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Articles & publications
09.06.2010
Svyazinvest’s AGM scheduled for July 12Interfax
The Board of Directors of Svyazinvest has set the date for the company’s annual general shareholders meeting as July 12, 2010, the company said in a statement.
The Board of Directors advised shareholders to adopt a decision to pay out 2009 dividends amounting to RUR 87.467 mln (25% of net profit), i.e. 0.00448126011 per one common share. The remaining RUR 262.4 mln will be allocated to increase shareholder capital.
The meeting of the Board of Directors to prepare for the annual general shareholders meeting got under way on May 27, but at that time the dividend recommendation was not approved due to the absence of a directive from the Russian government for its appointees to vote on this issue.
The annual shareholder meeting was originally planned to be held on June 30.
Svyazinvest intends to pay dividends out of “real” net profit (on the basis of operating activities). The materials to be used for the Board of Directors of Svyazinvest, a copy of which was obtained by Interfax, says that the holding’s net profit in 2009 amounted to RUR 15.079 bln, including profit from operating activities, totaled RUR 349.867 mln.
Earlier, on May 12, the general director of the company Evgeny Yurchenko told Interfax that Svyazinvest had proposed not paying out 2009 dividends, but instead allocating profit to finance expenses related to the reorganization. In addition, Mr. Yurchenko pointed out that the dividend issue would be discussed with the Russian government.
As reported earlier, the Ministry of Economic Development recommended state companies in 2010 to allocate at least 25% of its net profit to dividends. This proposal was approved at a meeting of the First Vice Prime Minister Igor Shuvalov.
In 2008, Svyazinvest did not pay out any dividends, deciding instead to allocate its net profit from operating activities equal to RUR 514.075 mln to raise its shareholder capital. This year, Svyazinvest recorded a huge RAS “paper” loss equal to RUR 120.46 bln, due to a decline in the value of the holding’s subsidiary shares which are listed on its balance sheet.
Meanwhile, Svyazinvest paid out 2007 dividends not on “paper” profit, which, during that year, totaled RUR 36 bln, but on profit derived from operating activities. The totals amount of dividends reached RUR 255 mln, i.e. 100% of the company’s profit from operating activities.
Svyazinvest owns controlling stakes in the shares of Rostelecom (RTS: RTKM) and seven regional telecommunications operators – CenterTelecom (RTS: ESMO), North-West Telecom (RTS: SPTL), VolgaTelecom (RTS: NNSI), UTK (RTS: KUBN), Uralsvyazinform (RTS: URSI), Sibirtelecom (RTS: ENCO) and Far East Telecom (RTS: ESPK), as well as Central Telegraph (RTS: CNTL), Giprosvyaz, Dagsvyazinform and financial company Svyaz.
At present, the holding is in the process of reorganization during which RTOs are expected to be folded into Rostelecom by way of share conversion.
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