TEO LT, AB - Notification on material event

The Board approved financial statements for the year 2015 and convokes a shareholders’ meeting on 26 April 2016

On 31 March 2016 the Board of TEO LT, AB (hereinafter “Teo” or “the Company”)
decided: 

- To approve the draft of the audited annual consolidated and separate
financial statements of the Company for the year 2015, 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
2015. 

Audited financial results of Teo Group for the year 2015 are the same as the
results announced on 29 January 2016 for the twelve months of 2015 –
consolidated Teo Group revenue for the year 2015 amounted to EUR 204,598
thousand. EBITDA excluding non-recurring items was EUR 80,765thousand and free
cash flow amounted to EUR 28,543 thousand. 

- To approve the Company’s Consolidated Annual Report for the year 2015,
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 2015 and
to propose for the Annual General Meeting of Shareholders to allocate the
profit according to the draft of profit allocation: allocate EUR 5,826 thousand
from the Company’s distributable profit for the payment of dividends for the
year 2015, or EUR 0.01 dividend per share. 

- To propose to the Annual General Meeting of Shareholders to approve the
preparation of reorganisation terms, under which the Company’s subsidiaries UAB
Omnitel and UAB Baltic Data Center would be merged into TEO LT, AB. 

- To convoke the Annual General Meeting of Shareholders in TEO LT, AB
headquarters, in a room on the 23rd floor, Lvovo str. 25, Vilnius, Lithuania,
at 13.00 on 26 April 2016, 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 2015 and presentation of the consolidated annual report of
the Company for the year 2015. 
3. Allocation of the profit of the Company of 2015.
4. Regarding the approval of reorganisation terms.
5. Election of the Company’s new Board member.
6. Regarding the implementation of decisions.

The Board comment on adopted decisions:

“Today the Board adopted a significant decision in the history of TEO LT, AB
Group. It was decided to ask for shareholders’ approval for preparation of
reorganisation terms following which subsidiaries UAB Omnitel and UAB Baltic
Data Center would be merged into TEO LT, AB. While operating as separate legal
entities for the past half year, the Group companies have been generating
common decisions that maximize the benefits for our customers, prompt synergies
and innovations. This experience shows that together we are stronger, more
useful and attractive to our customers and investors. 

Having evaluated the demand for long-term strategic investments, loan repayment
terms and our overall leverage levels following the acquisition of Omnitel, the
Board has proposed to the shareholders that the level of dividend pay-out for
the year 2015 be lower compared with the year 2014. Such a proposal reflects a
conservative approach of the Board towards the Group’s long-term capital
structure, which will ensure a gradual reduction in the levels of debt. 

We believe that both large and minority shareholders will support the Board’s
vision to create a new generation telco in order to sustainably create value to
the shareholders in the medium and long term.” 



ENCL.:
- TEO LT, AB Consolidated and Separate Financial Statements, Consolidated
Annual Report and Independent Auditor’s Report for the year ended 31 December
2015. 
- Presentation of TEO LT, AB Group results for the year 2015.






         Giedrė Kaminskaitė-Salters,
         Head of Legal,
         tel. +370 5 236 7715.

Priedai:

Audited_Teo_report_2015.pdf

2015_results_.pdf