Niefinansowy Raport Polsatu za rok 2017

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Cyfrowy Polsat shares

Shares of Cyfrowy Polsat are listed on the Warsaw Stock Exchange since May 6, 2008.
The table below presents the characteristics of the shares issued as of December 31, 2017:

Series Number of shares Type of shares Number of votes at the General Meeting Face value /PLN
A  2.500.000 Preference shares (2 voting rights)  5,000,000  100,000.0
B  2.500.000 Preference shares (2 voting rights)  5,000,000  100,000.0
C  7.500.000 Preference shares (2 voting rights)  15,000,000  300,000.0
D  166.917.501 Preference shares (2 voting rights)  333,835,002  6,676,700.0
D  8.082.499 Ordinary bearer shares  8,082,499  323,300.0
E  75.000.000 Ordinary bearer shares  75,000,000  3,000,000.0
F  5.825.000 Ordinary bearer shares  5,825,000  233,000.0
H  80.027.836 Ordinary bearer shares  80,027,836  3,201,113.4
I  47.260.690 Ordinary bearer shares  47,260,690  1,890,427.6
J  243.932.490 Ordinary bearer shares  243,932,490 9,757,299.6
Total  639.546.016  818,963,517 25,581,840.6
including:  179.417.501 registered  358,835,002 7,176,700.0
 460.128.515 floating  460,128,515 18,405,140.6

The share capital of the Company is PLN 25,581,840.64, divided into 639,546,016 shares. The total number of votes at the General Meeting is 818,963,517.

Basic data on the Cyfrowy Polsat shares in trading

Date of first quotation
May 6, 2008
Component of indices
WIG, WIG20, WIG30, WIG-telekomunikacja
Macrosector/sector
TECHNOLOGY/telecommunication
Market
main
Quotation system
continuous
International Securities Identification Number (ISIN)
PLCFRPT00013
Cyfrowy Polsat’s identification codes
Warsaw Stock Exchange
CPS
Reuters
CYFWF.PK
Bloomberg
CPS:PW

Shares quotes

(indexed; 100 = closing price on December 30, 2016)

    • 1 change December 30, 2016 vs December 29, 2017

    Cyfrowy Polsat shares on the stock exchange in 2017
    2017 2016
    Year-end price PLN 24.86 24.60
    High for the year PLN 27.80 25.69
    Low for the year PLN 23.09 20.09
    Average for the year PLN 25.08 23.25
    Average daily turnover PLN ‘000 13,218 9,210
    Average daily trading volume shares 527,587 398,461
    Number of shares (as at year-end) shares 639,546,016 639,546,016
    Bearer shares shares 460,128,515 460,128,515
    Market capitalization (as at year-end) PLN ‘000 15,899,144 15,732,832

     

     

    Market capitalization of Cyfrowy Polsat since its debut on the WSE (PLN)

    Cyfrowy Polsat is the largest in terms of market capitalization, that amounted to PLN 15.9 billion as of the end of 2017, media and telecommunications company quoted on the Warsaw Stock Exchange and one of the largest in Middle and Eastern Europe.

    3,6bn
    31 Dec 2008
    3,6bn
    31 Dec 2009
    4,4bn
    31 Dec 2010
    4,7bn
    31 Dec 2011
    5,7bn
    31 Dec 2012
    6,9bn
    31 Dec 2013
    15,0bn
    31 Dec 2014
    13,4bn
    31 Dec 2015
    15,7bn
    31 Dec 2016
    15,9bn
    31 Dec 2017

    Analysts’ recommendations

    Brokers covering the Company:

    Local

    • m Maklerski BDM S.A.
    • m Maklerski BOŚ S.A.
    • m Maklerski BZ WBK S.A.
    • m Maklerski mBanku S.A.
    • m Maklerski PKO BP S.A.
    • Trigon Dom Maklerski S.A.
    • IPOPEMA Securities S.A.
    • Pekao Investment Banking S.A.

