RZD may put some 2012 net profit toward capex
MOSCOW. Sept 23 (Interfax) - OJSC Russian Railways (RZD) may direct 95% of its net profit from 2012 - 13.4 billion rubles - that it has at its disposal towards financing investment projects and remunerating members of its board of directors.
RZD said in a statement that, in accordance with the recommendation by its sole shareholder, the state, the board of directors approved this at a Friday meeting. No breakdown is provided.
The recommendation for the remaining net profit - 705.5 million rubles - is to put it into a reserve fund and pay no dividends.
RZD's net profit to Russian Accounting Standards (RAS) amounted to 14.11 billion rubles last year.
The monopoly did pay out dividends for 2011 of 25% of net profit - 4.2 billion of 16.8 billion rubles - in line with government instructions. The company paid the state just 5% - 3.9 billion rubles - of net profit as dividends and around 20% - 15.5 billion rubles - went to projects for building 'aeroexpress' rail lines, which carry travelers directly to airports, in Vladivostok and Kazan. RZD's RAS net profit in 2010 was 78.5 billion rubles.
RZD put 1.7% of 2011 net profit - 280 million rubles - into "a specialized fund of target capital support and development for the Skolkovo Institute of Science and Technology." The reserve fund got 5% - 841.077 million rubles, and the board members were paid 0.23% - 39.433 million rubles. The company was left with 11.456 billion rubles of net profit, or 68.1%, at its disposal.