The Board of Directors of OJSC “Company “” Considered Strategic Priorities of the Company’s Development and Their Dividend Recommendation - Information portal

The Board of Directors of OJSC “Company “” Considered Strategic Priorities of the Company’s Development and Their Dividend Recommendation

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13.09.2013 Количество просмотров 812 views
M.videoOJSC “Company “”, Russia’s largest consumer electronics retailer, announced the decision of the Company’s Board of Directors.

In the course of its regular session the Board of directors reviewed the strategic priorities of “” development. In the light of mutually suspended negotiations with regard to the potential acquisition of Eldorado, the Company will continue its direction of independent organic growth along with internet channel development. Therefore the Board will propose for Shareholders’ approval a dividend payment in the amount of 2,485 bln RUB or 13,8 RUB per share, comprising 60% of the net profit. The Board will follow similar approach in the future. The decision for the date of the Extraordinary General Shareholders’ Meeting (EGSM), together with the closing date of the record will be set by the Board at its next meeting in October 2013. The EGSM is planned to be held in December 2013.

Peter Gyorffy, Chairman of the Board, commented that: “During our summer strategic review the Board of Directors decided that the Annual dividend amount should be increased to a level which properly reflects the cash flow generation of the Company. In the past we followed a policy of a moderate Annual Dividends along with an Extra Dividend when the Company had additional funds. We have changed our approach and believe that the Company should increase the Annual Dividends to a payout ratio of 60% of profit”.

OJSC “Company “” is the largest Russian consumer electronic retail chain by revenue. The Company started its operations in 1993. In November 2007 OJSC “Company “” became the first publicly traded company in the domestic consumer electronic retail sector. The Company’s shares are traded on Russian RTS and MICEX (ticker: MVID). runs 312 brand name stores in 139 Russian cities as of June 30, 2013. The selling space of stores accounts to 555,500 sq. m while the total space accounts to 749,000 sq. m. In FY 2012 the Company’s retail sales reached 158 billion RUB (with VAT) demonstrating 20% growth versus 2011. sales per sq. m amounted to 308,000 RUB in 2012. 
Source:  Company “”


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