AFK Sistema to more than double dividends

The Board of Directors of AFK Sistema approved a new dividend policy, which provides for a 2.4-fold increase in dividends for 2020, to ₽3 billion.In 2021-2022, they can grow to at least ₽4bn and ₽5bn, respectively AFK Sistema AFKS₽32.6 +0,67% Buy

The Board of Directors of AFK Sistema, which over the past six months has held two IPOs at once - Ozon for $ 1.25 billion and Segezha Group for 30 billion rubles - approved a new dividend policy for 2021-2023. This is stated in the message "System", received by RBC.

At the end of 2019, AFK allocated RUB 0.13 for dividends. per share, or 1.254 billion rubles. According to the new dividend policy, it will “strive” to pay dividends in the amount of at least 0.31 rubles. per share in 2021, RUB 0.41 in 2022 and 0.52 rubles. per ordinary share in 2023. Thus, the recommended base amount of dividends will grow every year and will amount to about 3 billion rubles. in 2021, about 4 billion rubles. in 2022 and about 5 billion rubles. in 2023.

In accordance with these changes, the Board of Directors recommended that the General Meeting of Shareholders, which will be held on June 26 in absentia, allocate RUB 0.31 for the payment of dividends based on the results of 2020. per ordinary share, or 2.99 billion rubles. total. This is 18.7% of net profit for 2020 (amounted to 16 billion rubles).

In addition to the basic amount of dividends, starting from 2022, the Board of Directors recommends that 10% of the absolute increase in OIBDA for the previous year be distributed to shareholders in the form of dividend payments. Such an additional payment is provided if the corporation at the end of the previous year demonstrates an increase in OIBDA by more than 5%, and at the same time, the net debt/OIBDA ratio at the end of the previous year does not exceed 3.0x.

The current dividend policy of Sistema, which has been in effect since 2017, provides for payments of at least RUB 1.19 per share. per share. But the company has already deviated from it several times after it was forced to pay 100 billion rubles under an amicable agreement with Rosneft. at the beginning of 2018.