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 years)
|
Period |
Category (type) of shares |
Date of the list with the persons entitled to receiving dividends |
Declared and Paid dividends per one share, Rub. |
Declared and Paid dividends |
% 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% |
On June 21, 2019 the Annual general meeting of shareholders of PJSC «RussNeft» made a decision to allocate US $ 39,999,996.96 (at the exchange rate of the Bank of Russia on the date of the actual payment of dividends) to pay dividends for the cumulative preferred shares of PJSC «RussNeft» on the basis of US $ 0.40803 as per one cumulative preferred share of the Company.