RZD expecting around 5 bln rubles in dividends from GEFCO in 2015
ST. PETERSBURG. Jan 29 (Interfax) - Russian Railways (RZD) is expecting to receive around 5 billion rubles in dividends from French logistics operator GEFCO, 75% of which belongs to RZD, in 2015, RZD President Vladimir Yakunin said at a press conference.
"We are satisfied with GEFCO's work overall. We are expecting to receive dividends this year totaling 5 billion rubles, according to our estimates," he said, adding that next year's dividends would be slightly higher.
RZD is planning to use GEFCO this year to transport spare parts for RZD's needs.
"The amount is colossal. According to average estimates, the amount of [parts] purchases is 90 billion rubles per year," Yakunin said.
GEFCO provides vehicle, rail, air and sea transportation services. RZD purchased a 75% stake in the company in 2012 from PSA Peugeot Citroen for 800 million euro. PSA retains a minority stake "given GEFCO's strategic importance for the automaker's operations, among other considerations." GEFCO operates in more than 150 countries. Revenue totaled 4 billion euro in 2013. Growth is concentrated in Central and Eastern Asia, Central and Eastern Europe, the Middle East and Africa and South America. Revenue in Russia last year amounted to 287 million euro.
