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Dividends

On June 05, 2015 Rosneft’s Board of Directors voted to approve the Dividend Policy, which was developed in accordance with Russian legislation, the Company Charter, and the Rosneft Corporate Governance Code. Changes to the Rosneft Dividend Policy were approved by the resolution of the Company Board of Directors dated 07 December 2016 and 31 August 2017.

Rosneft’s dividend policy strikes a balance between shareholders’ interests and the Company’s business needs, and is intended to improve Rosneft’s Investorsment attractiveness and shareholder value. The Company strictly observes the rights, and does all it can to increase the returns of its shareholders.

On June 27, 2014, the General Meeting of Shareholders approved new editions of the Charter of the Company, including following:

  1. The date to determine persons entitled to receive such dividends, pursuant to the dividend payment/declaration resolution, may not be set earlier than 10 days or later than 20 days from the date of the said dividend payment/declaration resolution was adopted.
  2. The term for dividend remittance to a nominee holder or a trust manager that is a security market professional, all as listed on the Company's share register, may not exceed 10 business days; and the term for dividend remittance to other persons listed on the share register shall not exceed 25 business days of the record date for the purpose of determining the persons entitled to receive dividends.

The decision to pay dividends (and the amount of dividends and the form of payment) is taken by the General Meeting of Shareholders of Rosneft, based on recommendations of the Board of Directors. As stated in the Regulation on Dividend Policy, the Board is guided in its decisions on dividend amounts by the level of net income, as reflected in the non-consolidated financial accounts of Rosneft to Russian Accounting Standards. Recommendations by the Board of Directors on the amount of dividends to be paid are determined by the Company’s financial results for the year. A target payout ratio is at least 50% of the Company’s net income under International Financial Reporting Standards. Target frequency of Rosneft dividend payments is at least twice a year.

In determining the amount of annual dividends, the Board of Directors takes account of the dividend policy of other leading oil & gas companies. A number of other factors may also have an impact on the size of dividend payments, including: the Company’s business prospects, its financial situation and financing needs, and the overall macroeconomic situation and market environment, as well as other factors, including aspects connected with tax and legislation.

On 29 September 2017, the Extraordinary General Shareholders Meeting approved the size of 1H 2017 dividends in the amount of RUB 3.83 per share, as recommended by the Board of Directors. The total amount of recommended dividends based on 1H 2017 performance is RUB 40 591 mln. Ratio of dividends to unconsolidated RAS net profit 2016 makes 27.7%. Ratio of dividends to consolidated IRFS net profit is 50%.

Dividend payments on shares held as GDRs are made to the Depositary in rubles. The Depositary converts the dividends into US dollars and distributes them to GDR holders (net of the Depositary’s fees).

Dividends per share, RUBTotal dividends announced, RUB mlnTotal dividends paid, RUB mlnPayout ratio under RAS, %
1999 0.0221 200 200 3.4%
2000 0.0887 800 800 5.3%
2001 0.1219 1,100 1,100 11.0%
2002 0.1663 1,500 1,500 16.8%
2003 0.1650 1,500 1,500 8.1%
2004 0.1931 1,775 1,775 10.0%
2005 1.25 11,335 11,335 20.0%
Dividends paid out after the IPO, which closed on July 18, 2006
2006 1.33 14,096 14,082 13.3%2
2007 1.60 16,957 16,943 10.5%
2008 1.92 20,349 20,335 14.4%
2009 2.30 24,374 24,359 11.7%
2010 2.76 29,251 29,234 15.2%
2011 3.45 36,564 36,544 33.1%
4.08 41,928 41,905
2012 8.05 85,315 85,271 28.2%
2013 12.85 136,187 136,117 99.9%
2014 8.21 87,011 86,967 17.4%
2015 11.75 124,529  124,500 52.0%
2016 5.98 63,377 63,362 63.9%
1 half year 2017 3.83 40,591 27.7%

1 —  The dividend amounts, which are shown, take account of the 1:100 share split carried out in September 2005.
2 — Net profit for 2006 corrected for non-recurring items.

Board of Directors’ dividend recommendationRecord dateDividend approval by Annual General Shareholders MeetingLast payout date
2005 5 May 2006 22 April 2006 7 June 2006 31 December 2006
2006 22 May 2007 23 May 2007 30 June 2007 31 December 2007
2007 25 April 2008 16 April 2008 5 June 2008 31 December 2008
2008 28 April 2009 30 April 2009 19 June 2009 31 December 2009
2009 24 April 2010 29 April 2010 18 June 2010 31 December 2010
2010 14 April 2011 21 April 2011 10 June 2011 9 August 2011
2011

27 April 2012

17 September 2012

04 May 2012

21 September 2012

20 June 2012

30 November 2012

19 August 2012

29 January 2013

2012 30 April 2013 06 May 2013 20 June 2013 19 August 2013
2013 28 April 2014 08 July 2014 27 June 2014 No later than 22 July 2014**
No later than 12 August 2014***
2014 23 April 2015 29 June 2015 17 June 2015 No later than 13 July 2015 **
No later than 03 August 2015 ***
2015 22 April 2016 27 June 2016 15 June 2016 No later than 11 July 2016 **

No later than 01 August 2016 ***

2016 24 April 2017 03 July 2017 22 June 2017 No later than 17 July 2017 **

No later than 07 August 2017 ***

1H 2017 27 July 2017  10 October 2017 29 September 2017  Not later than  24 October 2017** 
Not later than 15 November 2017***

* — In accordance with amendments of Federal Law On Joint-Stock Companies, that came into effect on January 1, 2014
** — The term for dividend remittance to a nominee holder or a trust manager that is a security market professional, all as listed on the Company's share register
*** — The term for dividend remittance to other persons listed on the share register, apart from nominee holder or a trust manager that is a security market professional