Head of Russian delegation to OSCE PA says Ukraine not ready for dialogueRussian Politics & Diplomacy February 25, 5:02
Russian baritone Hvorostovsky cancels concerts due to continuing treatmentSociety & Culture February 25, 3:22
Russian prime minister declares 3rd Winter World Military Games openMilitary & Defense February 24, 22:33
Russia to veto UNSC resolution imposing sanctions on Syria — envoyRussian Politics & Diplomacy February 24, 22:29
Ukrainian MP Savchenko arrives in Donetsk republic to visit Ukrainian prisoners — agencyWorld February 24, 22:25
Russian Defense Ministry surprised over German MPs reaction to Reichstag miniature plansRussian Politics & Diplomacy February 24, 16:32
Iraq's PM orders airstrikes on IS positions in SyriaWorld February 24, 16:09
Nord Stream 2 financing model to be ready by year end - OMVBusiness & Economy February 24, 13:44
Churkin left bright mark in history of Russian diplomacy, Lavrov saysRussian Politics & Diplomacy February 24, 12:20
ST. PETERSBURG, June 16. /TASS/. RusHydro confirms plans to allocate 50% of the company’s profits to dividend payment, the company’s Head Nikolai Shulginov told TASS on Thursday.
"We will implement the decision to spend 50% of the profits on dividends. We are likely to adopt the decision at the annual meeting. We have earned these 50%, and we will easily spend 15 bln rubles ($227.97 mln). We do not need any credits, loans for this, etc.," he said.
On May 13, the Board of Directors of Rushydro recommended shareholders to approve dividends for 2015 in the amount of 15 bln rubles ($230.25 mln) at the annual general meeting.
In addition, 13.5 bln rubles ($208.41 mln) was recommended to allocate to the development of Rushydro, and 1.5 bln ($23.16 mln) to the reserve fund of the company.
First Deputy Chief Executive of the Russian hydropower plants operator George Rizhinashvili said earlier that Rushydro dividends could grow to 50% of its profit for 2015.
Earlier, Rushydro published 2015 financial results. Thus, net profit attributable to shareholders under the International Financial Reporting Standards (IFRS) increased in the reporting period by 23% to 31.5 bln rubles ($464.95 mln).
Rushydro revenue increased by 5.4% to 347.5 bln rubles ($5.1 bln). The pre-tax profit increased by 17% in the reporting period and amounted to 37.678 bln rubles ($556.58).
Rushydro Group is one of the largest Russian energy holdings, combining more than 70 renewable energy facilities in Russia and abroad. The installed capacity of power plants totals 38.2 GW, including RAO Energy System of East facilities.
Shulginov said the volume of additional issue of RusHydro in 2016 is expected to amount to 55 bln rubles ($834.63 mln).
"We have been discussing the deal for a long time - we have decided not to consider property assets at this stage not yet. The value and volume of the additional issue are being discussed. We are considering 55-85 bln rubles ($834.63 mln - $1.29 bln). We will accept any number that the government approves. I think the real possible volume of the additional issue is 55 bln rubles ($834.63 mln)," he said.
According to him, the decision will be made by the end of this year. "We are waiting for a decision. We will definitely have it before the end of the year," he added.
According to Shulginov, RusHydro is going to discuss participation of Japanese Mitsui in the company’s capital on the sidelines of the St. Petersburg International Economic Forum (SPIEF 2016).
"This treasury package totals 4.8% of the company’s total volume. We have been discussing participation in the capital with Mitsui for a long time in the Japan Bank for International Cooperation (JBIC). Probably since the middle of last year. The importance of cooperation with Japanese companies could be supported, but at the current stage of development we concern ourselves with additional capitalization of RusHydro, and then move to specific projects. That is why we are discussing today only the outlines of entering the capital and will continue the talks at the forum," he said.
"I think we will be ready to discuss specific projects and entry conditions in the capital with the Japanese partners after additional capitalization," he added.
According to Shulgin, RusHydro will reconsider the parameters of the deal for purchasing additional issue of shares of VTB Bank if such a deal is concluded, which is highly unlikely.
"If it is decided that VTB remains in this transaction, the parameters and rates of the contracts etc. will be reconsidered. But it is unlikely that that the deal with the bank remains," he said.
He added that at the moment it is necessary to wait for a final decision on the format of the deal, its amount and maturity. "Today we need to think about another thing - how to use the funds from the Far East correctly and effectively, how to control the use of it," he added.
Vedomosti newspaper reported earlier that VTB could become a Rushydro shareholder, citing a federal official and two sources close to one of the parties of the negotiations.