MOSCOW, Dec 12 (PRIME) -- The executive management of Russian gas giant Gazprom have approved a new dividend policy envisaging paying at least 30% of the adjusted net profit under International Financial Reporting Standards (IFRS) for 2019, at least 40% for 2020 and at least 50% for 2021 in dividends, the company said in a statement on Thursday.
The dividend policy will be submitted to the board of directors for approval.
“In accordance with the draft new dividend policy, the net profit will be adjusted for several non-monetary items (items of income and spending unrelated to the cash flow in the reporting period),” Gazprom said.
The board of directors can decide on reduction of dividends if the ratio between adjusted net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) exceeds 2.5. This will allow the company to retain a comfortable debt burden.”
Gazprom will implement the new dividend policy in its affiliates and controlled companies.
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