Transelectrica wants to pay dividends of 20 million lei

The shareholders of Transelectrica (TEL) were summoned, on April 29, with the proposal to distribute the amount of 20.5 million lei as dividends, according to the company's report published on the website of the Bucharest Stock Exchange (BVB).

The accounting profit of the company remaining after tax deduction is 213.6 million lei, which means that the dividends proposed by the management of Transelectrica represent about 10% of last year's result. The value of the dividend per share is 0.28 lei, which, compared to the share price of the electricity carrier yesterday around noon, 28.7 lei, is equivalent to a gross yield of almost 1%.

The proposed payment date is June 27. The company has 519.3 million lei in current bank accounts and deposits with initial maturities of up to 90 days, but almost 436.7 million lei is restricted cash, amounts in transit in Transelectrica's accounts.

"The company carries out the activities related to the bonus support scheme for the promotion of high-efficiency cogeneration, as the administrator of the support scheme or as a result of activities and obligations arising from secondary legislation, as the case may be. As a consequence, the company cannot change the destination of these funds but has the obligation to manage them (inputs - outputs); are amounts from the support scheme for high-efficiency cogeneration activity, amounts related to the activity of allocating interconnection capacities used for capacity increase investments, connection tariffs, European funds, guarantees established for energy markets, etc. Moreover, if the company's profit is higher than the regulated level (mandatory conditions described in the regulatory framework), it is recovered by ANRE through further reductions in the tariff", the Transelectrica report states.

Also, from the available cash in the amount of 82.7 million lei, the company has current payment obligations to ensure the working capital regarding the operational activity (the provision of the electricity transmission service, the provision of the system service, the administration of the balancing market, current expenses representing salaries, utilities, rents, maintenance and payment of ongoing investments), according to the document.

The Romanian State, through the General Secretariat of the Government, owns 58.69% of the national electricity carrier, whose stock market valuation amounts to approximately two billion lei.