The general meeting of PGNiG yesterday decided to make a dividend payout of PLN 1.003 bln out of last year's PLN 1.58 bln profits, which represents 63.5% payout ratio. Out of the PLN 1.003 bln dividend, PLN 850 mln will be paid in kind to the Treasury, while PLN 153 mln will be paid in cash to other shareholders. The payment method will allow the Treasury to take over the pipeline infrastructure from PGNiG: the transmission assets will be contributed in kind to the Treasury's solely-owned unit Gaz System, which was separated from PGNiG before the gas monopolist's privatization. Gaz System currently leases the infrastructure from PGNiG. The rights to the dividend payout will be determined on July 27, while the payout will be made on October 1.
Our view: The measure of the dividend as well as the method of paying was known on the market, so we see no market reaction to the news.