17 February 2010 --- Parkiet --- Mines Do Not Want to Pay Dividend
Bogdanka’s Management Board will recommend against paying out dividend from profit for 2009. Similarly to Silesian mines. Last year, Bogdanka supplied the state budget with the amount of PLN 88 million (its profit for 2008 amounted to PLN 112 million according to the PAS, and PLN 155 million according to the IAS).
”The General Shareholders Meeting will decide about the dividend from profit for 2009. In the prospectus, we reported that we did not plan it and this is what the Management Board will recommend”, tells the Parkiet daily Mirosław Taras, President of Bogdanka’s Management Board.
It remains unknown what decision will be taken by the Ministry of Treasury, which controls approximately 60% of Bogdanka's shares. The Ministry of the State Treasury wants to sell the mine's securities this year, so it is the last moment for a financial injection from it. According to our forecasts, Bogdanka’s profit for 2009 will exceed PLN 200 million.
”At the turn of the first and second quarter experts will prepare an opinion on the financial statements of the companies. Then dividend teams will recommend the amount of dividends to the Treasury Minister”, says Maciej Wewiór, Spokesman of the Ministry of Treasury. “Final decisions about the dividend amount from Bogdanka can be taken in the second quarter of 2010. It is worthwhile to remember that applications of the Management Boards, including, for example, investment plans, are taken into account”, he assures.
The Silesian mining companies paid a total of PLN 25 million in dividends from the profit for 2008 – their total profit amounted to PLN 685 million. There will be no total profit of the Silesian companies for 2009, as Jastrzębska Spółka Węglowa has a net loss of PLN 340 million (Kompania Węglowa has a profit of PLN 38 million, and Katowicki Holding Węglowy of approx. PLN 100 million). “We will apply to allocate the profit for investments”, says Stanisław Gajos, President of Katowicki Holding Węglowy. The Ministry of Economy, which supervises the Silesian companies, announced that the decision regarding dividends could be expected in May.
Karolina Baca 17-02-2010 PARKIET
”The General Shareholders Meeting will decide about the dividend from profit for 2009. In the prospectus, we reported that we did not plan it and this is what the Management Board will recommend”, tells the Parkiet daily Mirosław Taras, President of Bogdanka’s Management Board.
It remains unknown what decision will be taken by the Ministry of Treasury, which controls approximately 60% of Bogdanka's shares. The Ministry of the State Treasury wants to sell the mine's securities this year, so it is the last moment for a financial injection from it. According to our forecasts, Bogdanka’s profit for 2009 will exceed PLN 200 million.
”At the turn of the first and second quarter experts will prepare an opinion on the financial statements of the companies. Then dividend teams will recommend the amount of dividends to the Treasury Minister”, says Maciej Wewiór, Spokesman of the Ministry of Treasury. “Final decisions about the dividend amount from Bogdanka can be taken in the second quarter of 2010. It is worthwhile to remember that applications of the Management Boards, including, for example, investment plans, are taken into account”, he assures.
The Silesian mining companies paid a total of PLN 25 million in dividends from the profit for 2008 – their total profit amounted to PLN 685 million. There will be no total profit of the Silesian companies for 2009, as Jastrzębska Spółka Węglowa has a net loss of PLN 340 million (Kompania Węglowa has a profit of PLN 38 million, and Katowicki Holding Węglowy of approx. PLN 100 million). “We will apply to allocate the profit for investments”, says Stanisław Gajos, President of Katowicki Holding Węglowy. The Ministry of Economy, which supervises the Silesian companies, announced that the decision regarding dividends could be expected in May.
Karolina Baca 17-02-2010 PARKIET