Dividend policy and distribution
96
Information disclosure and investor relations
97
Annual report JSOC Bashneft 2013
Annual report JSOC Bashneft 2013
ABOUT
THE COMPANY
APPENDICES
INFORMATION FOR
SHAREHOLDERS AND INVESTORS
OPERATING RESULTS
CORPORATE GOVERNANCE
Accrued dividends for the financial periods 2010 through 9M 2013
Period
2010
2011
2012
9M 2013
Type of share (RUB per share)
Ordinary
235.77
99.00
24
199
Class A Preferred
235.77
99.00
24
199
Total number of shares
204,792,440
204,792,440
227,384,465
227,384,465
Total amount, including dividends for Group subsidiaries, RUB 48,283,894,664.30 20,274,451,560.00 5,323,724,500.00 45,249,508,535.00
Total expenditures to buy back shares of the Company and its
affiliates as part of the reorganisation in 2012, RUB
-
19,034,000,000
-
-
Portion of income under IFRS, %
112.4%
40.7%
10.2%
137.9%
21
Total cash dividend payout ratio, %
-
78.9%
97.1%
22
Decision to pay dividends
AGM, 29.06.2011 AGM, 29.06.2012 AGM, 27.06.2013 AGM, 17.12.2013
Deadline for payment of accrued dividends
By 08.08.2011
By 28.08.2012
By 26.08.2013
By 15.02.2014
21. Ratio calculated on the basis of net profit for the first 9 months of 2013.
22. Including dividends relating to results for 2012 and interim results for 9M 2013.
Dividend payout (as a percentage of IFRS net profit) de-
creased from 40.7% in 2011 to 10.2% in 2012. However, ag-
gregate shareholder returns in 2013 amounted to 97.1%,
including dividends for 2012 financial results and interim
dividends for the first 9 months of 2013.
This reduction in dividend payout ratio was a one-off effect
due to the Group cashflow management. Finding the bal-
ance between the interests of shareholders and the needs
of the Company remains the core principle of the Compa-
ny’s dividend policy. We are committed to finding the opti-
mal balance in earnings distribution through dividends and
opportunities for the Company’s dynamic growth, which re-
quires increased investment into new projects and does not
rule out potential deals to acquire new core assets.
The Company is guided by the following Federal Laws re-
garding information disclosure: On the Securities Market,
On Joint-Stock Companies, On Counteracting the Ille-
gal Use of Insider Information and Market Manipulation,
On Making Amendments to Certain Laws of the Russian
Federation, and the Regulations on Information Disclosure
by Issuers of Securities (approved by order of the FSFR No.
11-46/pz-n dated 4 October 2011). We also comply with the
requirements of the exchanges on which our securities and
commodities are traded, other regulations and the require-
ments of the agreements we have concluded.
The Group’s corporate website
)
is a key information disclosure channel. It contains infor-
mation on all of the Group’s main areas of operation, sus-
tainable development policies, information for sharehold-
ers and investors, the latest press releases and news items,
annual reports and sustainability reports.
In addition to information posted in line with Group’s disclo-
sure obligations, the site is also updated quarterly with the
latest financial results, both IFRS and RAS.
To enhance disclosure, we keep the site regularly updated,
are constantly developing its structure and content, and
developing new interactive features. In 2013 we upgraded
the sections on the Company’s strategy and oilfields, and
started to develop interactive sections for the investor rela-
tions section of our website.
Key sources of information about the Company include An-
nual Report and the Sustainability Report, which we publish
each year ahead of the annual General Meeting of Share-
holders.
To improve information disclosure, all three sources – the
website, Annual Report (digital and print versions), and
Sustainability Report – are brought together in a single
information space. Additional links and cross-references
help the reader navigate the contents and find what they
are looking for quickly.
Systematic interaction with our shareholders and potential
investors is the Company’s highest priority. We make sure
we are in constant contact with the investor using every
means possible, from meetings with investors, investment
conferences and roadshows to site visits, analytical bulle-
tins and performance updates, in addition to informal cor-
porate events.
Senior management’s regular participation in one-on-one
meetings with investors and shareholders speaks to the
importance with which the Company views maintaining this
face-to-face contact. The investment community highly val-
ues this opportunity for direct dialogue with the Company’s
management.
Over the past three years we have substantially improved
the quality of our information disclosure. This was largely
thanks to increasing the number of meetings that members
of the Company’s top management held with analysts, in-
vestors, investment fund representatives and international
ratings agencies. These meetings took place the Company’s
offices, on the sidelines of international financial confer-
ences, via conference calls about the Company’s annual re-
sults, at press conferences, and at special on-site events for
leading fuel and energy sector analysts.
Information disclosure and investor relations
A considerate information disclosure policy covering all areas of the Company’s activity is one of the most impor-
tant tools for attracting potential investors. Our approach to information disclosure is underpinned by the following
key qualities: it must be regular, timely, accessible, trustworthy and substantive.
The regulations “On Information Policy at JSOC Bashneft” were approved by JSOC
Bashneft’s Board of Directors on 3 October 2011.
Number of press releases issued
126
277
214
2011
2012
2013