    International

    • Berenberg
    • Citigroup Global Markets Inc.
    • Deutsche Bank Securities S.A.
    • ERSTE Group Research
    • Goldman Sachs
    • Haitong Bank S.A.
    • Patria Finance a.s.
    • Raiffeisen Centrobank AG
    • UBS Investment Bank
    • Wood&Company
    Recommendations for the shares of Cyfrowy Polsat published in 2017
    Date Institution Recommendation Target price [PLN]
    December 18 Haitong Bank S.A. Buy 27.50
    December 10 Dom Maklerski BOŚ S.A Buy 27.00
    December 5 Goldman Sachs Neutral 26.60
    November 17 UBS Investment Bank Buy 30.00
    October 23 Raiffeisen CENTROBANK Buy 28.60
    October 5 ERSTE Group Research Cumulate 31.00
    September 22 Trigon Dom Maklerski S.A. Buy 29.10
    September 11 Raiffeisen CENTROBANK Buy 29.50
    September 5 Haitong Bank S.A. Buy 30.40
    September 1 ERSTE Group Research Cumulate 31.00
    August 29 DM mBanku S.A. Reduce 24.40
    August 23 DM PKO BP S.A. Buy 29.20
    July 26 Citigroup Global Markets Inc. Neutral 27.00
    July 26 IPOPEMA Securities S.A. Hold 26.00
    July 25 Deutsche Bank Securities S.A. Hold 28.00
    July 18 Dom Maklerski BOŚ S.A Hold 26.20
    July 11 Haitong Bank S.A. Buy 30.00
    June 30 Pekao Investment Banking S.A. Hold 24.34
    June 7 Wood&Co Hold 28.90
    May 17 Dom Maklerski BOŚ S.A Sell 25.50
    May 16 Goldman Sachs Neutral 26.80
    May 15 Dom Maklerski BDM S.A. Cumulate 28.49
    May 8 Raiffeisen CENTROBANK Buy 28.00
    April 26 Wood&Co Buy 28.60
    April 17 Goldman Sachs Neutral 25.60
    March 23 Berenberg Buy 27.50
    March 23 Trigon Dom Maklerski S.A. Buy 29.40
    March 14 Citigroup Global Markets Inc. Neutral 25.00
    March 3 ERSTE Group Research Cumulate 26.00
    February 17 Dom Maklerski BZ WBK S.A. Buy 28.50
    January 30 IPOPEMA Securities S.A. Hold 25.00
    January 27 DM mBanku S.A. Reduce 22.30

    Structure of recommendations as at December 31, 2017

    buy/ cumulate
    56%
    (9 recommendations)
    hold/ neutral
    38%
    (6 recommendations)
    reduce
    6%
    (1 recommendation)

    Target price as at December 31, 2017 [PLN]

    minimum
    24.3
    maximum
    31.0
    average
    27.7

    Dividend policy

    On November 8, 2016 the Management Board of the Company adopted a new dividend policy of the Company, worded as follows:

    “The main goal of the strategy of Cyfrowy Polsat S.A. Capital Group (the “Group,” “Polsat Group”) is the permanent growth of the value of Cyfrowy Polsat S.A. (the “Company”) for its shareholders. We intend to achieve this goal by implementing the major elements of our operational strategy which include:

    1. growth of revenue from services provided to residential and business customers through consistent building of the value of our customer base by maximizing the number of users of our services, as well as the number of services offered to each customer, while simultaneously increasing average revenue per user (ARPU) and maintaining high levels of customer satisfaction,
    2. growth of revenue from produced and purchased content by expanding its distribution, maintaining the audience shares of our channels and improving our viewer profile,
    3. effective management of the cost base of our integrated media and telecom group by exploiting its inherent synergies and economies of scale, and
    4. effective management of the Group’s finances, including its capital resources.

     

    Predictable dividend payout to shareholders is one of the main goals underlying our capital resources management policy. To assure attractive profitability levels for the capital employed by our shareholders, while at the same time bearing in mind the strategy of deleveraging of the Group, the Management Board has set the desirable consolidated debt level, as measured by the net debt/EBITDA ratio, which should be reduced to below the level of 1.75x.

