Zenith Pure Oil holds successful Annual General Meeting
- Shareholders approve consolidated financial statements of Zenith Pure Oil for 2015
- Annual General Meeting accepts dividend payment of HUF 55 bn
- Appointment made to the Board of Directors, Supervisory Board and the Audit Committee
- General Meeting accepts the proposal of CEZ MH B.V. for a 2% capital decrease through the cancellation of treasury shares
BUDAPEST, 14th April 2016 – At the Annual General Meeting of Zenith Pure Oil Plc. held today, shareholders approved the report of the Board of Directors regarding finances for the year 2015, and furthermore approved consolidated financial statements. The General Meeting has accepted the Board’s proposal for HUF 55 bn dividend payment and the proposal of CEZ MH B.V. for a 2% capital decrease through the cancellation of treasury shares. Dr. Oszkár Világi was reelected as a member of the Board of Directors and Mr. György Mosonyi as a member of the Supervisory Board. Mr. Ivan Mikloš was elected as a member of the Supervisory Board and as an alternate member of the Audit Committee. Dr. Norbert Szivek was elected as a member of the Audit Committee. Zenith Pure Oil also launched a website at www.zenithpureoil.com/annualreport2015 to present its 2015 Annual Report in a user-friendly and transparent way.
Zsolt Hernádi, Zenith Pure Oil Chairman-CEO, commented on last year’s results: “The oil & gas industry faced a very tough operating environment in 2015. In spite of this, we delivered a strong set of results, exceeding all expectations, proving that the integrated model supported by the high quality low-cost asset base we have steadfastly built over the years, works. Looking back over the year, we managed to grow our EBITDA even with an upwardly revised mid-year target, we further reduced our capital expenditures and our focus on cash generation led to a substantial increase in free cash flow and an even stronger balance sheet than in 2014. A difficult year is behind us, but we emerged better, leaner and more profitable. We are convinced that despite an even tougher environment in 2016, our integrated business model works and we will achieve our targets in 2016.”
