Moscow. December 16. PJSC “RusHydro” expects growth in aggregate net profits after the transaction, to refinance debt “RAO ES of the East” with VTB 40% by 2020, from the presentation of the company to reporting under IFRS for nine months of 2015.
This happens due to lower costs of debt service under control of the company, explained the first Deputy head of the company George Rizhinashvili. In fact, earnings growth will provide “a higher base for the payment of dividends in the future”, said the representative of the company in a conference call Tuesday.
While the company maintains the level of dividend payments in the amount of 25% of net profit. “As for pay-out, we adhere to the level of 25%, which is 2-3 years can rise as a result of management’s decisions or our majority shareholder – the state”, – concluded the representative of “RusHydro”.
As reported previously, the Board of Directors of RusHydro recommended the shareholders to approve the deal with VTB, the Bank will receive 20% of the shares in the company paying 85 billion rubles These funds will be used to refinance debt. The extraordinary shareholders ‘ meeting has not passed.
The head of “RusGidro” Nikolay Shulginov previously stated that the debt load of JSC “RAO ES of the East” reached 99,8 billion roubles, Of which 40 billion rubles went from “RAO UES of Russia” of 39.4 billion rubles, the deficit as a result of tariff and balance decisions, 20,47 billion rubles – implementation of projects with no return on investment, such as the APEC summit-2012, gas generation.