"Rosseti" has planned record dividends

The company will pay 5 billion rubles as a result of 2018.
Following the results of 2018, "Rosseti" plans to allocate about 5 billion rubles for dividends, said Pavel Grebtsov, director of the tariff policy department of the company. Half of the amount is almost 2.5 billion rubles. - the company has already paid out to shareholders on the basis of the results of the first quarter. Management will also recommend that the board of directors make a decision on preliminary dividends for nine months. "Our policy is aimed at stable dividend payments to our shareholders. We believe that dividends should be built up systematically. Therefore, if there is a decision of our shareholders, intermediate dividends will be made, "Grebtsov said.

Thus, by the end of the year, Rosset will pay a record dividend for itself. Since its inception in 2013, the company has paid dividends only in 2016, when the shareholders received 3.8 billion rubles. At the end of 2017, it refused to pay dividends due to a paper loss under RAS of 13.2 billion rubles, which resulted from a revaluation of shares and the creation of a provision for impairment. In the consolidated financial statements under IFRS, which reflects the performance of the whole group, and not just the parent structure, the company's net profit increased by 39.5% to 137.1 billion rubles. In the first half of 2018, net profit of Rossetei increased by 9.1% and amounted to 40.6 billion rubles.

"Rosseti" is the operator of electric grids in Russia. The company operates 2.3 million km of transmission lines and nearly 500,000 substations. The group includes more than 30 subsidiaries, including IDGCs and FGC UES. The main shareholder of the company through the Federal Property Management Agency is the state with 88.89% of the shares.

The group is in good financial condition and in recent years the parent company of the holding has received a significant cash flow of dividends from its subsidiaries - 20-26 billion rubles. a year, argues the analyst of "Aton" Alexander Kornilov. He recalls that most of the money was spent on the financial recovery of the troubled companies of the holding. "But there is a source of payments, and enough money from the" daughters "to cover the interim dividends," Kornilov suggested.

After payments for the first quarter, the decision to pay dividends for the nine months was expected and did not affect the value of the company's shares, analyst Alor Broker Alexei Antonov said. For a day of paper, "Rossetey" fell 1.5% on the stock exchange. The shares of the holding company are in a long downward trend since September 2017, Antonov recalls. "The securities were affected by the possible refusal to pay dividends by infrastructure monopolies, which is being discussed in the government. This is a monstrous blow to minority shareholders. And the very fact of the discussion leads to the fact that the Rossetei papers are falling and will continue to fall, "Antonov suggested.

August 29 it became known that the government is discussing the possibility of allowing infrastructure monopolies not to pay dividends on ordinary shares, so that the released funds went to their investment programs, wrote Kommersant referring to the minutes of meetings between vice-premiers Dmitry Kozak and Maxim Akimov. The fact that "Rosseti" intend to appeal to the authorities with a request to release them from dividends, the general director of the company Pavel Livinsky told in October 2017. Later he proposed to introduce long-term tariffs for network services, which will take into account the interests of shareholders and long-term development plans. Energy Minister Alexander Novak in February 2018 in an interview with Interfax, said that the government is discussing the possibility of introducing a special dividend component in the tariffs of Rossetei.

The Ministry of Finance quite rigidly insists that state monopolies observe the dividend policy and pay 50% on IFRS, notes Alexander Kornilov. "I would like to see a reasonable balance between capex and dividends with respect to public companies whose shares are traded on the exchange," the expert said.