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Dividends

The Company may pay dividends out of its profits in accordance with the provisions of its charter, the Regulation on Dividend Policy approved by the Board of Directors on 30 September 2010 (the Dividend Policy Regulation) and applicable laws. In the past, the Company has paid dividends on the Ordinary Shares from time to time and may consider making dividend payments in the future when and if commercially prudent, after taking into account its profits, cash flow and capital investment requirements, in accordance with applicable laws and the Dividend Policy Regulation. Under the Dividend Policy Regulation, the Board of Directors, when recommending dividend payments to the General Shareholders’ Meeting, should take into account the Group’s consolidated net profit attributable to the Company’s shareholders under IFRS for the relevant financial period and should also follow the recommendations of the Company’s general director as to the use of profit.

If recommended to the General Shareholders’ Meeting by the Board of Directors, dividends should not be less than 30% of the Group’s net profit attributable to the Company’s shareholders under IFRS adjusted for, among other things, certain non-cash items as further set out in the Dividend Policy Regulation. These include adjustments for items such as negative goodwill, share of profit in equity accounted subsidiaries, and various other items. If the amount of dividends determined in accordance with the above is more than the Company’s current year net profit and retained earnings under RAS, the Board of Directors must decrease the amount accordingly. The Company’s shareholders, including holders of the Shares, will be eligible to receive dividends declared (if any) in respect of a financial year or a financial quarter and will receive those dividends in Roubles. 

The following share of consolidated IFRS net profit reported in the corresponding period was distributed as dividends:

Rub million
200920102011 2012  2013  201420152016
Net profit2,6041,7303,7054,324 2,259 6,0724,2325,013
Dividends8018452,0042,201 2,001 2,0003,0033,003
% of net profit31%49%54%51% 89% 33%71%60%