The market fears that the profile dividend PGE will change; company’s share price down firmly – Onet.pl

 
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  course PGE down firmly
 
 
 

After the decision of the shareholders course PGE dived. At. 16.30 shares of energy group cheaper by 9.6 per cent. to 11.85 zł. Turnover on the securities of the company are by far the highest in the market of over 200 million zł.

“It can be assumed, it is also a signal for the future. I think that the drop in the share price shows that investors are worried that the profile of dividend PGE will change and future direct payments to investors will also be lower. outvoted dividend is almost four times lower than recommended by the board. Some market even expected dividends over 1 zł per share. this is a big disappointment, “- said the PAP Robert May, an analyst at Haitong Bank.

PGE

May pointed out that the sector operates under conditions of uncertainty about the future shape of regulation and the extent of new investment, so investors look at the company through the prism of distribution.

Tomasz Duda, an analyst at Erste, believes that the decision of the general will have a long-term shift for the company. Investors may look for companies in which the dividend is more reliable.

“PGE will have a completely different profile Dividend , different perception by investors, especially since management of sustained dividend declarations. I would expect that investors will relocate to other distributing companies such as CEZ “- PAP said Duda.

proposal to amend the draft resolution made at the Annual General Meeting of PGE attorney Treasury Anna Kowalik, while President of the supervisory board of PGE. Justifying this request announced that the Treasury guided dividend policy, had in mind the economic and financial situation, and also took into account the strategic development investments and modernization program of the company.

“at the moment PGE invests in Opole and Turow, where investment needs are clearly defined: we know how much you will spend on them and at both of these investments, the company could pay a higher dividend than voted . There are no specifications in the grounds of dividends on what investments it creates uncertainty as to where the PGE would invest: whether to increase the involvement of PGG and may take up construction of new units and will begin a project to build windmills offshore “- said Robert may of Haitong.

Representatives of the Management board and the supervisory board of PGE declined to comment on the matter.

Unconsolidated net profit of PGE last year was 1.77 billion zł.

the net loss of the PGE, attributable to shareholders of the parent company amounted in 2015 to 3.03 billion zł zł 3.64 billion profit a year earlier. Adjusted for write-downs net profit attributable to shareholders of the parent company was in turn 4.29 billion zł to zł 3.76 billion a year earlier.

PGE announced earlier that, in accordance with the dividend policy, updated in August 2015 the company’s management intends to recommend a dividend of 40-50 percent. consolidated net profit corrected by the amount of write-downs of fixed assets. This meant that the dividend was to be in the range of 0,92-1,15 zł per share.

The dividend record date was set for September 23, while the dividend payment date is 14 October 2016.

In 2015, the company paid a dividend of 1.46 billion zł, or 0.78 zł per share.

General PGE decided discharge the previous management of the company: the President and Vice Presidents Mark Woszczykowi: Jacek Drozd, Dariusz and Marc Gregory Krystkowi.