Philip Morris CR allowed its shareholders to inspect its books yesterday ahead of its AGM scheduled for April 25. Even though unconsolidated sales decreased by 10%, they were ahead of the market’s and our expectations. The y-o-y increase in unconsolidated net income compared with a decrease in consolidated net income was caused by dividends received from Slovakia worth CZK 818m. PMCR’s dividends are based on unconsolidated figures. Assuming a 100% payout, we expect dividends to reach CZK 1,606 /share, which translate into dividend yield of 8.5%. Note that the dividend record day is April 18. Assuming T+3 settlement, the last day PMCR trades with a right to receive dividends is April 13.
2004Cons y/y change 2004Uncons y/y change Market exp. (Uncons)
Sales 13,005 -14% 12,157 -10.00% 11,600
EBITDA 5,464 -16% 5,278 -17% -
EBIT 5,012 -18% 4,866 -19% -
NI 3,740 -15% 4,410 2% 3,780
EPS 1,362 -15% 1,606 2% 1,372
DPS - - 1,606 2% 1,372
Dividend yield - - 8.5% - 7.2%