BHS (BH Securities a.s.)
Markets  |  March 26, 2013 09:51:18

PHILIP MORRIS dividend surprises 900 CZK

Domestic tobacco group, as expected, announced today an invitation to this year's Annual General Meeting and at the same time including the Annual Report for the year 2012.

Consolidated profit for the company last year fell to CZK 2.441 billion (-3.9%), which reached 889 CZK / share. Operating profit fell to CZK 3.039 billion (-3.4%), but mainly due to revenue growth in the export increased to CZK 12.963 billion (+6.6%). Sales of cigarettes last year in the Czech Republic declined by 7.5% to 8.64 billioncigarettes, the Slovak Republic by -1.2% to 3.65 billion Exports grew by +23.7% to 19.385 billion cigarettes. In Global and sales rose to 31.68 billion cigarettes (+10.3%). Sales in the Czech Republic fell to CZK 5.4 billion (-3.9%), while the market share here fell from 51.9% to 50.7%. However, compared to 4Q 2011 alone fell by only 0.4 percentage points. The decline in market share is thus slowed down. The Slovak market share also went up from 50% to 50.9%.

Company in the invitation to the General Assembly stated that even through retained earnings from previous years proposes to pay a dividend 900 CZK / share, ie a total of 2.47 billion CZK. The effective date for entitlement to participate in the General Meeting and therefore the dividend is set at the 19th April.The PSE should therefore entitled to claim it last traded on Tuesday, 04.16 The actual meeting will be held traditionally at the company headquarters in Kutna Hora Friday, 4.26

Given the relatively diverse market expectations results can be evaluated fairly neutral. The proposed dividend is rather surprised when koncensus market moved more in the range about 860-870 CZK. Last year the company paid a dividend of CZK 920.

The company's report says tax changes, respectively. increases in excise taxes. Thus, according to the company that there is a gradual increase, reduce the uncertainties that may affect our business. Mentions any case continuing transition of consumers to cheaper brands or other alternatives.


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PHILIP MORRIS překvapuje dividendou 900 Kč

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