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Content: Dividends

Dividend Policy

On 19 February 2014 the Board of Directors approved the revised dividend policy. The revised dividend policy is based on the following principles:

  • An annual dividend payment funded from net profit of the Company for the reporting year and undistributed net profit for past years in accordance with Russian Accounting Standards;
  • A balance between the interests of the Company and its shareholders;
  • A desire to increase our market capitalisation and investment attractiveness;
  • Observing shareholder rights set out in Russian legislation and in accordance with best practices in corporate governance;
  • Transparency in the process of setting and paying out dividends.

Dividend payments are approved by the General Meeting of shareholders based on recommendations of the Board of Directors. 

The new policy recommends a 25% of the Company’s net profit calculated as per Russian Accounting Standards as a benchmark dividend pay-out ratio. The dividend pay-out ratio can be set either at lower than 25% or higher than 25% of net profit depending on the Company’s financial and operating metrics, including the investment programme, free cash flow and debt payment schedule. 

The term of payment of dividends to a nominal holder and to a trustee acting in its capacity of a professional securities market participant registered in the register of shareholders shall not exceed 10 working days; the term of payment of dividends to other persons registered in the register of shareholders shall not exceed 25 working days from the date used to determine the persons entitled to receive dividends.

The Company informs its shareholders on the dividend announcement and distribution by the means of press-releases and statements of material facts published on the Company’s web-site.

Dividend History

For Fiscal year  Total Dividend (RUB Million)  Dividend per 1 share (RUB)  Dividend / Net Income (RAS)  Declaration Date  Pay Out Date 
2006  144.2  10.38  10.0%  04/07/2007  13/08/2007 
2007  153.3  11.03  10.0%  11/07/2008  22/08/2008 
2008  268.0  19.29  10.0%  26/06/2009  20/08/2009 
2009  2.2  0.16  10.0%  25/06/2010  10/08/2010 
2010  40.4  2.91 10.0%  28/06/2011  18/08/2011
2011 1 218.3 87.68 35.0% 26/06/2012 25/07/2012
2012 1 204.26 86.67 25.0% 26/06/2013 07/08/2013
2013 1 132.01 81.47 25.0% 24/06/2014 22/07/2014
2014 985.97 70.96 25.0% 24/06/2015 23/07/2015
From undistributed net profit for past years 3 499.26 251.84 N/A 09/09/2016 04/10/2016
1H 2016 1 330.56 95.76 100% 09/09/2016 04/10/2016
2H 2016 650.41 46.81 50% 22/06/2017 25/07/2017