Page 112 - RusRPTJun21

dividend yield of 9%). The dividend record date for both is 29 June. The recommended DPS for ords is better than our estimate (RUB0.008/share), while the proposed DPS for prefs is in line with what we expected. The announced payout amounts to RUB3.6bn, or 25.8% of the company’s 2020 RAS net income.
The Mosenergo Board of Directors has recommended dividends for FY20 of RUB 0.179, a total payment of RUB 1,733mn (89% of IFRS net income or 50% of RAS net income). It set the record date set for 5 July.The recommended dividend implies a 7.9% dividend yield to the current share price, which is attractive and supportive, as this implies a 49% YoY DPS growth, despite a 16% YoY reduction of IFRS net income in 2020, with the effective dividend payout of 89% of IFRS net income (50% under RAS). The recommendation exceeded our expectations. We note that the official policy of the company is a 50% payout of IFRS net income, and this was the case for the recommendations at OGK2
Phosagro BoD recommended dividends of Rb105/sh (Rb35/GDR). Interfax reported. The total payment would total Rb13.6bn. Phosagro shareholders will consider dividends payment at an EGM on 22 June. The dividend cut off date is proposed for 5 July.
Sistema’s BoD approved a new dividend policy for 2021-23, under which the company targets paying out no less than:
· RUB 0.31/ord (RUB 6.2/GDR), or a total payout of RUB c. 3bn in 2021, implying a 0.9% yield as of yesterday’s close.
· RUB 0.41/ord (RUB 8.2/GDR), or a total payout of RUB c. 4bn in 2022, implying a 1.3% yield as of yesterday’s close.
· RUB 0.52/ord (RUB 10.4/GDR), or a total payout of RUB c. 5bn in 2023, implying a 1.6% yield as of yesterday’s close.
In addition to the basic dividend, Sistema’s BoD also recommended that starting from 2022, Sistema should distribute 10% of its absolute EBITDA growth from the previous year to shareholders if its absolute EBITDA grows at more than 5% YoY and its ND/EBITDA is no more than 3.0x as of the end of the previous year.
The BoD has recommended a FY20 dividend payout of RUB 2.9915bn, or a DPS of RUB 0.31/ord (RUB 6.2/GDR), which is in line with the new dividend policy. The dividend record date is set for 15 July.
TGK-1’s BoD recommended paying out 50% of IFRS net income in FY20 dividends, which is in line with Gazprom management’s previous comments, as well as with market expectations. The announced payout implies a DPS of RUB 0.00107/share and a current dividend yield of 8.5%. The expected dividend record date is 5 July.
8.4 International ratings
112 RUSSIA Country Report June 2021 www.intellinews.com