26 Mar 2010 13:21

TGK-4 could pay dividends for 2009 only on prefs

MOSCOW. March 26 (Interfax) - OJSC TGK-4's board of directors has made a recommendation to the company's shareholders to vote against dividends on common shares and only for a payment on preferred shares for 2009 at their annual meeting, the company said in a statement.

The payment on preferred shares should come to 0.0004291301 rubles per share.

The annual shareholder meeting is slated for April 27. The registrar was closed on March 9.

It was earlier reported that TGK-4 paid dividends on preferred shares at 0.00002341682 per share. The total payment came to 1.763 million rubles.

The payments for 2009 could come to 32.3 million rubles, which was an increase of 18 times from the payment for 2008.

TGK-4's net profit for 2009 according to Russian accounting standards (RAS) increased by 1740% from 116 million rubles in 2008 to 2.133 billion rubles.

The increase in the genco's financial results was the result of the recovery of assessed reserves formed in 2008 owing to the negative influence of financial crisis, as well as the optimization of expenditures.

Sales revenue increased by 6.7% to 29.68 billion rubles. Production costs went up by 2.2% to 26.345 billion rubles. Sales profit went up by 62.7% to 3.335 billion rubles.

The genco's charter capital comes to 19.877 billion rubles divided into 1.912 trillion common shares and 75.272 billion preferred shares at a face value of one kopeck per share.

TGK-4 runs ten combined heat and power plants in central Russia with total capacity of 3,300 megawatts electricity and 17,600 Gcal/h heat.