Transelectrica - 2012 DPS proposal of RON 0.404
Power grid operator Transelectrica (TEL) called a GSM for April 29, 2013. Among others, shareholders will have to vote the 2012 DPS proposed at RON 0.404 and the FY 2012 results. The 2012 DPS of RON 0.404, down 64% yoy implies a payout ratio of 86% out of the final 2012 net profit of RON 34.5 mn, up 30% compared to preliminary figures reported a couple of weeks ago. Taking into consideration the latest trading price, the dividend yield stands at 2.9%. Given that the DPS stands some 30% higher compared to our estimate and given the new revised net profit, we view the news as positive. The proposed registration date is May 22, 2013 (ex-dividend May 20, 2013).
Artego to pay a 2012 DPS of RON 0.5953
The maker of rubber products Artego (ARTE) called a GSM for April 29, 2013 when shareholders could approve management proposals, including the one for 2012 DPS. Thus, the company intends to pay a 2012 DPS of RON 0.5953 which implies a dividend yield of 8%. The ex-dividend was proposed for May 18, 2013.
The Bucharest Stock Exchange 2013 budget
The Bucharest Stock Exchange has made public the 2013 budget that shareholders should approve in the GSM to be held on 24(25) April. The company’s sales are seen at RON 18.8 mn, up 8% yoy, on higher trading volumes (approx EUR 7 mn daily average turnover for shares, up 8% yoy). The company also expects successful outcome for several state public offerings amounting to RON 1 bn. Operating result is projected at RON 3.3 mn, down 18% yoy, while financial gains are seen 64% lower yoy at RON 2.1 mn given the diminishing cash position estimated (due to dividend payments, share capital increase to the Bucharest Clearing House, etc). Thus, net profit is seen at RON 4.6 mn, half yoy.
Additionally, BVB proposed to lower the variable trading fee for shares, which makes up most of the trading, by 20%. The new proposed fee amounts to 0.13% (sell and buy cumulated fees not including the local SEC fee of 0.08%) from 0.162% (sell and buy cumulated fees not including the local SEC fee of 0.08%). BVB proposed a fixed fee for each trading participant of RON 3,500 per month (approx. EUR 9,500 per year per participant up from the current level of EUR 350 per year).
Vrancart – 2013 budget
The producer of paper and cardboard, Vrancart (VNC), has published its 2013 budget. Sales are seen at RON 196 mn, up 9% compared to the IFRS reported figure for 2012. On the other hand, raw material expenses are envisaged to decrease 1% to RON 106 mn. With personal expenses budgeted to jump 29% to RON 33 mn, operating profit is seen at RON 11 mn, down 10% from the level reported for 2012. All in all, net profit is expected to come in at RON 7 mn, up from RON 5 mn reported one year ago based on lower financial expenses.