The State Forest Management Centre (RMK) Supervisory Board is planning on paying €66 million in dividends into the state budget instead of the planned €35.6 million. With additional income tax, the state will receive €80.6 million.
RMK's improved economic performance is the basis of the increase in dividends as the net profit was €24 million higher compared to what was originally expected.
RMK is highly liquid, the credit balance of the center's bank accounts was €96.5 million in the end of last year and in February RMK sold Tootsi wind farm to Eesti Energia for €51.5 million. As a result of that, RMK's cash balance amounted to €145 million and the center deems such a liquidity cushion unnecessary.
RMK's revenue was €218.7 million last year, up by €15.6 million on year. Sale of timber amounted to €207.7 million of the turnover. Profits fell from €83.5 million to €66 million, compounded by revaluation of biological assets, which makes the total loss stand at €409.9 million.
RMK paid €41.6 million in dividends, €20.1 million more on year. RMK has predicted a turnover of €177.1 million and profit of €25.2 million for the year 2020.
Editor: Anders Nõmm