Gazprom thinks fall in dividends, net profit of Mosenergo in 2014 one-time event
ST. PETERSBUG. May 20 (Interfax) - The fall in dividends of OJSC Mosenergo and net profit of this company in 2014 is a one-time occurrence, which is connected with forex liabilities, the deputy director of division for the development of power and heat generation of the gas and liquid hydrocarbons processing and marketing department at Gazprom , Alexander Rogov, said at Gazprom Energoholding's Investors Day on Wednesday.
Gazprom Energoholding is the majority shareholder of Mosenergo.
"A single, one time event connected with forex liabilities," he said answering a question about the company's dividend payments.
He said that in the future this concerns the increase of dividend revenue of Gazprom Energoholding's companies. For now it is quite low, Rogov said, but only in comparison with companies that have invested their own funds in projects.
"We have an upper limit of 35%, in the image of Gazprom, but dividends will rise as much as the increase in cash flow" and the completion of the main investment cycle, he said.
Rogov added that with the estimate of the amount of dividend payments, Gazprom Energoholding is looking at the financial standing of the company. "With account of the growth of interest rates, we were forced to look at all coefficients - debt to EBIDA, outstanding interest in EBITDA," he said, adding that with account of attracting additional debt, the debt to EBITDA ration should be no more than 4.
Answering a question about whether there was a possibility of the companies of Gazprom Energoholding transferring to dividend payments from net profit to International Financial Reporting Standards (IFRS), Rogov said that this was thought about, "but not before Gazprom makes such a decision."
