Page 77 - RusRPTJan22

IFRS on a semi-annual basis. Before that, the company reported quarterly. The potential dividend payment will be considered at the EGM on 10 January.
● Other
Globaltrans guided for 2H21 dividends at RUB 5bn, a 10% annual DY. Usually, it distributes what it promises, but in 1H21 it paid above the target, as it saw an improving gondola market. We do not rule out a repeat. For 1H22F, we forecast a RUB 7bn payment, a 15% annual DY. In the long term, with rates reverting to RUB 1,000-1,100/day, we see a DY of not less than 11%, which we view as attractive compared with the 9% average of the Russian market.
Unipro's shareholders approved the proposal of a RUB 0.19 DPS interim dividend with a total payment of RUB 12bn on Tuesday 7 December. The record date is 17 December 2021. The news is fully in line with the board recommendation and management guidance. The interim dividend implies a 6.8% interim dividend yield and finally brings the company to its RUB 20bn dividend payment guidance after the relaunch of unit 3 Berezovskaya GRES. The company is set to deliver an 11.3% dividend yield throughout 2022 on top of the currently approved 6.8% dividend yield, suggesting an attractive 18% dividend yield in the next 13 months. We believe the story is going to close its dividend gaps comfortably, accounting for the sustainability of payments to shareholders. However, its exposure to coal and no immediate wind projects in renewables hurt the story’s ESG profile and thus its investor base is likely to be dominated by local investors
77 RUSSIA Country Report January 2022 www.intellinews.com