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 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.

 

Dividends history of PJSC “RussNeft”
                                                                                             (for the last 5 years)

Year

Category (Type)  of

Shares

The date of list with the persons entitled to receive the dividends

The amount of the declared dividends payable for one share, Rub.

Total amount of the declared dividends (excl. deduction of income tax), mln Rub.

Total amount of the dividends paid


(excl. deduction of income tax), mln Rub.

2014

preference¹

-

-

-

-

2015

preference ¹

-

-

-

-

2016

preference

17.07.2017

24.30

2,381.74

2,381.74

2017

preference

12.07.2018

25.74

2,523.34

2,523.34

2018

preference

11.07.2019

25.75

2,524.65

2,524.65

2019 preference

13.10.2020

47,15

4 621,93

4 621,93

                ¹ preference shares of the Company were initially placed in June 2016.

             Dividends for common stock for 2014-2020 were not declared or paid.

 

The Annual General Shareholders Meeting of PJSC “RussNeft” held on September 24, 2020 made a resolution to allocate USD 60 mln (at the rate of the Bank of Russia set at the actual date of the dividends payment)  for the payment of dividends on the preferred shares of PJSC “RussNeft” on the basis of USD 0,612045 per one preferred share of the Company).