Gazprom management recommends approx 9 rubles per share div for 2011 - sources
MOSCOW. April 12 (Interfax) - The management board at Gazprom on April 12 recommended that the board of directors approve a 2011 dividend of approximately 9 rubles per share, sources with knowledge of the situation told Interfax.
Management has said dividends would be based on 25% of net profit, which would work out at 9.29 rubles a share if net profit to Russian Accounting Standards (RAS) in 2011 is used.
The gas giant's new dividend policy calls for eliminating paper profit such as gains from the revaluation of shares in subsidiaries and foreign-exchange translation gains from the dividend base.
The block of shares that Gazprom directly owns in Gazprom Neft generated 63 billion rubles in paper profit for the parent company last year, but most of that was offset by exchange-rate losses, judging by Gazprom's financial reporting.
Gazprom paid a dividend of 3.85 rubles a share for 2010.