC “RER” shall have the rights to apply income tax allowance on enterprises (ITAE) at the amount of 540 000 Ls. It is arranged to unify the support granted as the ITAE allowance with co-financing of the European Regional Fund of Development (ERDF) in the frames of the support program “High Added Value Investments” administered by the State Agency “Latvian Agency of Investments and Development”. (Currently the project is submitted for evaluation. It is arranged to obtain the resolution for granting the support in the beginning of March, 2014).The requested ERDF financing is 0, 9 million Ls.

 

JSC “Riga Electric Machine Building Works”

The Board

13.12.2013 Information Of The Board

In December 2013, JSC “Riga Electric Machine Building Works” has signed a contract with „Transporta mašīnbūves kompetences centrs” LLC for realization of individul reasearches. Within the framework of the Competence Centre, new systems of asynchronous drive engines with the power of 400 kW and 180 kW as well as air conditioning systems will be developed. Total planned budget of researches is LVL 2,3 million with the respective grant from ERDF in the amount of LVL 585 thousand.

The Board 

Danske Bank Grants A Loan To JSC “Riga Electric Machine Building Works”

Danske Bank Latvia has signed the agreement with JSC “Riga Electric Machine Building Works” (AS „Rīgas elektromašīnbūves rūpnīca”) about financing in the amount of 2 million Euro intended for implementation of the project “Introduction of new asynchronous traction engines in production”. Until now, Danske Bank has provided funding for implementation of various projects for the total amount of 10 million Euro to the company.

Chairman of the Board of JSC „Riga Electric Machine Building Works” Nikolajs Erohovs says: „In 2014 our company will develop and launch in production five electrical traction devices that are complicated from the technical point of view and intended for railway, underground and road transport. We are also looking forward to receiving both the state aid and support from programs of various European structural funds. Implementation of the projects will allow the company to upgrade and expand it production range. We expect a 31 % increase in turnover in the result of implementation of these projects as early as in 2014. Currently we export 95% of our production”.

Head of Danske Bank in Latvia Raivis Kakānis is pleased with the achievements by Riga Electric Machine Building Works: “During our cooperation the company has experienced a considerable increase of the stock value. This is the first year when the company is included in the TOP 101 list of the most valuable Latvian companies. We are glad at our customers’ success, moreover, when we can see also our role in securing it. Besides, these achievements are natural – Riga Electric Machine Building Works is among the rare companies where production has been not only maintained since the soviet times, but there have been targeted improvements and development. The current operational level of the company allows it to compete with the large foreign corporations of this industry. I am sure that Riga Electric Machine Building Works have very good future perspective and this is based on economic, skilful and long-sighted management of the company.”

About JSC Riga Electric Machine Buildig Works”

The Joint Stock Company "Rīgas elektromašīnbūves rūpnīca" (Riga Electric Machine Building Works) is a well-known company in Latvia with huge experience in design and production of electrical traction devices for electrical trains, passenger cars and electrical loading machines.

About Danske Bank Latvia


Danske Bank is the Danske Bank Group’s unit in Latvia. Danske Bank Group is the largest bank in Denmark and one of the Northern Europe’s leading financial institutions. The Group is widely represented in 15 countries and it serves more than 5 million retail customers and a significant number of institutional organizations. Since 15 November 2012, the Group’s banking activities are gathered under the Danske Bank brand name, highlighting the uniform customer experience in all of the Group’s markets.

Danske Bank Group has received the following ratings:
Long-term: Baa1 (Moody’s); A- (S&P); A (Fitch);
Short-term: P-2(Moody’s); A-2 (S&P); F1 (Fitch).

For further information:
Ieva Zauere
Head of Communications
Danske Bank A/S Latvia Branch
Phone.: +371 2 948 5726
E-mail: ieva.zauere@danskebank.lv

28.11.2013 Investment Project

We inform that by 02.12.2013 JSC Riga Electric Machine Building Works (hereinafter referred to as RER) intends to submit the project application with the purpose to apply for co-financing at the support program “High Added Value Investments” administered by the State Agency “Latvian Agency of Investments and Development” according to MC Regulations No. 817 “Regulations for second and further orders of project application selection of Supplement 2.1.2.4 activity “High Added Value Investments” of activity program “Entrepreneurship and Investments” of October 19, 2011.

The project target is purchasing  of new technology equipment to introduce into manufacture new asynchronous traction electric motors intended for electric trains in order to extend production range of the enterprise on the basis of the enterprise scientific capabilities as well as to improve current motors of asynchronous traction for metro cars The implementation of the project results in the opportunity that allows JSC RER improving the quality of production manufactured, diversifying  the production assortment, strengthening competitive capacities of the enterprise as well increasing the value of the finished production goods. Therefore, that provides new opportunities in development of new export markets.

The total amount of investments comes to about 2 million LVL in the frames of the project.

