Page 97 - RusRPTNov20
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        December. An extraordinary meeting of shareholders is scheduled for 26 November and the register for participation in the meeting closes on 2 November. TMK’s latest paid dividends amounted to RUB2.55/share for 1Q19.
● Banks
VTB​ CFO ​comments on dividends. A​ nalysts s​ ee 2020 RUB70-75bn net profit as achievable (RUB84bn BCSe) with RUB250bn and RUB300bn targets for 2021/22 look quite ambitious (RUB134bn and RUB173.5bn BCSe). Return to 50% payout is welcome and coincides with the official policy, yet reckon volatile track record – 10% and 15% payouts for 2019 and 2018 and yet not verystrongcapitalcushionwithlocalCAR(H20.0)at11.8%asofJuly,1s​t​. Consideration of pref shares decrease in share capital may increase dividends payments for ordinaries, given current distribution among 3 classes of shares including 2 types of prefs.
● Retail
The board of Russia's largest electronics retailer M.Video-Eldorado recommended RUB30 per share dividend for 1H20, making a total payout of RUB5.4bn ($69mn) and making 100% ​of adjusted net income for 1H20. Despite the lockdown in 1H20 challenging non-food retailers, the BoD recommended [paying] 1H20 dividend per share of RUB30, implying a modest 4.2% dividend yield and 100% payout of adjusted net income earned in 1H20. The group ​increased its net adjusted profit​ in 1H20 by 44% year on year to RUB5.3bn ($71mn), the company said on August 24. Ebitda got a 20% y/y boost to RUB13.4bn, with a margin of 7.7%, while revenues were up by 8% at RUB174bn.
● Metal & Mining
RUAL agreed to minimal 9M20 MNOD dividends. ​UC Rusal agreed to minimal 9M20 MNOD dividends. Interfax reported, citing the Deputy General Director of the company Maxim Poletaev. Rusal – the second largest shareholder of Norilsk Nickel – agreed to limit 9M20 dividends to a minimal amount. Earlier, the head of Norilsk Nickel, Vladimir Potanin, proposed limiting the company's 9M20 dividends to a minimal level due to the negative impact of the coronavirus pandemic and the financial consequences of the diesel fuel spill in Norilsk in May. Poletaev said that RUSAL shares a cautious approach to Norilsk Nickel’s dividends in the current situation.
Norilsk already said it was committed to one interim dividend at 30% of estimated total annual dividend, which it was likely to pay for 9M20. Discussions regarding the size of the full year dividend remain ongoing.
   8.3.3 ​ ECM news
97 ​RUSSIA Country Report​ November 2020 www.intellinews.com
   Russian residential real estate developer’s block​ ​Samolet Group​ placed 5% of its shares on the​ M​ oscow Exchange​ (MOEX) on October 29 ​that values the company at c$750mn in a rare IPO. The price makes the company the third most valuable real estate company in Russia amongst the majors: PIK ($5.1bn), LSR ($1.2bn) and Etalon ($487mn). The offer was led by Samolet’s
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