OREANDA-NEWS. September 10, 2009. Supervisory Board of Eesti Energia has resolved to increase dividends to 1.36 billion kroons (appr. EUR 86.9 million) in accordance with the proposal made by the Government of the Republic of Estonia, reported the press-centre of Eesti Energia.

In connection with the preparation of the third supplementary budget, the Government of the Republic requested to increase dividends payable by Eesti Energia. The Supervisory Board of Eesti Energia approved the resolution to pay dividends in the amount of the entire net profit for the financial year 2008/2009 – i.e. a total of up to 1.36 billion kroons from 324 million kroons envisaged previously.

“In the short perspective, paying out the entire net profit as dividends will have no negative effect on the financial capacity or investments of Eesti Energia. In the long perspective, however, we need to find opportunities for maintaining our investment capacity. We just have to consider our options,“ said Eesti Energia financial director Margus Kaasik.

The total revenue of Eesti Energia for the financial year ended in March totalled 10.6 billion kroons, with the operating profit amounting to 1.6 billion kroons, and net profit to 1.36 billion kroons. The group’s investments totalled 3.5 billion kroons in the financial year.

Positive contributors to the group’s financial results included the increase in export revenue, as well as cost-cutting. The drop in the domestic sale of electricity in the second half of the financial year, however, had a negative effect on the company.