Page 46 - bne IntelliNews Ukraine Country Report May 2017
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8.3 Stock market
8.3.1 Dividends dynamics
Ukrainian power company Centrenergo decided to pay UAH0.52 in dividends per share, disappointing investors. Shareholders voted to distribute 50% of its 2016 profit, or UAH193mn, which implies a 5.0% dividend yield. But Centrenergo had published 1.6x higher net income before the meeting, which analysts say should have resulted in DPS of UAH 0.85. At the same time, we see that the decreased dividend payment (which is considered by the company as an additional tax) is logical is light of its tough position at the moment. Two of its three power plants are idle due to a lack of coal caused by a blockade of occupied Donbas, and the company is seeking expensive imported coal to make these plants operational again.
46 RUSSIA Country Report April 2017 www.intellinews.com
