About the Dividend Policy
In particular, he has noted that Transneft, JSC plans to adopt a new dividend policy in the third and fourth quarter of 2015. According to him, the company will move to a new approach to paying dividends: it will direct up to 25 pct according to IFRS adjusted for various correction factors to the payment of dividends.
The new dividend policy is not planned to change the proportion of profit distribution for dividends: 10 pct going toward the preferred stock and 15 pct going toward the ordinary stock.
As for the payments based on the results of 2014, according to Maksim Grishanin, the management of Transneft, JSC will recommend that the Board of Directors approve the dividends for 2014 in the amount of 25 pct of the net profit in compliance with the RAS. This will include 10 pct being directed toward the preferred stock and 15 pct being directed toward the ordinary stock.
On the Possibility of Repayment of Bonds
In 2015, Transneft, JSC can perform unscheduled repayment of ten-year bonds issued in 2009 in the amount of 135 billion rubles due to the unfavorable economic situation. «This year the company will have to pass the offer on the bonds in the amount of 135 billion rubles, which is subject to repayment in 2019. However, the situation is that the company can re-issue these securities with an interest rate of, approximately, 17 pct, which is not satisfactory», said the First Vice President of the company.
Thus, Transneft, JSC is inclined to repay the bonds early, in 2015. At the same time, Maksim Grishanin added that the company may decide otherwise if the macroeconomic situation changes toward the third and the fourth quarters of this year.
He has also noted the presence of an unscheduled repayment of bonds in the amount of 34 billion rubles in late 2014. The decision was made due to the fact that these bonds could have been refinanced at a rate that was unsatisfactory to the company (in excess of 20 pct) at the end of December 2014.
On Investments into New Projects
Transneft, JSC’s investments into new projects reached 523.4 billion rubles in 2015–2020; investments into upgrade, revamping, and reconstruction will amount to 1.14 trillion rubles according to the First Vice President.
At the same time, the First Vice President said that the peak of the investment (approximately, 650 billion rubles) was expected to occur in 2015–2016.
In 2014, investments into new projects amounted to 156.1 billion rubles, which exceeds the corresponding value for the previous year by 15 pct. Investments into upgrade, revamping, and reconstruction increased by 58 pct (up to 169.1 billion rubles) last year.
Maksim Grishanin has noted that the volume of oil delivery to consignees decreased to 477.5 million tons (by 0.7 pct) last year.
About the Prices for Pipe Products
Maksim Grishanin has also noted that Transneft, JSC expects the prices of pipe products to grow by an average of 25 pct in the second quarter of 2015. According to him, this price growth will apply to metal structures, shut-off valves, and materials for tanks. The rise in prices is associated with the situation in the steel market as a whole.
However, the company does not expect this to lead to higher prices for large investment projects.
About Filling of New Pipelines
Speaking about the implementation of the Zapolyarye – Purpe and Kuyumba – Taishet projects, the First Vice President has noted that Transneft, JSC is more interested in the beginning of the early pumping of oil through the new pipes than in compensation of the costs of conservation of pipelines by oil companies.
«Really, oil experts have been shifting the schedules of delivery of oil into these systems. We have repeatedly discussed this issue. We have a shortfall in income. Oil experts have received an order to compensate Transneft, JSC for all the costs of conservation. We are trying to negotiate with oil companies so that they still begin pumping, at least, some volume of oil», said Maksim Grishanin, who also explained that the technology of conservation of pipelines is unsafe.
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