Dividends

The Dividend Policy of the Company is the set of principles and methods used in the Company to determine the ratio between the capitalised portion of the Company profits and the amounts paid as dividends, as well as the system of relations and principles for determining the procedures and the terms of dividend payment, the establishment of Company responsibility for the dividend payment.

The Dividend Policy of the Company is based on the strict observance of the shareholders’ rights as prescribed by the existing laws of the Russian Federation, the Articles of Association, and the internal documents of the Company. The Dividend Policy of the Company is aimed at raising the investment attractiveness of the Company and increasing its market capitalisation. The Policy is based on the balance of the interests of the Company and its shareholders.

The Dividend Policy of the Company is aligned with the Regulations on the Dividend Policy approved by the resolution of the Board of Directors on 31 January 2018 (Minutes No. 297/2018 dated 1 February 2018) and published on the corporate website in the  About the Company/ Constitutive and Internal Documents section.

Main principles of the Company’s Dividend Policy:

  • Complying the Company’s dividend accrual and payment practices with the legislation of the Russian Federation and corporate governance standards
  • Striking an optimal balance of interests of the Company and its shareholders
  • Determining the size of dividends in the amount of not less than 50% of net profit measured on the basis of financial statements, including consolidated financial statements prepared under International Financial Reporting Standards and calculated in accordance with the procedure established by the Regulations on Dividend Policy
  • Ensuring that dividend payments can be made on a quarterly basis if the relevant criteria are met
  • Ensuring the maximum transparency (relatability) of the dividend calculation mechanism and dividend payout procedures
  • Supporting the positive dynamics of dividend payment volumes provided that the net profits of the Company increase
  • Making the information on the Company’s Dividend Policy available to the shareholders and other interested parties
  • Maintaining the required level of the financial and technical conditions in the Company (Investment Programme implementation), supporting the Company development prospects
Profit distribution according to RAS for 2020–2022Decisions on the distribution of profits for 2020–2022 were adopted by resolutions of the Annual General Meeting of Shareholders of the Company dated 3 June 2021 (Minutes No. 45 dated 4 June 2021), dated 16 June 2022 (Minutes No. 48 dated 21 June 2022), dated 5 December 2022 (Minutes No. 49 dated 8 December 2022), and dated 16 June 2023 (Minutes No. 50 dated 21 June 2023).,  (RUB ‘000)
Indicator For 2020 (Annual General
Meeting of Shareholders 2021) 		For 2021 (Annual General
Meeting of Shareholders 2022) 		For 2022 (Annual General
Meeting of Shareholders 2023)
Retained earnings (uncovered loss) of the reporting period, including: (1,501,278) 1,711,834 5,244,477
Reserve fund – 85,592 262,224
Profit for development – 694,019 2,272,209
Dividends – 932,223

2,710,044

(interim dividends based on the results of 9 months of 2022 (Minutes of the Extraordinary General Meeting of Shareholders No. 49 dated 08.12.2022) — RUB 1,943,544 thousand);

dividends payable — RUB 766,500,000)

Recovery of losses of prior periods – 0 0

On 5 December 2022, the extraordinary General Meeting of Shareholders of the Company decided to pay dividends on ordinary shares of the Company from the net profit of the Company for the nine months of 2022 in the amount of RUB 1,943,544 thousand in cash.

On 16 June 2023, the extraordinary General Meeting of Shareholders of the Company decided to pay dividends on ordinary shares of the Company from the net profit of the Company for 2022 in the amount of RUB 766,500 thousand in cash.

In accordance with the Company’s Articles of Association, the annual General Meeting of Shareholders will decide on the distribution of profits based on the results of 2023.

History of dividend payments made by the Company in 2021–2023
Dividend period, year
2020 2021 9 months of 2022 2022
Number and date of the Minutes of the General Meeting of Shareholders, when the dividend payment decision was made The General Meeting of Shareholders of the Company (Minutes No. 45 dated 4 June 2021) decided not to pay dividends based on the 2020 results No. 48 dated 21.06.2022 No. 49 dated 08.12.2022 No. 50 dated 21.06.2023
Record date of making a list of  persons entitled to dividends for the particular dividend period 27.06.2022 16.12.2022 30.06.2023
Volume of declared (accrued) dividends for the shares of this category (type) per one share, RUB 2.71262 5.4823041072 2.0022935
Cumulative declared (accrued) dividends for all shares of this category (type), RUB 932,223,000 1,943,544,000 766,500,000
Total amount of dividends paid on all Company shares of one category (type), RUB 931,824,726.15 1,942,796,062.32 766,184,712.30
Payment term for the declared dividends on the Company’s shares 10 and 25 working daysFor nominee shareholder that is securities market professional trustee, the term of payment is ten working days maximum, and for other registered shareholders — 25 working days from the record date.
Form of payment and other provisions for the declared dividends on the Company’s shares Monetary funds
Causes of non‑distribution of declared dividends The questionnaire contains no dividends allocation details to be provided by a registered person

There are no dividend arrears owed by the Company.