Page 113 - RusRPTMay21

dividend cut means a net $700mn increase of proceeds distributed to shareholders on a gross basis in 2021 vs. the status quo, and is thus slightly positive, in our view. Interros and Rusal are yet to consider their participation in the buyback, or on the extent of any participation. We believe negotiations on the dividend outlook for 2021 onwards are likely to continue; no final decision has been reached at present (our base case is 60% of EBITDA for 2021 and 100% of FCFE afterwards).
Polyus ’ BoD recommended 2H20 dividends at Rb387.15/sh ($5.09/sh). The amount and the record date is subject to approval by the company’s AGM on 27 May. The recommended dividend amount of Rb387.15/share is equivalent to approximately $5.09/share or $2.55/GDR, with a DY of 2.45%. The total recommended dividend payout for 2H20 will correspond to c$693mn, representing 30% of the company EBITDA for 2H20 – in line with its dividend policy.
Phosagro BoD recommended 4Q20 dividends at Rb63/sh (c$0.28/GDR). Reuters reported. The recommendation implies a DY of 1.44%. The AGM will be held on 25 May. The record date for shareholders eligible to participate in the AGM is 30 April. It was recommended that the AGM approve 7 June as the record date for dividends. The company already paid dividends for 1Q20 at Rb78/share, for 2Q20 at Rb33/share, and for 3Q20 at a record Rb123/share.
Evraz BoD recommended an interim dividend of $291.7mn, or $0.20 per share (2.3% yield). The record date is May 28. Evraz's dividend policy is the most flexible among Russian steelmakers. It stipulates paying no less than $300mn per year in two semiannual payments, while any dividends above $300mn are at the discretion of the BoD. The last time Evraz paid dividends more frequently than semiannually was in 2018, when four dividend payments were made The decision comes as a surprise and may indicate Evraz's positive view on the steel market.
Alrosa’s Supervisory Board has recommended a final 2020 dividend of RUB 9.54/share, the company reported on Tuesday, 27 April. The total proposed payout is RUB 70.3bn, or 80% of the company’s FCF generated in 2H20, which is in line with its dividend policy. The proposed DPS (dividend yield of 8.7%) is subject to the approval of ALROSA’s general meeting of shareholders, which is scheduled for 16 June. The record date is set for 4 July. ALROSA will report its April diamond sales on 12 May and its 1Q21 results on 18 May.
● TMT
Mobile TeleSystems (MTS) announced that its BoD approved the first DPS portion in 2021. It was recommended at Rb26.51/share (8% dividend yield); proposed record date 8 July for a total payout of RUB 53bn. This implies dividend yields of 8.2% for ords and 8.3% for ADRs.
● Other
Segezha Group will aim to pay dividends at least once per year. The Company aims to pay dividends of between RUB3bn and RUB5.5bn each year from 2021 to 2023. Starting from 2024, dividend distributions are expected to
113 RUSSIA Country Report May 2021 www.intellinews.com