Sistema swings to 33.6 bln rubles IFRS profit in 2015
MOSCOW. April 7 (Interfax) - AFK Sistema posted net profit 33.6 billion rubles to International Financial Reporting Standards (IFRS) for 2015, compared with losses of 156.2 billion rubles for 2014, the holding said in a report.
The huge paper loss in 2014 was caused by the disposal of Bashneft , while last year Sistema received what it reported as a gain on settlement agreements with Ural-Invest, which previously sold the oil company to it.
After adjustment for one-off items and exchange-rate differences, Sistema had losses of 5.35 billion rubles for 2015, compared with losses of 19.1 billion rubles for 2014.
Sistema's existing dividend policy calls for paying shareholders at least 10% of consolidated net profit and at least 10% of net profit from transactions with incoming cash flows such as the sale of assets.
Net profit from monetizations and the dividends of subsidiaries was 39.8 billion rubles in 2015. The latter totaled 28.7 billion rubles, including 5.1 billion rubles from Mobile TeleSystems (MTS) , so the holding will have generated 11.1 billion rubles from the sale of assets.
Sistema paid 4.54 billion rubles or 0.47 rubles per ordinary share (9.4 rubles per Global Depositary Receipt) in dividends for 2014.
