Research (J&T BANKA)
Czech markets  |  March 26, 2013 10:08:09

Results for PMCR r.2012 slightly above expectations, as well as dividend proposal


The Company has made operationally slightly higher numbers than our expectations on an unconsolidated basis. Better cost control results in a lower drop in operating profit EBITDA than we expected, to 3.46 billion CZK vs. eyelets. 3.34 billion CZK. Improved operational level is also reflected in the net profit of CZK 2.43 bn vs. eyelets. 2.35 billion and CZK 885 per share vs. eyelets. 857 CZK.

Management proposes a dividend of CZK 900 / share (net profit + retained earnings min. Years), which is slightly higher than our expectations. This dividend represents 8% of gross div. yield.The final day of qualifying for the dividend is 16 4th 2013th The General Meeting will take place on 26 4th 2012th Results and dividend perceive as slightly positive due to our projection, but broadly in line with the estimate of the market, and therefore we do not expect significant market reaction.

Unconsolidated., IFRS, CZK million

2,012

2,011

r / r

J & T

Revenues

12415

11579

+7.2%

12487

EBITDA

3,455

3,604

-4.1%

3,340

EBITDA margin

27.8%

31.1%

-3.3 Pp

26.7%

Net profit

2,430

2,543

-4.4%

2,353

EPS (CZK)

885

926

-4.4%

857

Eyelets. dividend (CZK)

900

920

-2.2%

857

Div. yield

8.0%

8.2%

-

7.7%

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Výsledky PMČR za r.2012 lehce nad odhady, stejně tak i návrh dividendy

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