Russia: Baltika Breweries plans to increase the dividends payment for 2005
The Board of Directors of Baltika Breweries defined the date of Annual General Shareholders' Meeting as 30 May, 2006, the company announced on April 11.
The Baltika Breweries' management plans to submit 9 resolutions about the Company's activities to the Meeting, including a resolution about the dividends payment for 2005 on ordinary and preference shares. The recommended dividend amount per 1 share of each class is 24.33 rubles. It corresponds with Company's dividend policy, aiming at an annual growth of paid dividends amount.
The planned dividends growth exceeds significantly the annual growth of dividends payments for the previous years. The payments in comparison with previous year will grow by 1.3 billion rubles, which equal with a growth of 69.3%.
Such a high level of dividends became possible due to the good growth of the Company in 2005, outstanding balanced operational cash flow and a practical absence of liabilities. Last year, the Company managed to increase its market share and sales volume, and to finance all the investment projects at its own expense. This took place under not that simple conditions of a slowing growth rate of the market and the start of the integration process of Baltika Breweries, Vena JSC, Pikra OJSC, and Yarpivo Plc. However, an efficient and coordinated work of all the Company's departments led to the successful result.
The achieved results including the growth of the Company's profit, enables the opportunity to suggest the shareholders higher dividends. The final decision shall be taken by the shareholders at Annual General Shareholders Meeting on 30 May, 2006.
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