PhosAgro is committed to striking an effective and reasonable balance between the payment of dividends and reinvestment of profit in further development.
Higher transparency and predictability of dividend payments are a priority for the Company as it seeks to ramp up its growth and strengthen its investment case.
All resolutions on the payment of dividends and the timing and amount of such payment are subject to approval by the General Meeting of Shareholders, based on recommendations provided by PhosAgro’s Board of Directors. When preparing recommendations for the General Meeting of Shareholders on any dividend payout (declaration), in addition to the current financial standing assessment, the Board of Directors takes into account the relevant provisions of PhosAgro’s dividend policy whereby the amount of distributed dividends may range from 50 to over 75% (subject to PhosAgro’s leverage ratio) of PhosAgro’s consolidated free cash flow for the respective year under IFRS. At the same time, the amount of declared dividends should not be lower than 50% of adjusted net profit for the year under IFRS.
In light of the above‑mentioned drain on liquidity and in accordance with PhosAgro’s dividend policy, a decision was taken not to include the issue of profit distribution for 2023 on the agenda for the Board of Directors meeting where the Company’s annual financial statements are to be discussed. This issue is expected to be included on the agenda for the Board of Directors meeting that will discuss the Company’s 1Q 2024 performance. .
Report on dividends declared and paid
Dividendper share, RUB
Dividend per GDR, RUB
Governance body deciding on the payment of dividends
Date of the General Meeting of Shareholders where the relevant resolution on the payment of dividends was adopted and No. of the minutes
Dividend payment timeframesFor nominee holders and trustees who are securities market professionals and are on PhosAgro’s register of shareholders / other persons on PhosAgro’s register of shareholders.
2021
Retained earnings as at 31 March 2021
105
35
■
22 June 2021
No later than 6 July 2021/ 9 August 2021
Retained earnings as at 30 June 2021
156
52
■
13 September 2021
No later than 8 October 2021/29 October 2021
Retained earnings as at 30 September 2021
234
78
■
8 December 2021
No later than 21 December 2021/1 February 2022
Retained earnings as at 31 December 2021 (based on 2021 results)The General Meeting of Shareholders did not approve profit distribution for FY 2021, including payment of dividends.
390 (no resolution passed)
130 (no resolution passed)
■
30 June 2022
No later than 25 July 2022/15 August 2022
2022
Retained earnings as at 30 June 2022
780
260
■
21 September 2022
No later than 17 October 2022/8 November 2022
9M 2022
318
106
■
8 December 2022
No later than 9 January 2023/30 January 2023
FY 2022
465
155
■
24 March 2023
No later than 18 April 2023/12 May 2023
2023
1Q 2023
216
72
■
30 June 2023
No later than 25 July 2023/15 August 2023
Retained earnings as at 30 June 2022
48
16
■
30 June 2023
No later than 25 July 2023/15 August 2023
1H 2023The General Meeting of Shareholders did not approve profit distribution for 1H 2023, including payment of dividends.
126 (no resolution passed)
42
■
30 September 2023
No later than 25 October 2023/16 November 2023
9M 2023
291
97
■
14 December 2023
No later than 16 January 2024/6 February 2024
Results of the vote held by the Annual General Meeting of Shareholders on the distribution of profits (including payout (declaration) of dividends) and losses of the Company
Annual General Meeting of Shareholders of 30 June 2022
For
38,088,321
Against
56,540,778
Abstained
0
Annual General Meeting of Shareholders of 24 March 2023
