ZaporizhCoke AGM: No Dividends

At ZaporizhCoke’s (ZACO: BUY) AGM yesterday, shareholders approved 2006 financial results: net revenue of USD 321.5 mln (down 4.1% yoy) and net income of USD 10.4 mln (down 43.6% yoy). Shareholders voted to reinvest the company’s 2006 net income and pay no dividends. In addition, the management set a 2007 output target at 1.95 mln mt of coke – 2% below our February forecast of 1.99 mln mt.