Page 94 - RusRPTDec22

§ 12MF DPS=537+256+290 to 560 = 1,080 to 1,350 Rb/sh, DY 23% to 29%
§ FY22e DPS could range from 545 to 1,105 Rb/sh, or DY from 12% to 24%
The board of directors of Russian oil major Rosneft has recommended paying 20.39 rubles per share in dividends for January–September, the company said in a statement on November 14. The shareholders are to consider the recommendation at an extraordinary general meeting scheduled for December 23. The record date for the dividends is November 28.
● Metal & Mining
Russian aluminum giant UC RUSAL plans to transfer dividends to its foreign shareholders until the end of November, head of Corporate Finance Andrei Grenkov said on November 22in the Telegram channel of Gazprombank Investment. RUSAL’s shareholders approved January–June dividends at $0.02 per share in September, making it the company’s first dividend payment since 2017 when it paid $0.0197 per share. The core shareholders of RUSAL are En+ Group with a 56.88% stake and Sual with a 25.72% stake, while 17.4% is in free-float.
● Other
Unipro’s BoD considered calling an EGM on dividends for 9M22. To remind, earlier the company missed its 2021 dividend payment. Should the decision be taken (which is not by any way assured), we may see a return of interesting dividend story, as company amassed over RUB20bn of cash on its balance sheet. This was a surprising development. Unipro generates sizable positive FCF that could be diverted to shareholders, however geopolitical tensions have interrupted company’s dividend story. Hypothetically, paying Rb10-20bn in dividends could yield between 10-20% at current market levels.
94 RUSSIA Country Report December 2022 www.intellinews.com