Conditions under which dividends are not paid
Added conditions when the company does not pay dividends. This can happen if:
- There are restrictions on the payment of dividends established by Russian law;
- The company has no net profit in the reporting (financial) statements, for which dividends are declared, and (or) accumulated net profit according to the accounting (financial) statements;
- There are no recommendations of the Board of Directors on the payment (announcement) and the amount of dividends;
- There is no decision of the General Meeting on the payment (declaration) of dividends
Dividends are paid from profit under RAS
It is specified that the payment of dividends is profit after tax (net profit) based on the results of the first quarter, six months, 9 months and (or) the reporting year, or accumulated net profit. Net profit is determined according to the company’s financial statements, compiled according to RAS. Previously, there was no strict reference to RAS.
Principles for Determining the Amount of Dividends
The principles on the basis of which the board of directors will make its recommendations have changed. In the version of the dividend policy, payments were made for each year until 2019. At the end of 2020, payments were not made.
The company will now adhere to the following principles:
- Transparency of the mechanism for determining the amount of dividends;
- Balance between short-term (dividend payment) and long-term (capitalization growth) interests of shareholders;
- Compliance with acceptable levels of the net load indicator and the indicator of profit deduction of interest expenses, depreciation and accrued depreciation ( );
- Focus on maintaining the financial stability of the company and improving the financial and economic indicators of its activities;
- Striving to increase the size of dividends in the long run;
- Aiming at increasing the investment attractiveness of the company.
In other words, there is no indication of future payments or an understandable calculation formula, but the intention is to follow the interests of shareholders in everything.
What dividends to expect
At the same time, for the period 2022–2023, the company previously indicated a clear level of payments at the level of 3 billion rubles. in year. In 2023, the company will pay 2.2 billion rubles, which can be earned through the implementation of renewable energy projects and modernization.
Thus, in 2022 the company can pay 8.48 kopecks. per share, and in 2023 – 14.7 kopecks. per share. At current prices, these payments yield dividend yields of 10% and 17%, respectively.
Judging by the provisions of the new dividend policy, in the future the company may increase the amount of dividends if the level of profit or accumulated profit allows such payments to be made.
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