“Free cash flow will likely remain negative over the rating horizon due to significant capital investment plans of AZN2.6bn for 2015-2018 (excluding the distribution networks). However, a large part of the investment programme is discretionary, and subject to available government funding. In 2014, the capex programme was significantly reduced to AZN119m from an initially expected AZN175m. We do not expect Azerenerji to pay dividends in the medium term”, the Agency said.