Page 84 - RusRPTDec23

the other hand, the state's increased role as the owner of large companies and commercial banks and domestic payment and settlement systems guarantees that the market will continue to be able to mediate domestic financing between actors. However, as a result of the war, the Russian financial market is significantly more closed, smaller and riskier than before the war.
8.3.2 Dividends dynamics
● Oil & gas
Sibur board recommends paying 14.93 rbl/share in Jul–Sep dividends.
● Metal & Mining
The Board of Directors of Rusal recommended not to pay dividends based on the results of 9M23. According to a comment from a company representative, paying dividends would lead to a decrease in financial stability and would complicate the implementation of the investment program for 2024. As of 1H23, Rusal's Net Debt/EBITDA ratio was 12.3x versus 3.1x at the end of 2022 due to a sharp decline in EBITDA in 1H23. The company last paid interim dividends for 1H22, the dividend amount was $0.02/share. The company's dividend policy involves paying dividends in the amount of 15% of the adjusted amount. EBITDA, subject to compliance with the requirements of credit agreements, financial liquidity and other company restrictions.
84 RUSSIA Country Report December 2023 www.intellinews.com