Saint-Gobain Vertex: CZK 257 dividend per share for 2002

The sole Czech producer of glass fiber and fabrics, Saint-Gobain Vertex Litomysl, will pay a gross dividend of CZK 257 per share for 2002, disbursing a total of CZK 526 million despite its net profit …

The sole Czech producer of glass fiber and fabrics, Saint-Gobain Vertex Litomysl, will pay a gross dividend of CZK 257 per share for 2002, disbursing a total of CZK 526 million despite its net profit being less than CZK 518 million, the general shareholder meeting decided on 14 May 2003. It was decided at the meeting to use CZK 45.5 million for the payment from previous profits. In addition, CZK 26 million will be transferred to the reserve fund and CZK 11 million to the social fund. The company paid dividends of CZK 90, CZK 218 and CZK 303 per share, respectively, from profits for years 1999, 2000 and 2001. Almost 100% of the company is owned by French glass and building products group Saint-Gobain. Although the output of Saint-Gobain Vertex grew in 2002, sales and profits decreased year-on-year. The company blames the falls on exchange-rate differences and a fall in prices on world markets. Sales reached almost CZK 4.57 billion, down by 4.5% from 2001 and net profit fell by 22 %. Exchange-rate losses due to the strong crown are estimated at CZK 400 million. The company has invested CZK 400 million in a new production line and CZK 2.6 billion in the modernisation and enlargement of a plant in Hodonice, South Moravia, Work on the furnace started in December 2001 and it will enter service in September 2003. The company invested over CZK 5 billion in 1994-2001. Share capital of Saint-Gobain Vertex is CZK 2.05 billion and shares are publicly traded.