Transelectrica proposes dividends 5.5 times higher. Property Fund rejoices

Newsroom 26/03/2014 | 17:23

Transelectrica’s management proposed brute dividends of RON 2,228 after 2013, approximately 5.5 times the sum for brute dividends in 2012. In total, Transelectrica will reward shareholders with dividends worth in total RON 163.31 million (EUR 36.5 million), 81 percent of the profit from last year.

The state company registered a net accounting profit of RON 200.92 million in 2013, 5.5 times higher than the earnings from 2012 – RON 34.48 million.

Franklin Templeton Investment Management Limited UK Bucharest Branch, in its capacity of Sole Director and Fund Manager of S.C. Fondul Proprietatea S.A. (“the Fund”) welcomes the announcement of the strong final financial results for 2013 reported by CNTEE Transelectrica SA on 26 March 2014.

The Fund Manager particularly notes that the improved operational performance resulted in a dividend proposal from the management which is five and a half times higher than last year and benefits all shareholders.

Fondul Proprietatea is a minority shareholder of CNTEE Transelectrica SA owning 13.49 percent of its share capital.

Greg Konieczny, Fund Manager of Property Fund, commented:

“In our view, the adequate implementation of corporate governance standards was among the key drivers for Transelectrica’s strong performance over the past year. It demonstrates very clearly how a company can perform much more efficiently if professional management and independent board are in place and if they are incentivised accordingly with share option plans. We are therefore delighted that Transelectrica is championing corporate governance and is setting an excellent example that should be followed by other state-owned companies in order to increase their profitability and transparency.”

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