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BRIEF-Gazprom's energy units can pay 25-50% profit on dividends - investor day participants
April 7, 2017 / 6:03 AM / 5 months ago

BRIEF-Gazprom's energy units can pay 25-50% profit on dividends - investor day participants

April 7 (Reuters) - ** Gazprom’s energy subsidiaries can earmark 25 to 50 percent of profits for dividend payments for 2016, two participants of Gazprom energoholding investor day told Reuters Thursday referring to management statements

** The decision on the level of dividends has not yet been made, both profit to Russian (RAS) and international reporting standards (IFRS) can be taken as basis

** Earlier, Gazprom energoholding head Denis Fedorov said the power companies would pay dividend for 2016 of at least 35 percent of IFRS profit

** Gazprom owns three generating companies OGK-2, Mosenergo, TGK-1, being the largest holder of energy assets in Russia

** As the CAPEX was completed, TGK-1 and Mosenergo have been increasing the dividend payout, in 2015 both companies paid 35 percent of RAS profit. OGK-2 paid 20 percent for 2015 due to planned investments in 2016

** Gazprom energoholding, which is managing Gazprom’s power assets, management also said at a meeting with investors that the talks on exit of the Finnish Fortum from TGK-1 and Moscow’s government from Mosenergo continue, but no decisions have been made, two participants of the investor day said

** Fortum owns a 29.45 stake in TGK-1, Moscow government holds 26.45 percent in Mosenergo

For further company coverage For the story in Russian, click (Reporting by Anastasia Lyrchikova in Moscow, translated by Gdynia Newsroom)

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