Paying competitive dividends has historically been a priority for LUKOIL. The Company has been consistently increasing the amount of dividends per share for over 20 years.
On December 12, 2019 meeting of the Board of Directors of PJSC "LUKOIL" the decision was made to amend the Regulations on the Dividend Policy of PJSC “LUKOIL”. The amendments are based on the main principles of the dividend policy approved by the decision of the Board of Directors on October 16, 2019.
• The total amount of dividends on the Company's issued shares, excluding the shares held by LUKOIL Group entities, equals at least 100% of the Company's adjusted free cash flow.
• The adjusted free cash flow is calculated on the basis of PJSC "LUKOIL" consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) and is determined as net cash provided by operating activities less capital expenditures, interest paid, repayment of lease obligations, and expenses for purchase of Company's stock.
• Dividend per share is rounded to the nearest Russian rouble.
• Dividends are paid twice a year with the amount of interim dividends calculated based on the consolidated financial statements for the six-month period.
*Calculated on the basis of average market price of one ordinary share at the Moscow Exchange and dividend per share for the respective period.
*Calculated as ratio of free cash flow for the year preceding the reporting year to the dividends actually paid in the reporting year net of dividends on quasi-treasury shares. Free cash flow = operating cash flow minus capital expenditures.
| Dividends accrued in | Dividends based on | Dividend per share, RUR | Total dividends announced, RUR | Record date |
|---|---|---|---|---|
2023* | the first nine months of 2023 | 447 | 309,710,995,614 | 17 Dec 2023 |
| 2024** | 2023 | 498 | 345,047,149,476 | 7 May 2024 |
Total | 945 |
*Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC “LUKOIL” to be made not later than 28 Dec 2023.
Dividend payments to other persons registered in the shareholder register of PJSC “LUKOIL” to be made not later than 26 Jan 2024.
**Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC “LUKOIL” to be made not later than 22 May 2024.
Dividend payments to other persons registered in the shareholder register of PJSC “LUKOIL” to be made not later than 13 Jun 2024.
| Dividends accrued in | Dividends based on | Dividend per share, RUR | Total dividends announced, RUR | Record date |
|---|---|---|---|---|
2023* | the first nine months of 2022 | 256 | 177,373,635,072 | 21 Dec 2022 |
| 2023** | for 2022 | 438 | 303,475,203,756 | 5 June 2023 |
Total | 694 |
*Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC “LUKOIL” to be made not later than 10 Jan 2023.
Dividend payments to other persons registered in the shareholder register of PJSC “LUKOIL” to be made not later than 31 Jan 2023.
**Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC “LUKOIL” to be made not later than 16 June 2023.
Dividend payments to other persons registered in the shareholder register of PJSC “LUKOIL” to be made not later than 7 July 2023.
| Dividends accrued in | Dividends based on | Dividends per share, RUR | Total dividends announced, RUR | Record date |
|---|---|---|---|---|
| 2022* | the first nine months of 2021 | 340 | 235,574,359,080 | 21 Dec 2021 |
| 2023** | paid out of the undistributed profit for 2021 persuant to the decision of the Extraordinary General Shareholders Meeting of 5 December 2022 | 537 | 372,068,914,194 | 21 Dec 2022 |
| Total | 877 |
*Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC "LUKOIL" to be made not later than 11 Jan 2022,
Dividend payments to other persons registered in the shareholder register of PJSC "LUKOIL" to be made not later than 1 Feb 2022.
**Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC "LUKOIL" to be made not later than 10 Jan 2023,
Dividend payments to other persons registered in the shareholder register of PJSC "LUKOIL" to be made not later than 31 Jan 2023.
| Dividends accrued in | Dividends based on | Dividend per share, RUR | Total dividends announced, RUR | Record date |
|---|---|---|---|---|
2020-2021* | the first nine months of 2020 | 46 | 31,871,825,052 | 18 Dec 2020 |
| 2021** | for 2020 | 213 | 147,580,407,306 | 5 July 2021 |
Total | 259 |
*Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC “LUKOIL” to be made not later than 31 Dec 2020.
Dividend payments to other persons registered in the shareholder register of PJSC “LUKOIL” to be made not later than 29 Jan 2021.
**Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC “LUKOIL” to be made not later than 14 July 2021.
Dividend payments to other persons registered in the shareholder register of PJSC “LUKOIL” to be made not later than 2 Aug 2021.
Dividends accrued in | Dividends based on | Dividend per share, RUR | Total dividends announced, RUR | Record date |
|---|---|---|---|---|
| 2020* | the first nine months of 2019 | 192 | 137,280,000,000 | 20 Dec 2019 |
| 2020** | for 2019 | 350 | 242,503,016,700 | 10 July 2020 |
| Total | 542 |
*Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC “LUKOIL” to be made not later than 10 Jan 2020,
Dividend payments to other persons registered in the shareholder register of PJSC “LUKOIL” to be made not later than 31 Jan 2020.
**Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of PJSC "LUKOIL" to be made not later than 22 July 2020,
Dividend payments to other persons registered in the shareholder register of PJSC "LUKOIL" to be made not later than 12 Aug 2020.
TAXATION OF DIVIDENDS ACCRUED ON PJSC LUKOIL DEPOSITARY RECEIPTS
• Different tax rates are applied to the dividends being distributed. If dividends are distributed based on DR ownership, the applied income tax rate depends on whether consolidated information has been disclosed to the tax agent as prescribed by the Russian Tax Code. In order to comply with the above requirements, international custodian banks, brokers or other agents (hereinafter referred to as the Intermediary Agents), acting on behalf of the beneficial holders registered as of the date of making the list of persons entitled to dividends (register closure date for dividend distribution), shall submit the relevant information to the Depositary bank, including the number of depositary receipts, country of tax residence, rate set forth in the relevant double taxation agreement, and information as to whether such beneficial holders are entities or individuals.
• The above information shall be prepared by the Intermediary Agents based on the documents that are available to them (including tax residence certificates) and shall be submitted to the Depositary Bank. The information submitted by the Intermediary Agents is consolidated by Citibank, acting as the Depositary Bank for PJSC LUKOIL DR programs to be then forwarded to the tax agent (Sberbank of Russia).
• For further information concerning DR dividend payments please see the contacts below or visit CITIBANK N.A. website:
480 Washington Boulevard, 30th Floor, Jersey City, NJ 07310
