The Finance Ministry has proposed to take away from “Rosneftegaz” part of the profits of the past years

Photo: Ekaterina Kuzmina / RBC

Though Rosneftegaz has received the loss for the year 2016, he can share with the government undistributed profit of past years, said Finance Minister Anton Siluanov. The Finance Ministry expects the company about 70 billion rubles, the source said RBC

State holding company Rosneftegaz, which owns a controlling stake in Rosneft and major shares in “Gazprom” and “inter RAO”, recorded a net loss for the year 2016, confirmed today by Minister of Finance Anton Siluanov, reports RBC. According to “Interfax”, the net loss amounted to 90.4 billion rubles From this point of view, to the company not to pay annual dividends, but Siluanov admitted that “Rosneftegaz” can pay out of accumulated profits of previous years.

“At “Rosneftegaz” we agreed that “Rosneftegaz” has to pay 50% of the income it was the Finance Ministry’s proposal, the final decision will be taken in the preparation of the Directive [of the government],” he said. “This company has profits of previous years, it is significant and can be a source for them [of dividends],” said Siluanov, not answering the question, how can make such payments.

The Finance Ministry is waiting for dividends from Rosneftegaz in 2016 in the amount of about 70 billion rubles, said a source in the Department.

He Rosneftegaz this week announced that the annual dividend went amount to 692 billion rubles, of which the company received in mid-December from the sale of shares in “Rosneft” and immediately transferred to the budget. But Rosneftegaz deducted this payment from their income, followed from his press release of may 16, and came thereby to the accounting net loss. This is a controversial decision, analysts say. In the 2016 budget the money came not as a source of deficit financing (as is usually done in the case of privatization of state property) and one-time dividends of “Rosneftegaz” or the payment of the same format. “Dividends must not fall into the statement of profit and loss, as this distribution is the most net profit,” — says the analyst of Raiffeisenbank Andrey Polischuk.

By the end of 2015, Rosneftegaz was over 500 billion rubles of retained earnings, follows from the statements of the company for 2014 (the last published before “Rosneftegaz” has changed the status to non-public JSC), the data about the profit of the holding company for 2015, which were previously out of RBC, and paid to the state dividends for 2014 and 2015.

According to the source RBC familiar with the discussions, the proposal to use “Rosneftegaz” undistributed profit of past years for the payment of the final dividend for the year 2016 in the government made the Ministry of Finance. The government discussed the proposal and came to consensus, says the interlocutor of RBC, but the consolidated position of the government he did not disclose.

Press Secretary of “Rosneft” Mikhail Leontiev (more than 50% of its shares owned “Rosneftegaz”) on behalf of “Rosneftegaz” has refused to comment on the statement Siluanov about the prospect of dividend payments from retained earnings. But he pointed out that, as previously reported in the company “Rosneftegaz” was created essentially as a kind of investment Fund, created by presidential decree, carrying out targeted investments in critical strategic projects in the fuel and energy sector and public infrastructure projects; withdrawal of his funds in the form of dividends is contrary to this function of the company.

The main source of income “Rosneftegaz” is the dividends on its owned shares in companies (“Rosneft”, “Gazprom”, “inter RAO UES” in the amount of approximately 108 billion rubles in the previous year) plus less regular income from the sale of these shares (as in the case of “Rosneft”). Dividend policy of “Rosneftegaz” suggests that the holding company can’t just transfer to the government dividends received from other companies — he needs to “form a Fund of funds” required for the implementation of investment projects according to decisions of the President and the government.

with the participation of Oleg Makarov

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