On March 21, 2019, MTS’s Board of Directors approved the new dividend policy for 2019–2021, according to which the Company committed to a dividend payout of least RUB 28.0 per ordinary share (RUB 56.0 per ADR) per calendar year.
Under the new dividend policy, payments will be made on a semi-annual basis, with a full-year dividend payment for the preceding year and payment of interim dividend for the first half of the current year. In determining the payout level, MTS will consider a number of factors, including cash flow from operations, capital expenditures and the Company’s debt position.
In addition to regular payments under the dividend policy, the Company may further increase shareholder returns through a share buyback program in the open market. When making a decision on the launch and size of a buyback program, the Board of Directors will take into account the current availability of funds, operating performance, amount of debt and future cash requirements of the Company, as well as the overall market situation.
|Total dividends paid, RUB bn
|Dividends paid per ordinary share
|Dividends paid per ADR