In accordance with the aforementioned support program provisions RER has commenced the purchasing procedures and on 27.11.2013 has placed information about acquisitions made in the project frames, at homepage of the Purchase Supervision Bureau: www.iub.gov.lv.

As a result of the project implementation, modernization and extension of current activities of the enterprise is provided that involves manufacture of new products.

We inform you about further course of the process.

 

The Board  

26.11.2013 Changes In The Board Of JSC „Riga Electric Machine Building Works”

In November 08, 2013 the Council of JSC „Riga Electric Machine Building Works” elected the new  members of the board (Council protocol Nr.02/2013):

Aleksandrs Popadins Members of the Board Mihails Morozs have been  relieved of their positions on their own initiative.

All relevant papers will be submitted to the Register of Enterprises.


Composition of the Board 

Chairman of the board

  • Nikolajs Erohovs (Mikalai Yerokhau)

Members of the board

  • Aleksandrs Popadins
  • Aleksandrs Suvorkins
  • Maksims Savenkovs (Maxim Savenkov)
  • Olga Petersone


The information about  new members of board:

Aleksandrs Popadins, workplace of the last 3 (three) years - JSC „Riga Electric Machine Building Works”, Director of chief executive.

He has no shares of JSC „Riga Electric Machine Building Works”.

18.07.2013 The Board Of JSC “Riga Electric Machine Building Works” Informs

The Board of JSC “Riga Electric Machine Building Works” informs that on July 17, 2013 it obtained  the resolution  of L.Dardzane the State Notary of the  Latvian Republic Enterprise Register. Therefore, the decision has been taken as follows:

1) enter reorganization – merger into the Commercial Register as merging the commercial company  “LatTransKomplekt” Ltd , unified register No. 40103287324, to the commercial company Joint Stock Company  “Riga Electric Machine Building Works”, unified register No. 40003042006,

2) the registration case of “LatTransKomplekt” Ltd, unified register No. 40103287324:

  • cancel the commercial company from the Enterprise Register;
  • announce its registration certificate as invalid one.

Resolutions Of Annual General Meeting Of Shareholders Of JSC „Riga Electric Machine Building Works” (27.06.2017)

Resolutions of Annual General Meeting

Draft Resolutions Of Meeting Of Shareholders Of JSC „Riga Electric Machine Building Works” (27.06.2013)

Draft resolutions

The Next Assembly Of Shareholders JSC “Riga Electric Machine Building Works”

The next assembly of shareholders of joint-stock company “Riga Electric Machine Building Works”, registration Nr.40003042006, address: Riga, 31 Ganibu dambis, LV-1005, takes place on June, 27th of 2013. 14.00. Riga, 31 Ganibu dambis, in a room Nr.29 (conference room) of an office building.

Prepaid fixed assets - 5799005LVL.

Amount of actions with voting right -  5799005 actions.

 

The agenda:

1. The message of board of joint-stock company on results of activity for 2012.

2. The message of the jury auditor.

3. Consideration and the statement of the annual report of joint-stock company for 2012.

4. Election of the jury auditor for 2013 and the statement of compensation.

Registration of shareholders will take place in day of general meeting – on June, 27th of 2013. from 13.00 to 13.50. in a place of carrying out of assembly.

Shareholders can take part on general meeting of shareholders personally or through representatives. The shareholder is obliged to show the document of the person, the representative (authorized representative) at registration should show the notarilly certified power of attorney and the document of the person.

A proxy instrument form is available at NASDAQ OMX Riga website http://www.nadaqomxbaltic.com.

The date of a record, at that the list of shareholders for participation in the shareholder meeting, is June 18, 2013. Only these persons, who are owners of joint-stock company “Riga Electric Machine Building Works” shares at this date, have a right to participate in the shareholder meeting.

Shareholders representing at least one-twentieth part of JSC capital, have the right, within seven days from the date of distribution of this Adjusted notice, to raise additional items in the Board for inclusion in the shareholders meeting agenda. A shareholder is required to submit draft decisions to the Board on items for inclusion in the agenda of meeting they propose and that are in competence of the shareholders' meeting. Shareholders must submit explanations to the board about the additional items, for inclusion in the agenda they are requesting and on that there is not intended to make decisions.

Shareholders can familiarize with projects of decisions of cases in point of joint-stock assembly, and also present offers on the questions of joint-stock assembly included in the agenda, to working hours from 10.00 to 15.00. at the lawyer to the address of Riga, 31 Ganibu dambis since June, 10th of 2013.

Board of joint-stock company “Riga Electric Machine Building Works”

 

Attachments:

Form of power of attorney

About The Extraordinary Shareholders Meeting On March 19, 2013

Joint-stock company “Riga Electric Machine Building Works» management board informs that the extraordinary shareholders meeting on March 19, 2013 lacked quorum. The Articles of Association stipulate that at least three quarters of the Company’s shares capital have to be represented in the shareholders meeting for it to have a quorum.

