Dixy wants to spend 2012 profit on development, not dividends
MOSCOW. May 24 (Interfax) - The board of directors of Dixy Group , one of Russia's leading retailers, has recommended that shareholders vote not to pay out dividends for 2012 at their annual general meeting and to instead earmark the 274.7 million rubles in net profit for company development, Dixy reported.
The board has scheduled the AGM for June 28. Shareholders who were included in the register as of May 14 will be able to participate.
Dixy has yet to pay out dividends to its shareholders. Last year the group's President Ilya Yakubson said that Dixy is not planning to pay out dividends in the coming years because it wants to invest its profit in development.
The group saw its net earnings to International Financial Reporting Standards (IFRS) slip 4.5% in 2012 to 1.052 billion rubles. Earnings before taxes, depreciation and amortization (EBITDA), however, soared 30% to 8.429 billion rubles, while the EBITDA margin edged down from 6.3% to 5.7%.
Dixy generated 147.023 billion rubles in revenue last year, up 43.7% over 2011.