Page 89 - RusRPTNov22

8.3.2 Dividends dynamics
● Oil & gas
The value of Gazprom's shares on the Moscow Exchange decreased by almost 30%, Tatneft - by more than 18% just after dividend cut-offs date passed on October 10. The shares of "Gazprom" became cheaper by 29.75%, falling to 137.1 rubles. for paper. Shares of "Tatneft" at the same time fell by 18.43% to 300.1 rubles. for paper. At one moment, Gazprom shares fell by 29.75% reaching 137.1 rubles per share. Shares of Tatneft fell by 18.43% to 300.1 rubles per share.
Rosneft announced a BoD meeting on 11 November to consider interim dividends, per a company document posted by Interfax. The market reacted positively, with ROSN rising 4% yesterday after the late-afternoon announcement. The dividend size of secondary importance to the intention to pay. Yesterday’s announcement stated that the interim dividend would be paid on the results of the first nine months of 2022. However, as with Lukoil, we think that, translated from bureaucratic language, this actually means that dividends will be paid on 1H22, and not 9M22 results. In September, Rosneft had announced its intention to continue dividend payments, noting that its 1H22 IFRS results – of which on headline numbers were released – formed a good basis for dividend payments. We calculate that 6M22 net income was sufficient to pay a dividend of Rb20.4/sh, or a c6% DY.
● Retail
The board of directors of Beluga Group, one of Russia’s leading producer of alcoholic drinks, has approved a new dividend policy that raises the minimum dividend payment to 50% of the net profit as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Thursday. The company will still try to pay dividends at least twice a year, Beluga said. Previously, the company was to pay at least 25% of the IFRS net profit in dividends. The company paid 150 rubles per share in dividends for January–June and 47.24 rubles per share in dividends for 2021.
● TMT
MTS said on October 13 that the new dividend policy is in active works.
The company made these comments at the investor webinar hosted by BCS yesterday. Previously MTS postponed the adoption of the new dividend policy due to uncertainties. However, yesterday the company said that it is back to active works on the policy and may reveal it to the market by the end of this year or at the beginning of the next year. The company also considers increasing the number of dividend payments within a year versus its historical twice a year practice.
89 RUSSIA Country Report November 2022 www.intellinews.com