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ALROSA cancels final dividends for 2021

08 june 2022
The Supervisory Board of ALROSA recommended not to pay dividends for 2021, according to a press release issued by the company on Wednesday.
“The Supervisory Board of ALROSA recommended to the General Meeting of Shareholders not to pay (not to declare) final dividends based on the results of the company's operation in 2021. For the 1st half of 2021, dividends were paid in the amount of 64.7 billion rubles, which exceeds 70% of the company's net profit for 2021,” ALROSA said.
The annual general meeting of ALROSA shareholders is scheduled for June 30, 2022. On Monday, the company compiled a list of shareholders eligible to take part in it.
In March 2021, the Supervisory Board of ALROSA approved changes to the dividend policy. Free cash flow is used as the basis for calculating dividends, and the amount of semi-annual dividend payments is determined depending on the value of the Net Debt/EBITDA ratio. If the current and forecast value of the Net Debt/EBITDA ratio does not exceed 1.5, the amount of funds allocated for the payment of dividends for the reporting year must be at least 50% of net income for the year under IFRS.
Last year, the company paid dividends to shareholders in the amount of 70.3 billion rubles.