Page 92 - RusRPTOct21

8.3.2 Dividends dynamics
Real Estate
Etalon’s BoD recommended paying out a FY20 dividend of RUB 3.6bn, or RUB 9.39/GDR, corresponding to 61% of the company’s pre-PPA net income for 2020. Dividends are slated toe paid out in December if approved the AGM. TheoD also updated the company’s dividend policy, which now aims to pay out 40-70% of pre-PPA net income. Under the updated policy, payments will be made once a year, while theoD will make its recommendation no later than 31 May following the reporting period. Payments will be made no later than 31 December in the same year.
Samolet Group 1H21 dividend of Rb2.5bn, additional issuance approved. EGM approved 1H21 dividend;oD approved 20% additional share issue. The Rb2.5bn dividend payment comprises 96% of 1H21 IFRS net profit and is in line with the Rb5bn minimum level as per the dividend policy. Samolet is planning an SPO to be concluded next autumn or in spring 2023 and we assume theoD’s approval of the additional share issuance serves as preparation for this event. The dividend payment of Rb2.5bn for 1H21 implies DPS of Rb41 and a 1.6% DY. The 20% additional issue comes ahead of the planned SPO for autumn 2022 / spring 2023.
● Metal & Mining
92 RUSSIA Country Report October 2021 www.intellinews.com