Philip Morris CR's AGM yesterday approved a gross dividend of CZK 1,448 per share out of its 2002 profit. The record date for the dividend was April 14 (changes in PMCR shares' records in the Czech Securities Register were suspended April 8-April 14). PMCR will distribute the dividend as of May 5, 2003.
Philip Morris CR also reported its audited consolidated and unconsolidated 2002 results yesterday, which were in line with the preliminary results released three weeks ago:
CZK mil. 2002 2001 change 2002 2001 change
cons. cons. uncons. uncons.
Sales 15,264 15,272 -0.1% 13,082 13,594 -3.8%
EBIT 5,711 5,369 +6.4% 5,470 4,885 +12.0%
Net income 4,126 3,711 +11.1% 3,976 3,407 +16.7%
EPS 1,503 1,352 +11.1% 1,448 1,241 +16.7%
DPS 1,448 1,240 +16.8%
The company said in its annual report that its sales were stagnant in 2002. While domestic sales rose by 5%, mostly due to higher demand for lower-priced brands, exports to Slovakia dropped by 8% given a significant excise-tax increase there last year. Also, exports to other countries declined by 14%. PM CR's market shares stood at 80% in the Czech Republic and 56% in Slovakia.
Separately, PM CR CEO I. Ferguson said that the company should not be affected by recent litigation against Philip Morris USA in the United States (namely a bond requirement in an Illinois legal case).