Croatian Telecom (Reuters: HT.ZA; Bloomberg: HT CZ), Croatia’s leading telecommunications provider, in accordance with the Rules of the Zagreb Stock Exchange announces its audited financial statements and the proposal for the utilization of profit for the year 2022.
At its session held yesterday, the Supervisory Board of Croatian Telecom Inc. gave its approval to the audited annual financial statements of the Company and consolidated financial statements of the HT Group for the business year 2022 and informed the Management Board about its approval. As in accordance with Article 300d of the Companies Act and Article 31 of the Articles of Association of Croatian Telecom Inc., aforementioned financial statements are deemed adopted by the Management Board and the Supervisory Board and they will be referred to the General Assembly.
The Management Board and the Supervisory Board of Croatian Telecom Inc. propose to the General Assembly of the Company the distribution of the net profit from 2022 in such manner that a part of the net profit amounting to EUR 86,631,479.00 (HRK 652,724,878.53) be used for the pay-out of dividend to shareholders in the amount of EUR 1.10 (HRK 8.29) per share, a part of net profit in the amount of EUR 5,586,982.71 (HRK 42,095,121.23) be allocated to retained earnings and that the remaining part of the net profit in the amount of EUR 0.62 (HRK 4.67) be used to increase the share capital from Company’s own capital, in order to express the share capital of the Company as a whole number.
The amount of EUR 1.10 (HRK 8.29) per share represents a ratio of the dividend payment in relation to the realized profit of the Company of 93.9% and growth of 3.6% compared to the previous year. With respect to the last share price achieved yesterday amounting to EUR 25.50, this represents a dividend yield of 4.3%.
In line with the published financial calendar, the General Assembly is planned to be convoked for 10 May 2023. In line with the proposal, aforementioned dividend is planned to be paid out on 22 May 2023 to all shareholders who are entered in the depository of the Central Depositary & Clearing Company (SKDD) on 15 May 2023 (record date). The date on which the securities of Croatian Telecom Inc. would be traded without the dividend payment right is 12 May 2023 (ex-date).
Management Board currently expects a minimum dividend of EUR 0.80 per share for the year 2023. The Management Board will monitor the movements of parameters that could influence the dividend amount and propose accordingly.