RUSNANO Plans for the First Time to Pay out Half of Its Profit to the State

29 March 2018

In 2017, RUSNANO’s net profit, calculated under Russian accounting standards, reached 1 billion roubles. The Company plans to pay out 50% of its net profits in dividends, if a decision to this effect is approved by its Board and the Annual Shareholders’ meeting.

In accordance with Russian accounting standards (RAS), RUSNANO’s revenue for 2017 amounted to 20.2 billion roubles, more than twice as much as for the equivalent period in 2016.

Thanks to effective project portfolio management, RUSNANO’s gross profit for the reporting period grew by 1.6 times, from 4.3 billion roubles in 2016 to 6.9 billion roubles in 2017. This growth is primarily due to an increase in income from the sale of legacy assets.  In the reporting period, RUSNANO successfully divested itself of a number of companies in its portfolio, including Micron, Chelpipe, SELECTA, NIR and PANACELA LABS.

A decrease of 1.1 billion roubles in general economic expenses in the above accounting period, due to a fall in the amount of management fees, also had a positive effect on the total financial results. 

Throughout 2017, RUSNANO continued to meet all deadlines for the performance of its obligations in relation to its loan portfolio. In the reporting period the company spent 59.3 billion roubles on servicing its debt, of which 46.5 billion roubles were used for repayment of principal debt. That is 2.8 times more than the equivalent figure for 2016. 6.9 billion roubles of debt was repaid ahead of schedule. RUSNANO’s debt burden was decreased by 11.1 billion roubles. Interest and coupon payments decreased by 24% and amounted to 12.7 billion roubles.

If the decision on dividends is approved by RUSNANO’s governing bodies, the payments to the State will be the first in RUSNANO’s ten years’ history.

Additional information

Reference

RUSNANO Joint-Stock Company was founded in March 2011 through reorganization of state corporation Russian Corporation of Nanotechnologies. JSC RUSNANO contributes to implementation of the state policy on the development of the nanotechnology industry by investing directly and through investment funds of nanotechnology in financially effective high-technology projects providing the development of new production facilities in the Russian Federation. Its primary investment focus is in electronics, optoelectronics and telecommunications, healthcare and biotechnology, metallurgy and metalwork, energy, mechanical engineering and instrument making, construction and industrial materials, chemicals and petrochemicals. 100 percent of RUSNANO’s shares are state owned. Thanks to RUSNANO’s investments, there are currently 96 factories and R&D Centers opened in 37 regions in Russia. JSC RUSNANO has profit for the last 4 years.

Management of assets of RUSNANO JSC is carried out by Limited Liability Company established in December 2013, RUSNANO Management Company. Anatoly Chubais is the Chairman of its Executive Board.

Work to establish nanotechnology infrastructure and carry out educational programs is fulfilled by RUSNANO’s Fund for Infrastructure and Educational Programs, which was also established during the reorganization of the Russian Corporation of Nanotechnologies.