Hungary: Brau Union Hungaria board proposes HUF 6.65bn dividend
The board of brewery Brau Union Hungaria will propose payment of a HUF 6.65bn dividend at an annual general meeting to convene on April 26 on 2006, the AGM invitation shows, according to Hungarian News Agency, March 26. The board will propose taking HUF 2.73bn of 2006 after-tax profit and HUF 3.92bn from profit reserves to pay the dividend.
Brau Union last paid a dividend on 2002 profits, that time paying HUF 480 on ordinary shares and HUF 501 on preference shares, compared to HUF 3,000 and 3,030 under the current dividend proposal. The company was bought out by a unit of brewing giant Heineken in 2005 and delisted.
Brau Union's audited balance sheet shows the brewery closed 2006 with total assets of HUF 28.24bn, up from HUF 14.46bn a year earlier. Net assets will drop from HUF 20.07bn at the end of 2005 to HUF 16.15bn as profit reserves will fall from HUF 12.50bn to HUF 8.58bn with the approval of the dividend.
The AGM invitation did not reveal the audited profit and loss statement, however, Brau Union Hungaria's preliminary report, published in February, shows it had operating profit of HUF 2.86bn in 2006, more than double the amount in 2005. Revenue rose 6.5pc to HUF 42.52bn.
The board will also propose to shareholders changing the company's name. MTI learnt the board will propose Heineken Hungaria as the new name of the brewery.
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