RZD to send 280 M RUR to support Skolkovo Institute

JSC Russian Railways will send approximately 1.7% of its net profit for 2011 to the Special Fund of target capital for support and development of Skolkovo Institute of Science and Technology.

It amounts to 280 M RUR. The corresponding distribution of the net profit is determined at the disposal of the Government of the Russian Federation of June 30 which is published on the website of the Cabinet.

As previously reported, the net profit of RZD according to Russian GAAP in 2011 amounted to 16.8 B RUR. According to the Government’s decree, 5% of this amount will be sent to the emergency fund of the company (841.077 M RUR), 0.23% (39.433 M RUR) will be allocated for the committee of directors and 25% (4.205 B RUR) - for dividends. 11.456 B RUR (68.1%) of the net profit will be for the Company’s disposal.