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.
|For Fiscal year||Total Dividend (RUB Million)||Dividend per 1 share (RUB)||Dividend / Net Income (RAS)||Declaration Date||Pay Out Date|
|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|
|2018||6 674, 63||480,37||75%||21/05/2019||06/06/2019|
|1H 2019||2 147,72||154,57||35%||23.09.2019||10.10.2019|
|9 months 2020||10 874,47||782,63||78,4||14.12.2020||28.12.2020|
|1H 2021||4 600, 00||331,06||50,6||30.07.2021||11.08.2021|
|9 months 2021||4 850,11||349,06||34,6||16.11.2021||29.11.2021|