Končar EI Shareholders to Receive Dividend of 12 Kuna per Share

The Management and Supervisory Board of Končar Elektroindustrija propose to the General Assembly that from last year’s net profit of 62.4 million kuna, a total of 30.8 million kuna be distributed as dividends to shareholders, resulting in a dividend of 12 kuna per share, Končar reported on Thursday.

According to the statement, the Management and Supervisory Board made a decision on the allocation of part of the profit for the previous year.

The net profit of Končar Elektroindustrija d.d. achieved in 2015 amounts to 62.4 million kuna, and the Management and Supervisory Board decided to allocate 3.1 million kuna to legal reserves and 28.5 million kuna to other reserves, while it was proposed to the General Assembly that the remaining profit of 30.8 million kuna be paid out to shareholders as dividends. This represents a dividend of 12 kuna per share, Končar emphasizes, announcing the General Assembly for May 31.

The statement also highlights that the Supervisory Board adopted the financial reports for the previous year of the parent company, Končar – Elektroindustrija d.d., and the consolidated financial reports of the Končar Group, as well as a joint report on the status of the company and the group with reports and opinions from independent auditors. The Končar Group achieved consolidated revenues from the sale of products and services amounting to 3.05 billion kuna last year, which is 15.1 percent more compared to 2014.

Total revenues last year amounted to nearly 3.3 billion kuna, representing an increase of 11.8 percent compared to the previous year, while total expenses amounted to 3.1 billion kuna, increasing by 12.8 percent.

Profit before tax amounts to 169.6 million kuna, while profit after tax amounts to 151.3 million kuna. The non-controlling interest (minority interest) accounts for 23.7 million kuna of profit, while the shareholders of the Group’s parent company receive 127.6 million kuna, which is 17.5 percent more than the plan for 2015, the statement notes.

Končar also states that last year, domestic market sales revenue amounted to 1.7 billion kuna, which is 391.7 million kuna or 29 percent more than in 2014.

In total revenues from the sale of products and services, the domestic market accounts for 57 percent, and last year was marked by the delivery of trains for HŽ Putnički prijevoz. A total of 16 trains were delivered, including 10 regional and six city-suburban trains, Končar emphasizes.

In exports, revenue from the sale of products and services amounted to 1.3 billion kuna, representing an increase of 0.7 percent.

Almost 60 percent of total exports relate to European Union countries, to which Končar exported products and services worth 774.7 million kuna last year, which is 61.5 million kuna or 8.6 percent more compared to 2014. Exports to countries outside the European Union amounted to 100.8 million kuna, while exports to neighboring countries (BiH, Macedonia, Serbia) amounted to 75.3 million kuna. Exports to Asia amounted to 291 million kuna, and to North America 52.3 million kuna, Končar reports, noting that last year they exported to 90 countries worldwide.

The status of contracted jobs (open obligations) at the end of 2015 amounts to 3.6 billion kuna, Končar emphasizes.