Dividend history
The Gazprom neft PJSC Regulation on the Dividend Policy is designed to ensure that the mechanism for determining the amount of dividends and the procedure for their payment is as transparent as possible for shareholders and all stakeholders and also describes the approach of the Company’s Board of Directors to preparing recommendations for the General Meeting of Shareholders on the amount of dividends to be paid on the Company’s shares, the date as of which shareholders must be registered to receive dividends and the procedure for their payment.
The amount of annual dividends paid out for the Company’s shares must not be less than the largest of the following indicators:
- 15% of the Gazprom Neft Group’s consolidated financial result as determined in accordance with International Financial Reporting Standards (IFRS),
- 25% of the Company’s net profit as determined in accordance with Russian Accounting Standards (RAS).
Gazprom Neft has paid interim semi-annual dividends since 2013 in an effort to enhance the Company’s investment appeal.
Core principles of the Gazprom Neft dividend policy
- commitment to high corporate governance standards;
- enhancing the Company’s investment appeal;
- ensuring positive dividend payment dynamics in the event of growth in the Company’s net profit;
- commitment to ensuring the most convenient method of receiving dividends for shareholders;
- commitment to paying dividends as quickly as possible;
- ensuring the maximum transparency of the mechanism used to determine the amount of dividends;
- compliance with the standards of the existing laws of the Russian Federation as well as the Company’s Charter and internal documents.
| Period | 2011 | 2012 | 2013 | 2014 | H1 2015 |
|---|---|---|---|---|---|
| Amount of dividends accrued per one share, RUB | 7.3 | 9.3 | 9.38 (including dividends for H1 2013) | 6.47 (including dividends for H1 2014) | 5.92 |
| Total dividends accrued per share of a particular category, RUB | 34,611,487,364 | 44,094,086,642 | 44,473,390,613 | 30,676,208,664 | 28,068,493,862.88 |
| Percentage of IFRS net profit (prior to 2012 — US GAAP) | 20.6 | 24 | 25 | 25 | — |
| Compilation date of list of persons entitled to receive dividends | 24/04/2012 | 23/04/2013 | 23/06/2014 | 22/06/2015 | 16/10/2015 |
| Meeting date of issuer’s governing body at which the decision was made to pay dividends and the date and number of the minutes | 08/06/2012, Minutes No. 0101/02 dated 14/06/2012 | 07/06/2013, Minutes No. 0101/03 dated 10/06/2013 | 06/06/2014, Minutes No. 0101/01 dated 10/06/2014 | 05/06/2015, Minutes No. 0101/01 dated 09/06/2015 | 30/09/2015, Minutes No. 0101/02 dated 02/10/2015 |
| Deadline given for payment of declared dividends | before 07/08/2012 | before 06/08/2013 | before 28/07/2014 | 27/07/2015 | 23/11/2015 |
| Form and other conditions of payment of declared dividends | In cash form | In cash form | In cash form | In cash form | In cash form |
| Ratio of unpaid dividends to accrued dividends1, % | 0.02 | 0.03 | 0.05 | 0.02 | 0.02 |
Source: ratings agency data