December 12, 2019 / 4:16 PM / a month ago

Gazprom says will adjust net profit to FX moves when paying dividends

MOSCOW, Dec 12 (Reuters) - Russia’s Gazprom will adjust its net profit to foreign currency moves when paying dividends, the company’s Deputy Chief Executive Famil Sadygov said on Thursday.

Gazprom, after its board approved increasing dividends to at least 50% of net profit, expects a ratio of its net debt to EBITDA to be below 2.5 in the coming years, Sadygov said.

Gazprom said earlier the board may decide to reduce the size of dividend payments if adjusted net debt to EBITDA exceeds the 2.5 ratio.

Gazprom’s planned capital investment in 2020 is set to be covered by the company’s cash flow, Sadygov said. (Reporting by Andrey Kuzmin and Maria Grabar; Writing by Andrey Ostroukh; editing by David Evans)

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