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Transelectrica Bucharest (BSE: TEL) could pay dividends of RON 29.6mln, three times below those distributed in 2011


The national power grid operator Transelectrica could distributed dividends worth RON 29.6mln (EUR 6.7mln), amount almost three-fold lower than that granted last year, following the decrease in profits by over three times. The gross dividend proposed by the company’s Directorate, of RON 0.404/share, is 2.7 times below the level distributed last year, of RON 1.1/share. Dividends distributed in 2012, of RON 80.6mln (EUR 18.4mln), were by over nine times higher compared with the previous year. The amount proposed this year to be distributed as dividends accounts for almost 86% of the profit posted by the company last year, of RON 34.5mln (EUR 7.7mln). The profit fell last year by over three times, from almost RON 110mln in the previous financial year, according to data to be discussed by shareholders in a general meeting of shareholders scheduled for April 29th. The gain presented in the financial statements to be voted by shareholders in the general meeting is by 28% above the preliminary profit announced by the company in mid-February, of RON 27mln (EUR 6mln). Reported to the latest price on BSE of TEL titles, of RON 13.75/unit, the gross dividend yield proposed for this year is 2.9%. Dividends would be paid as of June 26th. Transelectrica’s incomes fell last year by 11.6%, from RON 3.131bn to RON 2.767bn (EUR 621.1mln), according to the financial results of the company. The company is controlled by the state, which owns through the Ministry of Economy 58.69% of the shares. The Property Fund (BSE: FP) holds a 13.5% stake, while SIF Oltenia (BSE: SIF5) owns 6.35%.