Rosneft will allocate no less than 25% of IFRS profit to dividends
MOSCOW. June 17 (Interfax) - The board of directors of Rosneft at a meeting on June 5 confirmed the new dividend policy.
According to the document, the recommended sum of dividend is determined by the board of directors based on the financial results of activity for the year "and, as a rule, is no less than 25% of OJSC Rosneft's net profit to International Financial Reporting Standards (IFRS)."
Despite the fact that the previous version of the dividend policy envisaged the allocation of no less than 10% of profit to Russian Accounting Standards (RAS), Rosneft is already allocating 25% of net profit to IFRS towards dividends.
It was reported that the board of directors recommended that shareholders confirm dividends payments for the results of 2014 in the amount of 8.21 rubles per share. For the results of 2013, Rosneft paid dividends in the amount of 12.85 rubles per share. So, dividend payments for last year may fall by 36%.
In total for 2014, 87 billion rubles may be allocated toward dividend payments.
The net profit of Rosneft to IFRS in 2014 fell by 9.8% to 350 billion rubles.
