Fridman’s LetterOne Holdings reported net profit of 1.5 times

Luxembourg LetterOne Holdings S. A. Mikhail Fridman showed a profit of $15.8 billion, reports the company, which was able to see “Vedomosti”.

Most of the revenue of the holding was dividends from subsidiaries ($14.7 billion). In 2014, LetterOne has reported a profit of $10 billion, of which $5.3 billion of dividends.

However, the current $14.7 billion takes into account not only dividends, but also the movement of capital within the group, told “Vedomosti” a source close to the company. Analyst at Standard & Poor’s Alexander Gryaznov noted that this is a feature of non-consolidated statements according to the Luxembourg standards. According to estimates of “Vedomosti”, LetterOne Holdings in 2015, has received $253 million in dividends. Close to the company source said that she no dividends were paid, and a representative of the group declined to comment.

Investment company LetterOne (L1) manages the assets of billionaire Mikhail Fridman, German Khan and Alexei Kuzmichev. It invests in energy, telecommunications and technology, stated on its website.