On 6 April 2017 the Board of AB Vilkyškių pieninė (hereinafter “AB Vilkyškių pieninė” or “the Company”) decided:
- To approve the draft of the audited annual separated and consolidated financial statements of the Company for the year 2016 and to propose to the Company’s Annual General Meeting of Shareholders to approve the draft of the Company’s annual separate and consolidated financial statements for the year 2016.
In 2016, AB Vilkyškių pieninė Group sales revenue amounted to mEUR 90.5, up by 7 percent from mEUR 84.4 in 2015. In 2016, net profit reached mEUR 4.5, a rise form mEUR 1.2 the year before, showing an increase of 3.8 times. The increase in sales revenue and profit was caused by the balance between demand and supply of dairy products in export markets in the second half of 2016, an increase in prices and changes in cheese production technologies.
- To approve the Company’s Consolidated Annual Report for the year 2016, prepared by the Company and assessed by the auditors, and to propose to the Company’s Annual General Meeting of Shareholders to approve Company’s Consolidated Annual Report.
- Taking into consideration the successful financial results of the Company in 2016, the dividend policy approved by the Company and the decision of Company‘s shareholders not to pay dividends for the year 2015, Board of the Company proposes for the annual shareholder meeting to approve dividends in the amount of mEur 1.433 for the year 2016. Board of the Company emphasizes that allocation of mEur 1.433 of consolidated profit (2016) for the payment of dividends would enable the return of long-term dividend policy execution (the dividend payout ratio should correspond to the minimum of 25% of the Companies consolidated net profit) . Also this decision would compensate missed dividend payments for the year 2015 according to the dividend policy approved by the Company.
- To approve the allocation project of the Company’s audited net profit under IAS for the year 2016 and to propose it to the Company’s Annual General Meeting of Shareholders to approve.
Resolution: To approve the audited net profit allocation under IAS for the year 2016 as follows:
| thousand EUR | |
| 1) Non-appropriated profit (loss) at the end of the year 2015 | 9,681 |
| 2) Approved by shareholders dividends of the year 2015 | - |
| 3) Transfers to reserves provided by law | 0,454 |
| 4) Portion of the profit allocated to the reserve for the purchase of own shares | - |
| 5) Non-appropriated profit (loss) at the beginning of the current financial year after dividends payout and transfer to reserves | 9,681 |
| 6) Net profit (loss) of the reporting period | 6,991 |
| 7) Transfers from reserves | 150 |
| 8) Total profit (loss) to be appropriated: | 16,822 |
| - portion of the profit allocated to the legal reserve | - |
| - portion of the profit allocated to the reserve for the purchase of own shares | - |
| - portion of the profit allocated for payment of the dividends | 1,433 |
| - portion of the profit allocated to the other reserves | - |
| 9) Non-appropriated profit (loss) at the end of the current financial year carried forward to next financial year | 15,389 |
- To approve a decision with regard to the purchase of own shares and to propose to the Company’s Annual General Meeting of Shareholders to approve:
a) To purchase up to 10 percent of the Company’s shares.
b) The purpose of acquisition of own shares – to maintain and increase the price of the Company’s shares.
c) Period during which the Company may acquire own shares – until 27 April 2018.
d) To set the maximum price per share of own shares to be acquired – at 2.10 EUR, at the same time setting the minimum acquisition price per share equal to the nominal value of a share, i.e. 0.29 EUR.
e) To commit the Board to organize the purchase of own shares, to determine the procedure for purchase and sale of shares, time, number of shares and price, as well as to perform other actions relating thereto in compliance with the terms set in this resolution as well as in accordance with the requirements established in the Republic of Lithuania Law of Companies.
- To convoke the Annual General Meeting of Shareholders at the office of Vilkyskiu pienine AB (P.Lukošaičio g. 14, Vilkyškiai, LT-99254 Pagėgių sav., Lithuania), at 15.00 on 28 April 2017, and to propose to the Annual General Meeting of Shareholders’ the following draft agenda:
1) Company's consolidated annual report for the year 2016.
2) Company's auditor's report of 2016 (financial accountability).
3) Approval of Company's annual separate and consolidated financial statements for the year 2016.
4) Net Profit appropriation of the year 2016.
5) Regarding the purchase of own shares.
6) Election of the independent member of Audit Committee.
7) Election of the company's audit firm and setting the conditions of payment.
Vilija Milaseviciutė
Economics and Finance Director
phone +370 441 55102
