Uralkali pays 1.3 bln rubles in management incentives
MOSCOW. April 11 (Interfax) - Russian potash producer Uralkali paid its top management 1.33 billion rubles in December 2013 as part of a long-term incentive program due to change in the company's main shareholders, Uralkali said in its report to International Financial Reporting Standards.
Management payments was one of the reasons net profit dropped in 2013, along with a drop in prices for potassium chloride, revaluation losses and one-off expenses, including reserves for the Berezniki resettlement program. Net profit slumped 58.4% to $666 million.
Earlier it was reported that former CEO, Vladislav Baumgertner, could have a golden parachute of over 400 million rubles.
Mikhail Prokhorov's Onexim bought 21.75% of Uralkali from Suleyman Kerimov Foundation in December 2013. A source said that apart from that stake, structures close to Prokhorov bought another 5.34% in Uralkali. Thus, Prokhorov gained control over 27.1% of the potash producer.
In addition, UralChem gained control over 19.99% of Uralkali.