Enel Russia swings to 2.96 bln rubles RAS loss in 2014
MOSCOW. March 31 (Interfax) - OJSC Enel Russia had net losses of 2.96 billion rubles to Russian Accounting Standards (RAS) in 2014, compared with profit of 3.7 billion rubles in 2013, the generating company said in a report.
Sales revenue grew 6.5% to 74.5 billion rubles and cost of sales rose 7.4% to 63.4 billion rubles. Gross profit was 11 billion rubles.
On-going tax liabilities grew six-fold to 984 million rubles.
Enel Russia pays dividends from net profit to International Financial Reporting Standards (IFRS). The board of directors of Enel Russia last week calculated the net profit from ongoing business activity in 2014 at 7.139 billion rubles under IFRS.
The results applies to the current dividend policy, under which Enel Russia will pay no less than 40% of net profit as dividends. On that basis, the board may recommend dividends totaling 2.856 billion rubles.
The company plans to pay its shareholders a total of 13.5 billion rubles for the period 2014-2018.
