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, adjusted for the amount of unrealized exchange rate difference.


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
EGSM 24.01.2020 г. -* 6 216 000 000 48,00 16,00
EGSM 04.10.2019 г. -* 6 993 000 000 54,00 18,00
EGSM 24.06.2019 г. -* 9 324 000 000 72,00 24,00
AGSM 24.05.2019 г. -* 6 604 500 000 51,00 17,00
EGSM 22.01.2019 г. -* 9 324 000 000 72,00 24,00
EGSM 01.10.2018 г. -* 5 827 500 000 45,00 15,00
EGSM 06.07.2018 г. -* 3 108 000 000 24,00 8,00
AGSM 30.05.2018 г. -* 1 942 500 000 15,00 5,00
EGSM 26.02.2018 г. -* 2 719 500 000 21,00 7,00
EGSM 02.10.2017 г. -* 3 108 000 000 24,00 8,00
EGSM 05.07.2017 г. -* 2 719 500 000 21,00 7,00
AGSM 30.05.2017 г. 2016 3 885 000 000 30,00 10,00
EGSM 16.01.2017 г. -* 5 050 500 000 39,00 13,00
EGSM 03.10.2016 г. -* 4 273 500 000 33,00 11,00
EGSM 29.07.2016 г. -* 8 158 500 000 63,00 21,00
AGSM 31.05.2016 г. 2015 7 381 500 000 57,00 19,00
EGSM 15.01.2016 г. -* 8 158 500 000 63,00 21,00
EGSM 06.10.2015 г. -* 7 381 500 000 57,00 19,00
EGSM 14.07.2015 г. -* 6 216 000 000 48,00 16,00
AGSM 08.06.2015 г. 2014 1 942 500 000 15,00 5,00
EGSM 31.12.2014 г. 9M 2014  2 590 000 000 20,00 6,67
EGSM 16.09.2014 г. 6M 2014  3 237 500 000 25,00 8,33
AGSM 13.06.2014 г. -* 2 499 350 000 19,30 6,43

*Dividends were paid from earnings retained over the previous years