Gesture of symbolic generosity Photo: Emin Jafarov / Kommersant | buy a photo

As Kommersant found out, Rosseti intends to pay only symbolic dividends for the first quarter of 2018 – 2 billion rubles, slightly less than 10% of the quarterly profit under RAS. This will become a kind of compensation for the refusal of dividends for 2017 due to a paper loss. But the decision still needs to be coordinated with the departments, and the Finance Ministry intends to maximize the dividends of state companies. Analysts consider the payments to be “disappointing”: the dividend reduction by year is 46%, the yield on ordinary shares will decrease by 1%, in prefs – by 2.19%.

“Rosseti” may pay interim dividends for the first quarter in the amount of 2.061 billion rubles., Or about 9.6% of net profit for the quarter under RAS. Ordinary shares can be charged 0.0099 rubles, prefs – 0.043 rubles., Sources told Kommersant, familiar with the intentions of the holding. This decision has not yet been agreed with the government and approved by the board of directors of Rossetei (the date of the meeting, according to Kommersant’s information, has not yet been determined). In “Rossetah” it is not commented.

“Rosseti” as a state-owned company (Rosimushchestvo has 88.04% of the authorized capital) fall under the government’s demand for payment of annual dividends in the amount of not less than 50% of the largest net profit – according to RAS or IFRS. But by the end of 2017, the holding received a loss of RUB 13.2bn under RAS, and the law on JSC in such a situation explicitly prohibits the payment of dividends, the company also does not have undistributed net profit for the previous periods.

However, the RAS financials do not reflect the activities of the whole holding, including the Federal Grid Company (FGC) and interregional distribution grid companies (IDGCs), and the consolidated IFRS financial statements for 2017 showed a 40% increase in profit, to 137.1 billion rubles. The income of the parent company is mainly formed due to dividends of subsidiaries and their management fees. So, FGC, according to Kommersant, can pay for 2017 to 20.3 billion rubles. dividends (28% of profit under IFRS), of them in Rosseti will take about 16.27 billion rubles. FSK told Kommersant that the board of directors had not yet considered the recommendations on dividends, but specified that they keep forecasts at least as high as last year’s (in 2016, 18.2 billion rubles, or about 25% of profit under IFRS).

Interim dividends will allow the state to receive at least part of the profits of “Rossetey” and not bring down the price of shares in case of refusal of payments. For the first quarter, the holding showed a profit under RAS of 21.5 billion rubles, but it almost all formed due to revaluation of assets: the effect under the item “Other income” for the quarter was 26.7 billion rubles. against 7.1 billion rubles. a year earlier. But around the payments there is a tough discussion. Deputy Finance Minister Alexei Moiseyev said last week that the agency will participate in the issue of agreeing dividends of energy companies (formerly Rosimushchestvo coordinated them only with the relevant ministries) and will try to achieve an increase in payments to the budget, expecting a 50% margin under IFRS. A specific list of these energy companies in the Ministry of Finance “Kommersant” declined to comment, citing insider information, but, according to sources, “Kommersant” on the market, “Rosseti” it includes.

“Legal grounds for claiming dividends for the year from "Rossetey", no, “Deputy Energy Minister Vyacheslav Kravchenko explained to Kommersant.” But we proceed from the fact that it is impossible to pay dividends, the Energy Ministry will recommend the payment of interim dividends at the level of the previous year. ” For 2016, net profit for the first time allowed Rossetiam to pay annual dividends of 2 billion rubles. and for the first quarter of 2017 – 1.8 billion rubles. The Ministry of Economy told Kommersant that they adhere to the concept of 50% of the net profit under IFRS or RAS, but they offer a differential approach that takes into account industry specifics, investment programs and long-term development plans.

Vladimir Sklyar of “VTB Capital” considered the decision of “Rossetei” on dividends “disappointing”: “Despite the rapid growth of profits of subsidiaries, "Rosseti" reduce payment. ” He connects this with the preparation for the program of digitalization of networks with a volume of up to 1.3 trillion rubles. until the year 2030. In his estimation, the reduction of payment by year to year will be 46%, the yield on ordinary shares will decrease by 1%, on prefs – by 2.19%.

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