Gazprom has asked the government to grant him an exception so that the company could pay dividends by the end of 2015, less than 50% of IFRS net income, Bloomberg reports citing two officials. Monopoly claims that she may need funds to buy back 2.7% of its own shares from Vnesheconombank and the government can support its request for a waiver, puts one of the interlocutors of the Agency.
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 capital may not be less than 50% of net profit under RAS or IFRS (the larger of the two values). Net profit of “Gazprom” for 2015 according to IFRS was almost twice higher than, the company, — 787,1 billion RUB compared to 403,5 billion rubles.
But the Board “Gazprom” even before the orders of Medvedev recommended to the Board of Directors to direct on dividends of 50% adjusted net profits of the company report, the company was published April 1), or 175,18 billion rubles In case if the company is required to pay under the new rule, the payouts would have increased more than twice, to 393,5 billion rubles. the Final decision on the amount of dividends accept Board of Directors “Gazprom” on may 19.
During a telephone conference on April 28 dedicated to the presentation of the report in accordance with IFRS, the first Deputy head of the Department 816 “Gazprom” Igor Shatalov said that the Board of Directors will decide on dividends based on the Directive of the government, which has not yet been reported to the company. “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. But he stressed that “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.”
One of these “things” may become the obligation of Gazprom to buy back 2.7 percent of its own shares to VEB within the framework of the plan to save this state-owned Corporation, which suffered because of the sanctions the EU and the United States, according to the source Bloomberg. The payment of dividends, the company will allow the company to save around 218 billion rubles.
VEB acquired receipts (ADR) of 2.7% of Gazprom from Germany’s E. On in late 2010. The transaction amount was not disclosed, but two sources in the VEB told that it was $3 billion it was Planned that the Bank will sell the package in 2011-2012 with a premium to market, but shares of “Gazprom” has started to become cheaper, and VEB recorded from year to year decreased. At 16:00 Wednesday, may 4, 2.7% of shares of “Gazprom” cost on the Moscow stock exchange 102,27 billion rubles, or $1.5 billion.
Previously, the exception to the rule to send 50% of profit under IFRS to dividends received “Rosneft” — its Board of Directors in late April recommended to pay out as dividends 35% of net profit for 2015.
Representatives of “Gazprom”, Ministry of economic development and the Ministry of Finance has not yet responded to the request , the representative of the energy Ministry declined to comment, citing the sensitivity of the topic of dividends “Gazprom”.
After the message Bloomberg Gazprom shares fell more than 5%, capitalization amounted to 3.8 trillion rubles, the MICEX index is only 2.1% (16:00 GMT).