CTC board of directors approves $20.6 mln dividend tranche
MOSCOW. Nov 7 (Interfax) - The board of directors of CTC Media has approved dividend payouts at $0.13 per share in the fourth quarter, totaling around $20.6 million, the company said in a statement.
CTC Media plans to pay out dividends by December 28. The list of shareholders with the right to receive dividends will be compiled on December 1.
Combined dividends in 2012 will therefore come to about $80 million.
The company's net cash position for January-September 2012 came to $96.4 million.
In 2011, CTC Media shelled out $130 million in dividends. Net cash stood at $112.6 million for the year.
"We have made the important strategic decision that all three of our Russian channels - CTC, Domashny and Peretz - participate in the recently announced tender for slots in the second multiplex," CTC Media's chief Boris Podolsky is quoted as saying in the statement.
"We believe that presence in the digital TV spectrum will be value accretive for all three channels in the longer run and will enable us to grow our market shares, free cash flows and shareholder returns. We also believe that we have a strong alternative transmission option if one or more of our channels is not successfully allocated a slot in the second multiplex," Podolsky said.
In the first nine months of this year, CTC Media generated revenue of $540.713 million (up 2%), net profit of $28.188 million (down 64%), adjusted net profit of $94.19 million (up 3%), OIBDA (operating income before depreciation and amortization) of $70.096 million (down 49%), adjusted OIBDA of $152.599 million (down 1%), and an adjusted OIBDA margin of 28.2% (compared to 29.1%).
The CTC Media holding manages the TV channels CTC, Domashny and Peretz, TV channels in Kazakhstan and Moldova, the international channel CTC International, the Internet portals Videomore and Domashny, and production company Story First Production.
The company's largest shareholder is Swedish media holding Modern Times Group (38.19%), and a blocking stake (25.17%) belongs to Cyprus-based Telcrest Investments Ltd., which belongs to National Media Group, Rossiya Bank and Surgutneftegas . CTC Media's stock is traded on the NYSE.
