Inter RAO could pay 25% of IFRS profit as 2014 dividends
MOSCOW. Nov 5 (Interfax) - Inter RAO UES is thinking of paying 25% of net profit to International Financial Reporting Standards (IFRS) as dividends for 2014, the electricity company's spokesman, Anton Nazarov, told reporters.
"This possibility is being discussed," Nazarov said.
The company's current policy is to pay its shareholders 5% of net profit to Russian Accounting Standards (RAS).
As reported earlier on Tuesday, the company board of directors plans to consider increasing dividend payouts to 25% of net profits, a decision it made on November 1.
The energy holding confirmed dividend policy in 2011 that provided for annual dividends representing not less than 5% of net profits.
Losses prompted Inter RAO not to pay dividends for 2011 or 2012.
As management board chair Boris Kovalchuk said at the company's AGM, Inter RAO figures to make net profits to Russian Accounting Standards (RAS) in 2014 and pay out dividends based on them.
"We think that in 2014 there will be an increase in cash proceeds from capacity agreements, [and] the company should move to a comprehensible level of profits. If there are profits to RAS, some of them will be distributed," Kovalchuk said. As for this year, he said, "If there are profits [to RAS] in 2013, they won't be big."
