Dividends

The Company aims to pay out dividends equal to 40%-70% of consolidated IFRS net profit annually. Under the new dividend policy, adopted by the Board of Directors in January 2020, dividend payments are expected to be at least RUB 12 per share/GDR. At the same time, the Board of Directors has the right to refrain from recommending dividend payments for a given reporting period if the Company’s EBITDA/interest expense ratio falls below 1.5x.