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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 19:20

Estonian state-owned companies to pay twice as less dividends in 2016 than planned

BC, Tallinn, 05.05.2016.Print version
While when drawing up the 2016 budget the Estonian government planned to take 183.9 million euros of dividends from state-owned companies, the state has now reduced the sum to 92.6 million euros and energy company Eesti Energia is to pay no dividends this year, informs LETA/BNS.

In addition to 92.6 million euros of dividends, the state is to earn one million euros as dividends from the data storage company Andmevara it recently sold. The pilotage company Eesti Loots is to pay less dividends than planned and Eesti Energia is to not pay dividends this year to give the company flexibility to deal with business environment changes.

 

The global price of oil and the price of electricity of the Nord Pool power exchange have had a very negative effect on the results of Eesti Energia, and the profit and cash flows of the company have considerably decreased. Therefore the Ministry of Finance is proposing not taking any dividends from the energy company this year, it is written in the covering letter of the draft budget drawn up by the ministry.

 

According to present plans the biggest state-owned dividend payer is the port company AS Tallinna Sadam (Port of Tallinn) which is to pay 35 million euros of dividends, while Elering is to pay 31 million and Lennuliiklusteeninduse AS 10.9 million euros of dividends.

 

Eesti Loto is to pay 8.1 million, Eesti Teed four million, Eesti Post 1.3 million, Eesti Kütusevaru Agentuur 1.2 million and Eesti Loots 880,000 euros, while Teede Tehnokeskus is to pay 250,000, Eesti Keskkonnauuringute Keskus 50,000 and Eesti Kaardikeskus 15,000 euros. Other state-owned companies are not to pay dividends this year.

 

Last year 129.1 million euros of dividends were paid into the state budget, while in 2014 the dividends payments totaled 152.4 million, the year before 101.2 million and in 2012, these totaled 116.6 million euros.






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