Page 104 - RusRPTNov21

According to Finam analyst Sergey Kaufman, the oil and gas industry continues to support the development of Russia’s stock market. According to his study, in the midst of rising gas costs, coal prices in Europe rose by one-third in ten days, bolstering the shares of Mechel and Novatek.
8.3.2 Dividends dynamics
● Oil & gas
Lukoil 's BoD recommended a 9m21 DPS of RUB340. The record date was set on December 21, 2021. The recommended dividend is exactly in line with the dividend policy, representing 100% of FCF after interest and lease payments for 1H21. This is fully in line with our estimates. The implied semiannual dividend yield amounts to 4.8%. Technically, Lukoil's BoD recommends the interim dividend payments based on the RAS financial performance for nine months, while the actual base for the calculation is IFRS FCF for the first half of the year.
Yamal LNG is expected to return dividends for Novatek for the first time
this year since prior profits were used to service debt obligations. It's expected that Novatek will realize 40 billion rubles worth of dividends for shareholders from the project for Jan.-Sept. with that figure rising through the rest of the year. 4Q uncertainty about oil prices and natural gas demand affect further
104 RUSSIA Country Report November 2021 www.intellinews.com