Thus, the shareholder meeting was not held.

If a decision to convoke a new shareholders meeting is taken, a separate announcement will be published.

Draft Resolutions Of Extraordinary Shareholders Meeting Of JSC „Riga Electric Machine Building Works”

Draft resolutions of extraordinary Shareholders meeting of JSC „Riga Electric Machine Building Works”

The Next Assembly Of Extraordinary Shareholders JSC “Riga Electric Machine Building Works”

The next assembly of extraordinary shareholders of joint-stock company „Riga Electric Machine Building Works », registration Nr.40003042006, address: Riga, 31 Ganibu dambis, LV-1005, takes place on March, 19th of 2013. 14.00. Riga, 31 Ganibu dambis, in a room Nr.29 (conference room) of an office building.

Prepaid fixed assets – 5799005 LVL

Amount of actions with voting right -  5799005 actions

The agenda:

1. On delisting  of JSC “Riga Electric Machine Building Works” shares from the regulated market.

Registration of shareholders will take place in day of general meeting – on March, 19th of 2013. from 13.00 to 13.50. in a place of carrying out of assembly.

Shareholders can take part on general meeting of shareholders personally or through representatives. The shareholder is obliged to show the document of the person, the representative (authorized representative) at registration should show the notarilly certified power of attorney and the document of the person.

A proxy instrument form is available at NASDAQ OMX Riga website http://www.nadaqomxbaltic.com.

The date of a record, at that the list of shareholders for participation in the shareholder meeting, is March, 11, 2013. Only these persons, who are owners of joint-stock company „Riga Electric Machine Building Works” shares at this date, have a right to participate in the shareholder meeting.

Shareholders representing at least one-twentieth part of JSC capital, have the right, within seven days from the date of distribution of this Adjusted notice, to raise additional items in the Board for inclusion in the shareholders meeting agenda. A shareholder is required to submit draft decisions to the Board on items for inclusion in the agenda of meeting they propose and that are in competence of the shareholders' meeting. Shareholders must submit explanations to the board about the additional items, for inclusion in the agenda they are requesting and on that there is not intended to make decisions.

Shareholders can familiarize with projects of decisions of cases in point of joint-stock assembly, and also present offers on the questions of joint-stock assembly included in the agenda, to working hours from 10.00 to 15.00. at the lawyer to the address of Riga, 31 Ganibu dambis since March, 01th of 2013.

Board of joint-stock company „Riga Electric Machine Building Works”


Attachments:

Form of power of attorney

2012

Resolutions Of Extraordinary Shareholders Meetings

Resolutions

Draft Resolutions Of Extraordinary Meeting Of Shareholders Meetings Of JSC „Riga Electric Machine Building Works”

Draft resolutions of extraordinary Meeting of Shareholders meetings of JSC „Riga Electric Machine Building Works”

The Next Assembly Of Extraordinary Shareholders

The next assembly of extraordinary shareholders of joint-stock company “Riga Electric Machine Building Works », registration Nr.40003042006, address: Riga, 31 Ganibu dambis, LV-1005, takes place on December, 14th of 2012. 14.00. Riga, 31 Ganibu dambis, in a room Nr.29 (conference room) of an office building.

Prepaid fixed assets - 5799005LVL

Amount of actions with voting right -  5799005 actions

 

The agenda:

1. The reorganisation of the subsidiary company.

2. The decision on the increase of the share capital in the subsidiary company.

Registration of shareholders will take place in day of general meeting – on December, 14th of 2012. from 13.00 to 13.50. in a place of carrying out of assembly.

Shareholders can take part on general meeting of shareholders personally or through representatives. The shareholder is obliged to show the document of the person, the representative (authorized representative) at registration should show the notarilly certified power of attorney and the document of the person.

A proxy instrument form is available at NASDAQ OMX Riga website http://www.nadaqomxbaltic.com. The date of a record, at that the list of shareholders for participation in the shareholder meeting, is December, 06, 2012. Only these persons, who are owners of joint-stock company “Riga Electric Machine Building Works” shares at this date, have a right to participate in the shareholder meeting.

Shareholders representing at least one-twentieth part of JSC capital, have the right, within seven days from the date of distribution of this Adjusted notice, to raise additional items in the Board for inclusion in the shareholders meeting agenda. A shareholder is required to submit draft decisions to the Board on items for inclusion in the agenda of meeting they propose and that are in competence of the shareholders' meeting. Shareholders must submit explanations to the board about the additional items, for inclusion in the agenda they are requesting and on that there is not intended to make decisions.

Shareholders can familiarize with projects of decisions of cases in point of joint-stock assembly, and also present offers on the questions of joint-stock assembly included in the agenda, to working hours from 10.00 to 15.00. at the lawyer to the address of Riga, 31 Ganibu dambis since November, 27th of 2012.

Board of joint-stock company “Riga Electric Machine Building Works”


Attachments:

Form of power of attorney