Dividend policy

PhosAgro is committed to striking an effective and reasonable balance between the payment of dividends and reinvestment of profit in further development. Higher transparency and predictability of dividend payments are a priority for the Company as it seeks to strengthen its investment case.

All resolutions on the payment of dividends and the timing and amount of such payment are subject to approval of the General Shareholders’ Meeting, based on recommendations provided by the PhosAgro Board of Directors. When preparing recommendations for the General Shareholders’ Meeting on any dividend payout (declaration), besides the current financial standing assessment, the Board of Directors factors in and sticks to relevant provisions of the Company’s dividend policy which states that the amount of distributed dividends ranges from 50% to over 75% (subject to the Company’s leverage ratio) of the Company’s consolidated free cash flow for the respective year under IFRS. At the same time, the amount of declared dividends should not be lower than 50% of net profit for the year under IFRS.

On 14 April 2021, PhosAgro’s Board of Directors recommended that the Annual General Shareholders’ Meeting (AGM) approve dividends of RUB 63 per share (RUB  21 per depositary receipt), or RUB 8,158.5 mln in total. If approved by the Annual General Shareholders’ Meeting on 25 May 2021, declared dividends for 2020 will amount to RUB 38,461.5 mln or 90% of the free cash flow calculated on the basis of the Company’s 2020 IFRS consolidated financial statements.

Dividend information
Type and date of the General Shareholders’ Meeting where the relevant resolution on the declaration of dividends was adopted Reporting period for which (following the results of which) the declared dividends are (were) paid Declared dividends, total, RUB Declared dividends per:
ordinary share, RUB depositary receipt, RUB
EGM 14 December 2020 Payments were made from undistributed profit for previous years. 15,928,500,000 123.00 41.00
EGM 30 September 2020 Payments were made from undistributed profit for previous years. 4,273,500,000 33.00 11.00
EGM 19 June 2020 Payments were made from undistributed profit for previous years. 10,101,000,000 78.00 26.00
AGM 22 May 2020 Payments were made from undistributed profit for previous years. 2,331,000,000 18.00 6.00
EGM 24 January 2020 Payments were made from undistributed profit for previous years. 6,216,000,000 48.00 16.00
EGM 4 October 2019 Payments were made from undistributed profit for previous years. 6,993,000,000 54.00 18.00
EGM 24 June 2019 Payments were made from undistributed profit for previous years. 9,324,000,000 72.00 24.00
AGM 24 May 2019 Payments were made from undistributed profit for previous years. 6,604,500,000 51.00 17.00
EGM 22 January 2019 Payments were made from undistributed profit for previous years. 9,324,000,000 72.00 24.00
EGM 1 October 2018 Payments were made from undistributed profit for previous years. 5,827,500,000 45.00 15.00
EGM 6 July 2018 Payments were made from undistributed profit for previous years. 3,108,000,000 24.00 8.00
AGM 30 May 2018 Payments were made from undistributed profit for previous years. 1,942,500,000 15.00 5.00
EGM 26 February 2018 Payments were made from undistributed profit for previous years. 2,719,500,000 21.00 7.00
EGM 2 October 2017 Payments were made from undistributed profit for previous years. 3,108,000,000 24.00 8.00
EGM 5 July 2017 Payments were made from undistributed profit for previous years. 2,719,500,000 21.00 7.00
AGM 30 May 2017 2016 3,885,000,000 30.00 10.00
EGM 16 January 2017 Payments were made from undistributed profit for previous years. 5,050,500,000 39.00 13.00
EGM 3 October 2016 Payments were made from undistributed profit for previous years. 4,273,500,000 33.00 11.00
EGM 29 July 2016 Payments were made from undistributed profit for previous years. 8,158,500,000 63.00 21.00
AGM 31 May 2016 2015 7,381,500,000 57.00 19.00
EGM 15 January 2016 Payments were made from undistributed profit for previous years. 8,158,500,000 63.00 21.00
EGM 6 October 2015 Payments were made from undistributed profit for previous years. 7,381,500,000 57.00 19.00
EGM 14 July 2015 Payments were made from undistributed profit for previous years. 6,216,000,000 48.00 16.00
AGM 8 June 2015 2014 1,942,500,000 15.00 5.00
EGM 31 December 2014 9M 2014 2,590,000,000 20.00 6.67
EGM 16 September 2014 6M 2014 3,237,500,000 25.00 8.33
AGM 13 June 2014 Payments were made from undistributed profit for previous years. 2,499,350,000 19.30 6.43