The dividend policy of JSC Lenenergo is directed on increase of the Company’s investment appeal and increase in its market capitalization. The policy is based on the balance of interests of the company and its shareholders, on respect and strict observance of the rights of shareholders provided by the current legislation of the Russian Federation, the charter and internal documents of the Company.
The dividend policy of the Company is defined by the Regulations on dividend policy approved by decision of the Board of Directors of the Company on 31.08.2010 (Minutes # 4).
The Regulations define overall principles of JSC Lenenergo dividend policy, terms of payment and the amount of dividend payments, sources of funds directed on dividends payment, a procedure for decision-making on dividends payment, a procedure for drawing up of the list of persons having the right to receive dividends, an order, terms and a form of dividends payment, disclosure of information on dividend policy, responsibility of the Company for nonpayment of dividends. The Regulations on dividend policy of JSC Lenenergo and all alterations to it are available on the Company’s website on the Internet.
Basic principles of JSC Lenenergo dividend policy:
The recommended sum of dividend payments is defined by the Board of Directors on the basis of financial performance of the Company, thus the Board of Directors aspires to provide positive dynamics of the size of dividend payments to shareholders.
|
Type of income |
for 2010 |
for 2011 |
for 2012 |
Growth 2013/2012, % |
|---|---|---|---|---|
|
Retained profit, RUB thousand |
3,805,591 |
1,417,420 |
1,234,328 |
-12.9 |
|
Reserve fund, RUB thousand |
0 |
0 |
31,356 |
— |
|
Profit on development, RUB thousand |
3,425,032 |
1,275,678 |
894,390 |
-29.9 |
|
Dividends, RUB thousand |
380,559 |
141,742 |
308,583 |
117.7 |
|
Other purposes, RUB thousand |
0 |
0 |
0 |
— |
|
Type of income |
Dividends for 2010 (AGSM 2011) |
Dividends for 2011 (AGSM 2012) |
Dividends for 2012 (AGSM 2013) |
Growth 2013/2012, % |
|---|---|---|---|---|
|
Per one ordinary share, RUB |
0.00 |
0.00 |
0.16 |
— |
|
Per one preferred share, RUB |
4.08 |
1.52 |
1.32 |
-12.9 |
|
Type of income |
Dividends for 2010 (AGSM 2011) |
Dividends for 2011 (AGSM 2012) |
Dividends for 2012 (AGSM 2013) |
Growth 2013/2012, % |
|---|---|---|---|---|
|
Ordinary shares, RUB thousand |
0.0 |
0.0 |
185,150.0 |
— |
|
Preferred shares, RUB thousand |
380,559.1 |
141,742.0 |
123,432.8 |
-12.9 |
|
Type of income |
Dividends for 2010 (AGSM 2011) |
Dividends for 2011 (AGSM 2012) |
Dividends for 2012 (AGSM 2013) |
Growth 2013/2012, % |
|---|---|---|---|---|
|
Ordinary shares, RUB thousand |
0.0 |
0.00 |
185,150.1 |
— |
|
Preferred shares, RUB thousand |
380,559.1 |
141,742.0 |
123,432.8 |
-12.9 |
|
2010 |
2011 |
2012 |
2013 |
||
|---|---|---|---|---|---|
|
Calculated on the formula: the sum of accrued dividends for the reporting year / net profit for the reporting year calculated on RAS.Payout ratio, % |
Ordinary shares |
0.00 |
0.00 |
15.00 |
15.00 |
|
Preferred shares |
10.00 |
10.00 |
10.00 |
10.00 |
|
|
Calculated on the formula: dividend per one share for the reporting year / average cost of one share for the reporting year end.Dividend Yield, % |
Ordinary shares |
0.00 |
0.00 |
2.47 |
— |
|
Preferred shares |
11.39 |
6.99 |
7.51 |
— |
|
The Company annually pays dividends on preferred shares. For the first time since 2005 dividends on ordinary shares were paid in 2013. The general size of dividends for 2012 totaled 25% of net profit of the Company calculated according to RAS. Payout ratio for 2013 is given on the basis of recommendations of the Board of Directors to the Annual general shareholder meeting. The decision on payment of dividends for 2013 will be approved at the Annual General Shareholder Meeting in June, 2014. For the last years the Company shows high dividend profitability – one of the best in the sector.