* To pay $0.63 per share in 2013 vs $0.52 in 2012
* Expects core profit margin similar to 2012 level
* Russian TV ad market seen growing 10 pct in rouble terms
MOSCOW, March 6 Russian broadcaster CTC Media
said on Wednesday it would increase dividend payments
by 21 percent this year after higher advertising sales helped to
boost cash flow.
The company, which runs entertainment TV channels and
production companies in Russia and other former Soviet states,
plans to pay $0.63 per share, or up to $100 million in total, up
from $0.52 per share or $82.2 million respectively in 2012.
"Last year we improved our cash conversion levels and
generated higher free cash flow," CEO Boris Podolsky said in a
statement. He said the increase in dividends reflected the
firm's commitment to returning surplus cash to shareholders.
It also declared a first-quarter dividend of $0.15 a share.
The company also said it expected its margin on the basis of
operating income before depreciation and amortisation (OIBDA) at
around 32 percent, or similar to the 2012 level when adjusted
for impairment charges incurred last year.
Its fourth-quarter net profit came in at $64.9 million,
compared to a $24.5 million year-ago loss, beating a $58.1
million analyst forecast, according to Thomson Reuters I/B/E/S.
Quarterly revenue rose 12 percent, year-on-year, to $264.2
million, above the $257.1 million forecast, while operating
income (OIBDA) totalled $103.8 million compared to the $94.55
CTC said it expected the Russian TV advertising market to
grow by up to 10 percent in rouble terms this year and said that
80 percent of its own Russian national inventory (advertising
space) had been already committed at average prices higher than
It also plans to repurchase up to 2.5 million shares from
the market under its equity incentive plan.
The company is 38-percent owned by Sweden's Modern Times
Group, while Russia's National Media Group owns a 25