OREANDA-NEWS. April 19, 2010. The losses of Avdiyivka Coke-Processing Works <AVDK UK BUY> in 2009 amounted UAH 494.7mn against the UAH 804mn profits in 2008. These data have been disclosed in the announcement to the Company’s AGM scheduled for June 10, 2010. In addition to the traditional matters, the AGM agenda includes the item of retained earnings distribution.

Millennium Capital: the volume of the Company’s losses is 14% less than was originally forecasted. Millennium Capital thinks that the Company’s profitability has been sacrificed in favor of the other companies within Metinvest Holding (the owner of AVDK) because of the current crisis. Millennium Capital wants to draw your attention to one of the item on the AGM agenda concerning the retained earnings distribution, the earnings being UAH 3.045bn by the end of the year. In case of its 100% distribution for dividend payout purposes, the amount will be equal to UAH 15.6 per share (which is equivalent to the current stock price), or almost USD 2 at the official exchange rate.