To ensure the maximum transparency of the dividend calculation and payout 26 May 2017 the Company’s Board of Directors, by its resolution (Minutes №278) approved the restated Regulations on the Dividend Policy (the “Regulations”).

 

The dividend policy is based balancing the interests of the Company and its shareholders, as well as on the need to make the Company more attractive in terms on investments and its shareholder value. The Company strictly complies with the rights of the shareholders and endeavors to increase their income.

 

The resolution on the dividends payout (as well as on their amount and form of payout) shall be made by the General Meeting of the Company’s Shareholders and as recommended by the Board of Directors.

 

These recommendations take account of the following:

- availability and amount of the Company’s net profit;

- financing required by the Company to expand its business and implement its development strategy in view of the dividend payout and projected performance for the year;

- material macroeconomic changes, other internal and external changes that have or may have a material impact on the Company’s future operating performance, force majeure, including natural calamities and wars;

- the need to balance the interests of the Company and its shareholders, while improving the Company’s investment case and respecting shareholder rights;

- the Company’s intent to pay out in annual dividends at least 50% of the Company’s net profit available after pro visions are made to finance the approved capital expenditure programme and repay the Company’s outstanding loans.

 

Annual dividends per a cumulative preferred share are stipulated in clause 6.3.1. of RussNeft’s Articles of Association and shall be declared and paid out on condition of the Company’s sufficient profit, determined in compliance with the Articles of Association.

 

Dividend history of PJSC “RussNeft” (over the last 5)

Period

Category (type) of shares

Date of the list with the persons entitled to receiving dividends

Declared dividends per one share, Rub.

Declared dividends
(before income tax), mln Rub.

% of net profit, in compliance with IFRS

2017

preferred

12.07.2018

25.74

2 523,34

34.5%

2016

preferred

17.07.2017

24.30

2 381,74

17.7%

 

Dividends on ordinary shares for the specified period were not paid