Stakhaniv Wagon AGM votes to not pay 2010 dividends

Stakhaniv Wagon (UX: SVGZ UK) shareholders, yesterday at an AGM, voted not to pay a dividend for 2010. Instead, shareholders directed 99% of its earnings to R&D and CapEx. The company announced its 2010 financial results according to Ukrainian Accounting Standards: net revenue and EBITDA grew by sixfold y-o-y to USD 363 mln and USD 37 mln respectively, while net income was USD 33 mln (vs. a net loss of USD 7 mln in 2009). Stakhaniv’s key financials were all below our forecasts: net revenue by 4.7%, EBITDA by 23.2% and net income by 1.0%.