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ALROSA

June 25, 2019

ALROSA’s Supervisory Board approves amendments to its Dividend Policy

Moscow, 25 June 2019 – The Supervisory Board of ALROSA, a global leader in diamond mining, approved a new version of the Company’s Dividend Policy at its meeting held on 24 June 2019.

The amendments include adjustments to the methodology for determining the amount of dividends based on the free cash flow1 (FCF).

Depending on the Net Debt 2/ EBITDA3 ratio, the semi-annual dividend payout ratio is determined based on the FCF for the respective period:

  • if the Net Debt / EBITDA ratio as at the end of the first half of the year or as at the end of the year is below 0.0x, the semi-annual dividend payout ratio is more than 100% of the FCF for the respective half of the reporting year;
  • if the Net Debt / EBITDA ratio as at the end of the first half of the year or as at the end of the year is within the range of 0.0x to <0.5x, the semi-annual dividend payout ratio is 100% of the FCF for the respective half of the reporting year;
  • if the Net Debt / EBITDA ratio as at the end of the first half of the year or as at the end of the year is within the range of 0.5x to <1.0x, the semi-annual dividend payout ratio is from 70% to 100% of the FCF for the respective half of the reporting year;
  • if the Net Debt / EBITDA ratio as at the end of the first half of the year or as at the end of the year is within the range of 1.0x to 1.5x, the semi-annual dividend payout ratio is from 50% to 70% of the FCF for the respective half of the reporting year.

 

For reference:

On 23 April 2019, ALROSA’s Supervisory Board recommended that the General Shareholders’ Meeting distribute 100% of the free cash flow, or RUB 30.3 bn, in 2H 2018 dividends. Therefore, total dividends for 2018, including those paid for 1H 2018, will amount to RUB 73.9 bn, or RUB 10.04 per share, resulting in all-time high dividends in ALROSA’s history. For more details on ALROSA’s dividend policy click here.


 


1Free cash flow is the operating cash flow calculated in accordance with the International Financial Reporting Standards (IFRS) net of capital expenditure (posted as Purchase of Property, Plant and Equipment on the consolidated IFRS statement of cash flows).

2Net debt is calculated on an IFRS basis as the amount of debt less cash and cash equivalents as well as bank deposits at each reporting date.

3EBITDA stands for earnings before interest, taxes, depreciation and amortisation calculated for the past twelve months on an IFRS basis.

 

 

 

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