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is it dismissing it entirely: after all, it is taking just a 2% likely dividend yield from the common shares, whose investment case is entirely predicated on some sort of a positive eventual outcome from the cash.
The third stage of Yamal liquefied natural gas (LNG) plant of Russia's independent gas major Novatek will be launched in December 2018 or January 2019, the head of the company Leonid Mikhelson pledged to Japanese Minister of Economy, Trade and Industry Hiroshige Sekō, as cited by Tass on April 27. The launching of the third stage would be launched two quarters earlier than previously planned, in line with Novatek's aggressive growth strategy in the LNG sector. The completion of the LNG plant's final fourth stage was previously planned for end-2019 or beginning of 2020. Novatek its first major LNG project Yamal despite Western sanctions , plans another Arctic-2 LNG project and adopted and ambitious 2030 strategy of LNG growth . The company reported first-quarter IFRS revenue growth of 20% year-on-year to $3.15bn , with 8% y/y Ebitda gain to $$0.99bn while net profit declined by 37% y/y to $758mn.
9.2.2 Automotive corporate news
Russia's heavy vehicle producer Kamaz increased its IFRS net profit in 2017 five-fold year-on-year to RUB3.5bn ($55mn), the company said on May 3. The results beat previously announced unaudited profit of RUB2.5bn and company's own guidance of RUB1.2bn bottom line for last year. In 2016 Kamaz made a spectacular turnaround from net loss of RUB3.3bn in 2015 and boosted its market share on domestic truck market. This was acknowledged by Moody's Investors Service that upgraded its corporate family rating (CFR) Ba3 from B1 with Stable outlook on November 14.
German car major Daimler could increase its stake in Russian heavy vehicle producer Kamaz from 15% to 19% , Kommersant daily reported on May 28 citing the head of state technology agency Rostec Sergei Chemezov. Kamaz boosted its IFRS net profit in 2017 five-fold year-on-year to RUB3.5bn ($55mn), beating company's own guidance of RUB1.2bn bottom line for last year. Currently Rostec controls 49.9% in Kamaz and could sell 4-5% stake to Daimler. Another 23.54% in the company is held by Avtoinvest holding (50% controlled by Vitaly Mashitsky, 20% by Ruben Vardanyan, 30% by head of Kamaz Sergei Kogogin). Daimler previously said it could close an investment deal worth RUB7.7bn with Kamaz on developing new models and modernising production facilities. In 2016 Kamaz made a spectacular turnaround from net loss of RUB3.3bn in 2015 and boosted its market share on domestic truck market. This was acknowledged by Moody's Investors Service that upgraded its corporate family rating (CFR) Ba3 from B1 with Stable outlook on November 14.
9.2.3 Aviation corporate news
Russia's national air carrier Aeroflot reported first-quarter negative IFRS Ebitda of RUB7.7bn , with a net loss more than doubling y/y to RUB11.5bn, despite the 9% year-on-year increase in revenues to RUB112bn ($1.18bn). In the conference call the carrier's management stressed the impact of seasonal effects on the company’s first quarter results, such as the impact of a 21% y/y increase in fleet held under
81 RUSSIA Country Report June 2018 www.intellinews.com