Brief: Czech Philip Morris proposes higher dividend of CZK 920/share

Philip Morris CR as

29/03/2016 06:44

March 29 (Reuters) - Philip Morris CR  TABK.PR  
    * says board proposes dividend of CZK 920/share (previous 
CZK 880/share) 
    * says fy 2015 net income CZK 2.57 billion, up 14.0 percent 
    * says revenue CZK 10.87 billion, down 22.7 percent 
    * says revenue down due to change of operating model in 
production, no export shipments reported 
    * says shipments in Czech Republic up 2.1 percent, in 
Slovakia up 4.2 percent 
    * says cigarette share decline of 1.5 share points in the 
Czech Republic and increase of 1.9 share points in Slovakia 
    * "The solid  growth  of  our  2015  net  income  was 
primarily  driven  by  favourable  pricing and  higher shipments 
in both the Czech Republic and Slovakia, helped by a higher 
total market in both countries and higher market share in 
Slovakia, partially offset by lower share in the Czech 
Republic," said Andras Tovisi, chairman of the board 
    * "Our consolidated revenues were primarily impacted by the 
change of our operating model in production from January 1, 
2015. Our factory now operates as a manufacturing service 
provider, compared to a  contract  manufacturer  in  the  past.  
This resulted Philip  Morris  CR  a.s.  not  owning  materials  
for production any longer, but being remunerated for the service 
of transformation of materials into finished goods in a form of 
a manufacturing service fee." 
    * says AGM planned for April 29 
 
Further company coverage:  TABK.PR  
 
 ((prague.newsroom@thomsonreuters.com;))