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понедельник, 23 мая 2016 г.

Officials are showing generosity to ourselves

Profit is not divided in halfState companies pay less than the required state
Government plans to make state-owned companies to give half of their real profit for 2015 in the form of dividends, in fact, failed. Requisitions Revenue managed to avoid almost all major contributors, including, according to "Kommersant", and "Gazprom". Although the sources of "Kommersant" last week said that the Economy Ministry has proposed a draft directive for the monopoly to pay nearly 400 billion rubles., "Gazprom", apparently managed to convince the White House to reduce the amount. According to "Kommersant", the government agreed on a dividend of 175 billion rubles., Or 7.4 rubles. per share, as a monopoly, and originally planned.

Yesterday at a meeting with Prime Minister Dmitry Medvedev agreed solution in which "Gazprom" will pay dividends for 2015 - 50% of RAS net income, adjusted for the result of financial investments, sources told "Kommersant" people familiar with the situation. It is 175.2 billion rubles., Or 7.4 rubles. per share - the same amount it recommended the management of "Gazprom" Board of Directors at the beginning of April. According to "Kommersant", the directive of the state representatives in the board of directors of "Gazprom" may be signed today (Council shall issue recommendations on the dividend 19 May). A spokesman for the prime minister and a representative of Energy in charge of Deputy Prime Minister Arkady Dvorkovich declined to comment.
Thus, all of the major state-owned companies under various pretexts, avoided disposal of the Government of 19 April, in which they were asked to pay a dividend of 50% of the greater of the net profit - by RAS or IFRS. So, "Rosneft" in the end will pay 124.5 billion rubles. (About 35% according to IFRS), "Rosneftegas" - 36 billion rubles. (50% of the adjusted profit under RAS). Although the payment of "Gazprom" and will remain the largest, it will amount to only 22.3% of the net profit under IFRS. Main shareholder, the state, "Gazprom" will return 87.6 billion rub.- only slightly more than the "Rosneft" (86.5 bln.).Although the decision on dividends, "Transneft" has not yet been announced, the company is still not legally be able to pay more than 100% of net profit under RAS -. 12.8 billion rubles, but it is only 9% of its profit under IFRS.
Meanwhile, the market showed excessive confidence in the decision of the government, as if it were actually executed, the "Gazprom" would have to pay more than twice as many - 393.5 billion rubles. These expectations shares of "Gazprom" went up to the beginning of May to 170 rubles. per share - a record since September 2012. Next shares fell yesterday and traded on the Moscow Stock Exchange at the level of 158 rubles. per share. At the same time, compared with the previous year dividends still grow by 2.8%, as in 2015 and 2014, "Gazprom" paid for 7.2 rubles. per share.The fact that "Gazprom" dividend will be lower than expected, increases the likelihood that the company will be forced to buy at VEB 2.7% of its own shares to clear the balance of state corporations (see. "Kommersant" dated May 6). "In addition, oil prices rise, the situation with the budget is not so critical, so that the very need for increased dividends was not", - says one of the "Kommersant" interviewees. Another source of "Kommersant" points out that it would be wrong to take with "Gazprom" is more than a "Rosneft". However, the interlocutors "b" agree that there is a risk that the profit of "Gazprom" may still be partially withdrawn if the budget situation will worsen by the end of the year - but it can be done through an extra tax increases, as in the past year, "at the same time with minority shareholders do not have to share. "Yuri Barsukov, Eugene Kryuchkov

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