    In view of the above, the Management Board of Cyfrowy Polsat S.A. has adopted a resolution regarding the dividend policy which assumes that dividend payout proposals, along with the Management Board’s recommendations, will be presented every year to the General Meeting, subject to the observance of the following principles:

    1. if the ratio of the Group’s net debt to consolidated EBITDA, as calculated for the end of the quarter preceding the quarter of adoption of the dividend payout resolution and while accounting for the impact that the proposed dividend payout will have on net debt, is lower than 3.2x but higher than 2.5x, then the Management Board of Cyfrowy Polsat S.A. will recommend a dividend payout in the range between PLN 200 million and PLN 400 million;
    2. if the ratio of the Group’s net debt to consolidated EBITDA, as calculated for the end of the quarter preceding the quarter of adoption of the dividend payout resolution and while accounting for the impact that the proposed dividend payout will have on net debt, is equal or lower than 2.5x but higher than 1.75x, the Management Board of Cyfrowy Polsat S.A. will recommend a dividend payout in the range from 25% to 50% of the Group’s consolidated net profit for the past financial year;
    3. if the ratio of the Group’s net debt to consolidated EBITDA, as calculated for the end of the quarter preceding the quarter of adoption of the dividend payout resolution and while accounting for the impact that the proposed dividend payout will have on net debt, is lower than 1.75x, the Management Board of Cyfrowy Polsat S.A. will recommend a dividend payout in the range from 50% to 100% of the Group’s consolidated net profit for the past financial year.

     

    Every time when presenting a proposal of distribution of the profit, along with the recommendation, the Company’s Management Board will take into account the Group’s net profit, financial standing and liquidity, existing and future liabilities (including potential restrictions related to facility agreements and other financial documents), the assessment of the Group’s prospects in specific market and macroeconomic conditions, potential necessity of spending funds for the Group’s development, in particular through acquisitions and embarking on new projects, one-off items, as well as valid legal regulations. Moreover, given that a significant portion of the generated capital resources is obtained by the Group from dividends paid by its subsidiaries, the above mentioned policy and the Board’s recommendation will, in each case, be dependent on the financial situation of the Company’s subsidiaries and the Company itself.

    The dividend policy will be subject to regular verification by the Company’s Management Board. In particular, the Management Board provides for a modification of the dividend policy following the refinancing of Polsat Group’s debt which is expected in 2020.

    The new dividend policy will take effect from January 1, 2017, however the source for the dividend payout will be the Company’s net profit for the financial year ended December 31, 2016.”

    Distribution of net profit of Cyfrowy Polsat for 2016

    Acting in accordance with resolution no. 35 of the Ordinary General Meeting, held on June 27, 2017, regarding profit distribution, the Company’s total standalone net profit for the financial year ended December 31, 2016 in the amount of PLN 578.0 million was distributed in such a way that PLN 204.7 million was allocated to dividend for shareholders and PLN 373.3 million was allocated to the reserve capital.

     

    History of Cyfrowy Polsat’s profit sharing

    115
    33% 0.14
    2007
    271
    74% 0.75
    2008
    232
    66% 0.57
    2009
    884
    0% 0
    2010
    156
    0% 0
    2011
    530
    0% 0
    2012
    429
    24% 0.26
    2013
    177
    0% 0
    2014
    446
    0% 0
    2015
    578
    35% 0.32
    2016
    • net proft, incl.
    • dividend
    x% x% dividend as % of net profit x x PLN dividend per share

    • 1 Net profit allocated entirely to reserve capital according to the resolution of the General Meeting on May 19, 2011.

    • 2 Net profit distributed in total to reserve capital and to cover losses from previous years according to the resolution of the General Meeting on June 5, 2012.

    • 3 Net profit distributed in total to reserve capital according to the resolution of the General Meeting on June 11, 2013.

    • 4 Net profit distributed in total to reserve capital according to the resolution of the General Meeting on April 2, 2015.

    • 5 Net profit distributed in total to reserve capital according to the resolution of the General Meeting on June 29, 2016.

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