Net profit of “Gazprom” in 2015, according to IFRS has increased five times compared to the 2014 year and amounted to 787,1 billion rubles, the company said on Thursday. This means that the maximum amount of dividends the company can make 393,5 billion rubles, or 50% of net profit under IFRS.
In mid-April in order to mobilize revenues of the Federal budget in 2016,” Prime Minister Dmitry Medvedev signed a decree according to which the level of dividends from companies with state participation doubled — it may not be less than 50% of net profit under RAS or IFRS (the larger of the two values). Net profit of “Gazprom”, the company announced on April 1, was almost twice less — 403,5 billion rubles.
However, the Board of “Gazprom” on April 13, recommended that the Board of Directors to direct the dividends 175,18 billion rubles — a 50% of adjusted net profit.
The final decision on the amount of dividends accept Board of Directors “Gazprom” on may 19, said during a telephone conference the first Deputy head of the Department 816 “Gazprom” Igor Shatalov. “We have formed a Board decision. After this decision has been the decision of the government. The decision will be based on the existing position and issued a government Directive on the Board of Directors, which will be held in the month of may. And we will fulfil the decision of the controlling shareholder, which will be taken”, — he promised (quoted by “Interfax”). “If fundamentally the government’s position is on the permanent transition payments under IFRS, potentially we are ready, we have already talked about this,” — said Shatalov (quoted by TASS). But “we need to take into account the development programme of the company and a lot of things that allow you to balance the budget and development plans of the company,” said a top Manager.
On the basis of financial indicators “Gazprom” is able to direct on dividends 50% of net profit under IFRS by the end of 2015, says the portfolio Manager of the GL Asset Management Sergey Vakhrameev. So, at the end of 2015 free cash flow of the company amounted to 390 billion rubles. But for sure Gazprom will seek an exception from the new rules on the payment of 50% of net profit in accordance with IFRS or RAS, the expert assumes. Monopoly can insist on payment only 175 billion rubles (50% of adjusted net profit under RAS), citing the need for investment in major projects, such as “Power of Siberia” (in 2016 it is planned to lay 400 km of the pipeline), the expert adds.
A source in one of the specialized agencies told “Interfax” that the representatives of “Gazprom” in working order, discuss with the leadership of the Federal property management Agency the question of the amount of dividend payments. According to him, the negotiations are “pretty calm”.
Earlier, Deputy Prime Minister Arkady Dvorkovich, who oversees the fuel and energy complex, said that because of the new rules on dividends of state-owned companies may be exceptions in the case of companies. On Wednesday, energy Minister Alexander Novak said that the issue of dividends “Gazprom” “is still being considered by the government.” “The appeal on the exception, we have not received. But this treatment can come in the Ministry of economic development and Rosimushchestvo and the government,” he said (quoted by “Interfax”). On Thursday, the representatives of Dvorkovich and the Ministry of energy declined to comment. The representative of the Ministry of economic development Elena Lashkina has informed that the draft of the directives on dividends “Gazprom” the Ministry has not yet been reported. “All companies with state participation are subject to government regulation 705-R [on payment of 50% of IFRS net profit or loss]. Dividends below the 50% possible in case of existence of a separate decision of the government,” she added. The representative of the Federal property management Agency has not yet responded to the request .
Exception have already achieved the state holding Rosneftegaz, which owns 69,5%, and 11% of “Gazprom”: he was allowed to pay shareholders only 25% of RAS net profit in 2015. And the Board of Directors of “Rosneft” on April 22 recommended to direct for dividends 35% of net profit under IFRS.