RusHydro could keep 2009 dividends down, reinvest profit
MOSCOW. April 30 (Interfax) - Management at RusHydro is proposing to keep 2009 dividends as low as possible and to use profit for investment in 2010, the Russian hydrogenerating company's deputy CEO, George Rizhinashvili, said during a conference call.
"We'll be analyzing the situation [with dividends] in detail with the Energy Ministry and if possible minimize dividends if payments are in prospect," he said.
The government has certain recommendations on minimizing the dividends, he said.
The company has planned its investment spending, in light of which it "would like maximum money to accumulate on the balance sheet," he said. "Last year was a very difficult one for the company," he said, with the deadly Sayano-Shushensk hydropower plant accident. A final 2009 dividend decision has yet to be made, he said.
RusHydro did not pay dividends for 2008. Its dividend policy says that 5% of net profits are to be used to pay them. The company turned 31.2 billion rubles in net profits to International Financial Reporting Standards (IFRS) last year.