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decision is dictated by rapid net debt decline; however, it is our view that the uncertainty over dividend payment remains, given the tight debt repayment schedule for 2022 onwards. The company has a formal dividend policy in place, which stipulates the payment 15% of Covenant EBITDA (based on definition in PXF facility). Uncertainty also remains about whether the buyback is included into Covenant EBITDA. We estimate that the payment for 1H21 in line with the dividend policy would be $300mn excluding the NorNickel buy-back, and $500mn including theNorNickel buy-back (3.0% and 5.1% semi-annual dividend yield respectively).
9.2.13 Other sector corporate news
The Russia-based European Medical Center (EMC) listed on the Moscow Exchange on June 16 that valued the company at over $1bn. Private health care has been a booming business in recent years, but the EMC was set up by French medical company in the 1990s to cater to the medical needs of the expat community. The clinic flourished and quickly won a lucrative clientele amongst rich Russians who were looking for exclusive health care and an alternative to the state run system or the inconvenience of flying abroad for medical services. From the general practitioners clinic, the EMC expanded to open a hospital and a children's clinic.
148 RUSSIA Country Report August 2021 www.intellinews.com