The dividend policy is based on maintaining an optimal balance of interests between PAO Sovcomflot and its shareholders when distributing net profit, and on the need to increase the investment appeal of the Company and its capitalisation.
On 7 April 2020 the PAO Sovcomflot Board of Directors made
Minutes of the Board of Directors No. 125 dated 14 December 2012.
Order No. 297-r of the Federal Agency for State Property Management dated 4 August 2020..
The Company’s dividend policy provides that the amount of dividends shall be no less than 25 percent of the Company’s net profit attributable to the owners of PAO Sovcomflot according to the audited consolidated financial statements prepared under International Financial Reporting Standards (IFRS) in accordance with the requirements of legislation of the Russian Federation, unless otherwise stipulated by acts issued by the Government of the Russian Federation.
On 22 June 2020 the Board of Directors recommended that the General Meeting of Shareholders allocate RUB 7,181 million in dividend payments, based on the 2019 results. This amount of dividends represented 50% of the profit based on the annual consolidated financial statements of PAO Sovcomflot for 2019 prepared under IFRS attributable to the owners of PAO Sovcomflot or 99.7% of the profit according the accounting (financial) statements of PAO Sovcomflot under RAS.
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On 4 August 2020 the Annual General Meeting of Shareholders of PAO Sovcomflot adopted a resolution on the payment of dividends in accordance with recommendations from the Board of Directors. The amount of dividends was transferred in full by PAO Sovcomflot on 17 August 2020. Dividends based on the operating results for 2019 were paid in 2020 in full and by the deadlines set by Russian legislation. As at 31 December 2020 PAO Sovcomflot had no outstanding dividend payments.
Considering the financial result according to the consolidated financial statements of PAO Sovcomflot and its subsidiaries for 2020 prepared in accordance with IFRS, the Board of Directors at its meeting held on 14 April 2021 decided to recommend that the Annual General Meeting of Shareholders of PAO Sovcomflot allocate RUB 15,841 million, representing 84% of the consolidated profit attributable to the owners of PAO Sovcomflot according to the IFRS financial statements prepared in accordance with the requirements of Federal Law