Dividend policy
The Group’s dividend policy strikes a balance between investing in business expansion and delivering returns to shareholders:
- Focusing on maximising shareholder value, the policy boosts pay-outs during low investment cycles and limits them in periods when sizeable acquisitions meeting Globaltrans’ strict return criteria are identified;
- Clear formula linking dividends to Attributable Free Cash Flow and Leverage Ratio provides flexibility and transparency in capital allocation.
Leverage Ratio | Dividends, % of Attributable Free Cash Flow |
Less than 1.0х | Not less than 50% |
From 1.0х to 2.0х | Not less than 30% |
2.0х or higher | 0% or more |
To view the dividend policy, please click here.
Dividend history
Dividends declared | Type | Dividend amount | Dividend amount |
26 April 2022[4] | Final | - | - |
31 August 2021 | Interim & special interim | 30.47 | 22.50 |
29 April 2021 | Final & special final | 37.03 | 28.00 |
1 Sept 2020 | Interim & special interim | 62.27 | 46.55 |
30 April 2020 | Final & special final | 61.98 | 46.55 |
2 Sept 2019 | Interim & special interim | 69.74 | 46.55 |
22 April 2019 | Final & special final | 72.58 | 46.50 |
28 Aug 2018 | Interim & special interim | 66.98 | 45.90 |
23 April 2018 | Final & special final | 73.14 | 44.85 |
29 Aug 2017 | Interim & special interim | 75.75 | 44.80 |
24 April 2017 | Final | 69.71 | 39.20 |
28 April 2016[2] | Final | 19.04 | 12.41 |
28 April 2015[2] | - | - | - |
28 April 2014 | Final | 62.00 | 22.28 |
19 April 2013 | Final | 70.00 | 22.20 |
4 May 2012 | Final | 64.00 | 18.86 |
13 May 2011 | Final | 37.00 | 10.34 |
3 May 2010 | Final | 15.18 | 4.42 |
Dividend chart,
(RUB per share/GDR[1], in respect of related financial year/period)
[1] Since 2016 dividends on Globaltrans shares/Global Depositary Receipts (GDRs) have been declared in Russian roubles and paid in US dollars. Rounding adjustments have been made in calculating the dividend amounts for the indicated period presented in US dollars. Prior to 2016 dividends on Globaltrans shares/GDRs were declared and paid in US dollars, thus the amounts for the indicated period in Russian roubles are presented for informational purposes only and calculated at the Central Bank of Russia’s official exchange rate for the Russian rouble as of the date of the Annual General Meeting that approved the respective dividend.
[2] The dividend declared on 28 April 2016 relates to both the 2014 and 2015 financial years. A dividend was not paid in 2015 in respect of the financial year ended 31 December 2014, a decision approved at the annual general meeting of shareholders on 27 April 2015. However, in April 2016 a decision was made to pay a dividend in respect of both 2014 and 2015 financial years in 2016.
[3] Including regular and special dividends.
[4] Final 2021 dividends were temporarily suspended in April 2022 due to both technical limitations regarding upstreaming cash to the Cyprus holding company and the objective of establishing liquidity buffers