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.
| 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 |