When money is not a pity

The Gazprom Management Committee paid 3.3 billion rubles to itself against the backdrop of the Corporation's minimal profit for 15 years.
03.04.2018
Origin source
"Gazprom" increased payments to members of the board and the board of directors, despite a sharp deterioration in financial performance, follows from the report of the holding on RBSU, published on Monday.

In 2017, the top managers of the company received a total of 3.268 billion rubles, of which 1.1 billion - for the fourth quarter.

Although Gazprom's profit fell 4 times and hardly exceeded 100 billion rubles, payments were increased by 2.2% compared to the previous year's figure, which amounted to 3.196 billion rubles.

The total amount includes both regular remuneration and bonuses, specifies Gazprom in the report. According to the results of the first 9 months of the previous year, 68% of the total payment of the management, or almost 1.5 billion rubles, was spent on bonus payments.

Net profit of Gazprom was only 100.3 billion rubles and became minimal for the company since 2002, despite the record volume of gas exports to Europe and revenue growth of 9.6%, to 4.313 trillion rubles. The fixed result became the worst for Gazprom since 2002.

The annual report will have to reflect the result of more than three years of proceedings with Naftogaz Ukrainy in Stockholm arbitration, Andrei Kruglov, deputy chairman of the Gazprom board, warned last week: the court ordered the Russian company to pay Kiev $ 2.56 billion for gas shortage under the transit agreement.

For this amount, Gazprom intends to create a reserve, because of which it will have to "show a smaller profit," Kruglov said.

As follows from the accounts of Gazprom, at the end of the year he transferred to the special accounts in banks 169 billion rubles, or a third of all cash reserves in the form of cash and cash equivalents.

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