At the current share price, dividend yield is 2.4%. The Bank’s ambition to distribute in total EUR 4.61 DPS out of 2020 Group profit remains in place.

NLB published the convocation to the GSM in according to which the Management Board proposes EUR 24.8m (EUR 1.24 DPS, DY of 2.4%) of the distributable profit to be paid to the shareholders dividends in two instalments.

The first instalment in the total amount of EUR 12.0m immediately after the GSM (EUR 0.6 DPS, DY of 1.2%), and the second instalment in the total amount of EUR 12.8m after 30 September 2021, if the payment or assumption of the obligation to pay the second instalment were not contrary to the regulations, which currently apply on domestic level from Bank of Slovenia (EUR 0.64 DPS, DY of 1.2%). The proposed amount represents the maximum amount currently allowed by ECB, while the Bank’s ambition to distribute in total EUR 92.2m (EUR 4.61 DPS, DY of 8.9%) out of 2020 Group profit remains in place.

Dividend payment is subject to approval to the GSM, which is planned to take place on 14 June 2021. As a reminder, since the public offering, the bank has paid out EUR 7.13 DPS back in 2019 and did not pay out a dividend in 2020.

At the current share price, dividend yield is 3.6%

The Supervisory and Management of Sava Re proposed a dividend payment of EUR 13.17m, translating to EUR 0.85 per share. Such a dividend proposal represents a payout ratio of 23.4%. We note that such a payout ratio is below the strategic plan for 2020 – 2022 (payout ratio between 35% and 45%).

However, the company noted that based on the Agency’s strictest criterion, the dividend must not exceed the average dividend paid in the period 2017–2019, which is EUR 0.85 per share.

Furthermore, the Agency set a condition that, in order to pay dividends, companies must have made a profit in both the financial years 2019 and 2020, with the parent companies taking into consideration the financial position of both the parent as well as that of the group of companies they control when deciding on the payment of dividends. The Agency will consider the profitability criterion, taking into account the specificities of the business model. The Sava Insurance Group generated a net profit of EUR 50.2m and EUR 56.4m in 2019 and 2020, respectively. Meanwhile, Sava Re reported a loss in 2020, which they attribute to the this is due to the recommendation (issued in 2020) to insurance companies, including Sava Re’s subsidiaries, to use a very cautious approach regarding the payment of dividends. If Sava Re had been paid dividends by its subsidiary insurance companies in 2020, it would not have posted an operating loss.

Dividend per Share (EUR) and Dividend Yield (%) (2014 – 2021)

Sava Re is compiling documents to demonstrate its financial stability, solvency, liquidity and resilience to stress scenarios (including Covid-19 impacts). The Company has presented evidence to the Agency that it is capable of paying out the proposed dividend as the Group demonstrates a robust solvency position with a solvency ratio of 197% as at 31 December 2020 (the auditor’s assurance report with limited assurance has not been issued as of the publication date of this press release). The Company’s solvency ratio stood at 272% as at 31 December 2020.

At the current share price dividend yield is 5.2%.

Cinkarna Celje proposed a distribution of net profit from the 2020 profit. To be specific, the management proposed EUR 8.61m to be distributed as dividend, representing a payout ratio of 45.5%. The proposed dividend translates into EUR 11 per share, compared to EUR 17 paid in 2020.

At the current share price dividend yield is 5.2%. Ex-date was not yet announced.

In the graphs below, we are bringing you a historical overview of the company’s dividend per share and dividend yield.

Dividend per Share (EUR) and Dividend Yield (%) (2012 – 2021)