Dividends
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Dividends

PhosAgro’s dividend policy is based on the following principles:

— striking an effective and reasonable balance between the payment of dividends and reinvestment of profit in further development;

— ensuring transparency and predictability of dividend payments as a way to boost the Company’s investment case.



amount of such payment is subject to approval of the General Shareholders’ Meeting, based on recommendations provided by the PhosAgro Board of Directors. The Board of Directors’ recommendations depend on such factors as the Company’s earnings for the reporting period and its financial position.

To calculate the amount of dividend payments, the Board of Directors considers the Company’s consolidated free cash flow for the reporting period (quarter, six months, first nine months or year) under IFRS.

A decision on the payment of an interim dividend is made at the General Shareholders’ Meeting within three months of the end of the relevant reporting period. The term for dividend payments is determined by the General Shareholders’ Meeting and must not exceed 60 days from the date of the resolution to pay the same.

Holders of PhosAgro GDRs are also entitled to receive dividends in respect of the underlying shares, subject to the terms of their Depositary Agreements.

In accordance with PhosAgro’s dividend policy, the Board of Directors shall seek to make sure that the amount of distributed dividends ranges from 50% to over 75% (subject to the Company’s leverage ratio) of the Company’s consolidated free cash flow for the respective year under IFRS. At the same time, the amount of declared dividends shall not be lower than 50% of net profit for the respective year under IFRS.


Type and date of the general shareholder`s meeting at which the decision to declare dividends was made Reporting period for which (at the end of which) the declared dividends are paid (were paid) Total amount of declared dividends, rub. Declared dividends per
ordinary share, rub depositary receipt, rub
ВОСА 04.10.2019 г. -* 6 993 000 000 54,00 18,00
ВОСА 24.06.2019 г. -* 9 324 000 000 72,00 24,00
ГОСА 24.05.2019 г. -* 6 604 500 000 51,00 17,00
ВОСА 22.01.2019 г. -* 9 324 000 000 72,00 24,00
ВОСА 01.10.2018 г. -* 5 827 500 000 45,00 15,00
ВОСА 06.07.2018 г. -* 3 108 000 000 24,00 8,00
ГОСА 30.05.2018 г. -* 1 942 500 000 15,00 5,00
ВОСА 26.02.2018 г. -* 2 719 500 000 21,00 7,00
ВОСА 02.10.2017 г. -* 3 108 000 000 24,00 8,00
ВОСА 05.07.2017 г. -* 2 719 500 000 21,00 7,00
ГОСА 30.05.2017 г. 2016 год 3 885 000 000 30,00 10,00
ВОСА 16.01.2017 г. -* 5 050 500 000 39,00 13,00
ВОСА 03.10.2016 г. -* 4 273 500 000 33,00 11,00
ВОСА 29.07.2016 г. -* 8 158 500 000 63,00 21,00
ГОСА 31.05.2016 г. 2015 год 7 381 500 000 57,00 19,00
ВОСА 15.01.2016 г. -* 8 158 500 000 63,00 21,00
ВОСА 06.10.2015 г. -* 7 381 500 000 57,00 19,00
ВОСА 14.07.2015 г. -* 6 216 000 000 48,00 16,00
ГОСА 08.06.2015 г. 2014 год 1 942 500 000 15,00 5,00
ВОСА 31.12.2014 г. 9 месяцев 2014 г. 2 590 000 000 20,00 6,67
ВОСА 16.09.2014 г. 6 месяцев 2014 г. 3 237 500 000 25,00 8,33
ГОСА 13.06.2014 г. -* 2 499 350 000 19,30 6,43

*Dividends were paid from earnings retained over the previous years