In March 2022, several notable issuers postponed dividend payments.. Here are some of them.
Mosbirzha, 28 Martha
The Supervisory Board of the exchange recommended the meeting of shareholders not to pay dividends for 2021. The reason: priority of sufficient capital level over dividends. The management promises to return to the discussion of payments during 2022.
The company previously published results for 2021. Net profit increased by 12%, up to 28.1 billion rubles. The Moscow Exchange allocates about 85% arrived. This means, that payments in 2022 could amount to about 24 billion rubles, or 10,5 P per share.
"Mother and Child", 28 Martha
“Currently, we are focused on providing sufficient liquidity”, the company explained. “We are closely monitoring the situation and do not exclude the payment of dividends before the end of the year”.
Mother and Child also published audited financial statements for 2021. Its net income increased by 42%, up to 6.1 billion rubles. Half of the profits "Mother and Child" planned to send to dividends.
In calendar year 2021, the company paid RUB 2.8 billion in dividends, or 37 P of the GDR.
"LSR Group", 24 Martha
The developer's management recommended the general meeting of shareholders not to pay dividends for the reporting year 2021.
The company also reported earnings growth in 2021 by 35%, up to 16.3 billion rubles. LSR directs at least a fifth of its profits to dividends. For example, payments for the 2020 financial year amounted to 6.1 billion rubles, or 59 P per share.
"Raspadskaya", 23 Martha
“Due to the current geopolitical situation, the Board of Directors does not consider, that the payment of dividends would serve the best interests of the company and its shareholders. This will provide a liquidity reserve during an unstable geopolitical situation.”, - stated in the company.
Depending on the debt load, Raspadskaya directs dividends from 50 to 100% free cash flow. So, for the first 9 months of 2021, payments amounted to 18.6 billion rubles, or 28 P per share.
X5 Group, 16 Martha
Supervisory Board recommends not paying final dividend for 2021. The reason is still the same: “the need to direct all resources to support current activities”.
For the first 9 months of 2021, the company paid dividends of 20 billion rubles, or 73,6 P per share.
Enel Russia, 16 Martha
“Given the current focus on financial stability, dividend payment in 2022 is not provided".
Previously, the company planned to allocate 3 billion rubles for dividends in 2022., or 8,5 pennies per share.
Rusagro, 10 Martha
The Board of Directors of the company decided to cancel the unpaid dividends for the full year 2021.
For fiscal year 2021, the company wanted to send $257 million in dividends. Of these, Rusagro managed to pay 120 million, but the company canceled the remaining 137 million.
Probably, many other companies will also revise their dividend policy. For example, 14 March Ministry of Finance announced, that dividends of companies with state participation will be considered separately. The regulator suggested, that some state-owned banks will have to postpone payments.
Earlier, the Bank of Russia also recommended that financial institutions postpone the payment of dividends and bonuses to management.
According to BCS, you can't be sure, that any company will not cancel dividends. But broker considers, that the probability of payment for non-financial companies with state participation is higher. All because, that dividends of such companies partially replenish the state budget. For example, this is Gazprom, Rosneft, Rostelecom, "Rosseti", RusHydro and Transneft.
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