The Finance Ministry has drafted a bill that proposes 2017 to oblige state companies to direct on dividends not less than 50% of IFRS net profit, according to “Vedomosti” with reference to Deputy Minister Alexei Moiseev. Currently, the document aimed at the mobilization of budget revenues,” he said.
In his Moses, another measure is the payment of dividends on retained earnings, if the company profit is less than 50% according to IFRS. “The excess of 100% of the profits, the company is not an obstacle to payment of 50% under IFRS, if there is a profit of past years”, — said the Deputy Minister.
Currently, the rule applies only on dividends from 2015 paid this year state-owned companies. According to the government order, signed on 18 April, state-owned companies were obliged to direct on payment of dividends following the results of last year not less than 50% of the profits. Previously, they had to direct on dividends not less than a quarter of net profit, but it had the right to choose what statements to calculate this amount.
However, according to “Vedomosti”, this year, many public companies have avoided increasing dividend payments. In particular, at the end of April, the government declared that “Rosneftegaz” will direct on dividends only half of the profits — 36 billion rubles.
Gazprom has also reduced its dividend. The government has prepared a Directive according to which the company must pay 50% of consolidated net profit. However, the Ministry of economic development halve this amount to 175 billion rubles, which was offered a management “Gazprom”. The company received relief due to the large investment and increase the tax burden this year, said the head of the MAYOR Alexei Ulyukayev. As a result, “Gazprom” has directed on dividends 186,8 billion rubles — more than 50% of the corrected objective RAS net income, but less than 24% according to IFRS.
“Transneft” in turn managed to reduce dividends owing to the provision of the law on joint-stock companies, according to which “sources of payment of dividends is the net profit of the company, which is determined according to the accounting (financial) statements of the company”.
According to “Vedomosti”, the investors, the Treasury proposals do not believe. “Trust has been eroded by the payment of “Gazprom” and other companies: investors no longer believe — neither the Finance Ministry nor state-owned companies. Until actually paid, none of the investors their laws and regulations to even read will not be”, — stressed Vladimir Zubov from BNP Paribas.
“Lack of current earnings to pay is one of the loopholes for understating of their size,” says Director Prosperity Capital Management Alexander Branis. Long-term solution is undoing the bindings of dividends to the presence of current or retained earnings on RBSU, he said.
“We report under IFRS. And the decision about dividends is taken by the Board of Directors in which the majority represents the state”, — said the representative of “Gazprom” Sergei Kupriyanov. Representatives of “Rosneft”, “Rosneftegaz” and “Transneft”, in turn, responded to the queries of “Vedomosti”.