Gazprom shareholders approve decision to waive dividends for 2023

MOSCOW. June 28 (Interfax) - The shareholders of PJSC Gazprom at the annual general meeting held in absentia on Friday approved the decision to waive dividends for 2023, the company said.

Gazprom's dividend policy stipulates allocating at least 50% of adjusted net profit to International Financial Reporting Standards for shareholder payments. Adjusted net profit of 724 billion rubles allows for estimating dividends of 15.3 rubles per share for 2023.

However, the board of directors has the right to alter dividend payments if the net debt/EBITDA debt burden exceeds 2.5x. The government implemented this possibility via order at the end of May: "When forming the position of a shareholder of the Russian Federation in PJSC Gazprom, do not provide for the payment of dividends on ordinary shares of PJSC Gazprom based on the results of 2023." This logic is consistent with the provisions of the company's dividend policy, Gazprom said previously.

The net debt/EBITDA ratio was 2.8x at the end of 2023.