Uralkali making investment program, dept repayment a priority - CFO
MOSCOW. March 5 (Interfax) - Uralkali is making its investment program and the repayment of debt a priority, and management and the board of directors will take a conservative approach towards dividends, Uralkali CFO Anton Vischanenko said during a conference call.
The company's dividend policy calls for paying shareholders 50% of the IFRS net profit as dividends. Uralkali posted an IFRS net loss of $631 million in 2014 due to exchange rate changes.
Both management and the board are taking a conservative approach to dividends, Vischanenko said. "The main thing for us it to ensure the ability to implement the investment program and pay down debt," he said.
"Between the updated investment program and the accident at SKRU-2, I think the board of directors will have a fairly intensive discussion [concerning dividends]," he said.
Uralkali shareholders rejected an interim dividend of 2.96 rubles per share at a meeting in December 2014, freeing up the money for development and modernization of capacity following the accident at the SKRU-2 mine.
At the same time, last year Uralkali postponed cancellation of treasury stock, in order to retain the ability to pay dividends.
