Distribution of profit

In relation to the distribution of net profit and the payment of dividends, PAO Sovcomflot is governed by Instructions No. 774-r of the Russian Government dated 29 May 2006 “On Establishing the Position of the Shareholder – the Russian Federation – in Joint-Stock Companies”, as well as the Regulations on the Dividend Policy of PAO Sovcomflot.

Main areas of expenditure of the 2019 net profitPursuant to the current Regulations on the Dividend Policy of PAO Sovcomflot, the source of dividend payments is the Company’s net profit based on the audited accounting (financial) statements of the Company prepared in accordance with Russian statutory requirements.
Area Amount, RUB million Comment
Amount of dividends transferred to the federal budget 7,181 Paid from the 2019 profit
Amount allocated to the reserve fund 0 The reserve fund is fully formed
Amount allocated to other funds and their names 0 There are no other funds
Amount allocated to implement investment projects 24 Recapitalization of a subsidiary to finance the construction of an LNG carrier (hull 8008)

A resolution regarding the allocation of the financial result for the reporting year, including the dividend payment for 2020, will be adopted at the Annual General Meeting of Shareholders in 2021.