The dividend policy of PJSC TATNEFT is elaborated in compliance with the Federal Law «On joint-stock companies» and the Company's Articles of Association. According to the Articles of Association, holders of privileged shares are entitled to receive an annual fixed dividend,which is equal to 100% of the share face value, unless the General meeting of the shareholders decides otherwise (clause 5.4).
When determining the dividend amount (per share) recommended to the General Meeting of Shareholders, the decision of PJSC TATNEFT’s Board of Directors is based on the amount of net profit under RAS or IFRS, depending on the availability of published financial statements for the relevant period, and assuming that the target level the total funds allocated for dividends payment accounts for least 50% of the net profit amount determined by RAS or IFRS, whichever is greater. When determining the recommended dividend amount, the Board of Directors takes into account the liabilities and the investment program, as well as the need for working capital and the necessary reserves for the normal operation of PJSC TATNEFT.
Dividends for Ordinary and Preference Shares.
|Reporting period||Percentage to par value||Accrued|
|9 months of 2017||2,778||64,622||64, 561|
|6 months of 2018||3,027||70,414||70,342|
|9 months of 2018||(2,226)|
* - dividends were not received by shareholders and nominal holders due to the late submission of reliable and complete information necessary to receive the dividends.