Dividends
The Dividend Policy of Rosseti Kuban is a set of principles and methods used to determine the ratio between the capitalized portion of the Company’s 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 payouts, the allocation 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 bylaws of the Company. Its key goal is to enhance the investment appeal of the Company and its market cap.
The Dividend Policy of Rosseti Kuban is determined by the Dividend Policy Regulation approved by the Board of Directors’ decision on January 31, 2018 (Minutes No. 297/2018 dated February 1, 2018). The Policy is available at the Company’s official website in the section About the Company / Constituent and In-house Documents.
Main principles of the dividend policy of Rosseti Kuban:
- compliance with the Company practices for dividend accrual and payment, the laws of the Russian Federation and the standards of corporate governance (decree No. 1094-r of the Government of the Russian Federation dated May 29, 2017);
- optimal balance of interests of the Company and its shareholders;
- setting the dividend volume to at least 50% of the net profits determined according to the financial statements, including the consolidated reports prepared following the international financial reporting standards and calculated using the procedures set out by the Dividend Policy Regulations;
- supporting the quarterly dividend payments if the relevant criteria are met;
- supporting 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 dividend policy available to the shareholders and other interested parties;
- maintaining the required level of financial and technical condition of the Company (implementation of the investment program), providing the development potential for the Company.
| Indicator | For 2016 | For 2017 | For 2018 | For 2019 |
|---|---|---|---|---|
| Undistributed profit (loss) of the reporting period Including: | 2,140,500 | 525,276 | 151,158 | 2,428,011 |
| Reserve fund | 107,025 | 26,264 | 7,560 | 121,401 |
| Profits to development | 1,498,350 | 177,442 | 0 | 1,669,696 |
| Dividends | 535,125 | 321,570 | 143,638 | 636,914 |
| Recovery of losses of prior periods | – | – | – | – |
| Dividend period, year | Number and date of the Minutes of the General Meeting of Shareholders, when the dividend payment decision was made | Record date of making a list of persons entitled to dividends for the dividend period | The volume of declared (accrued) dividends for the shares of this category (type) per one share in rubles | Cumulative declared (accrued) dividends for all shares of this category (type) | The total amount of dividends paid on all Company’s shares of one category (type) | Due date of the declared dividends | Form of payment and other provisions for the declared dividends | Causes of non-distribution of declared dividends |
|---|---|---|---|---|---|---|---|---|
| 2015 | 27.06.2016 №. 37 | 13.07.2016 | 4.047105 | 1,144,797,000 | 1,144,279,337.45 | 10 and 25 working daysFor nominee shareholders that are securities market professional trustees, the term of payment is 10 working days maximum, and for other registered shareholders — 25 working days from the record date. | Monetary funds | The questionnaire contains no dividends allocation details to be provided by a registered person |
| 2016 | 29.06.2017 №. 39 | 27.06.2017 | 1.762658567 | 535,125,135 | 534,876,410.47 | 10 and 25 working daysDitto. | ||
| 2017 | 25.05.2018 | 05.06.2018 | 1.0585165 | 321,570,274 | 321,441,720.82 | 10 and 25 working daysDitto. | ||
| 2018 | 20.06.2019 | 01.07.2019 | 0.472815 | 143,638,053 | 143,564,792.83 | 10 and 25 working daysDitto. | ||
| 2019 | 29.05.2020 | 15.06.2020 | 1.90318 | 636,914,000 | 636,637,006.05 | 10 and 25 working daysDitto. |
Summarizing the results of the 2010–2014 financial years, the General Meeting of the Company’s Shareholders decided not to pay dividends.
In 2020 (as of 2019 year-end), the federal budget paid dividends in the amount of RUB 39,639 thousand; there is no outstanding balance.