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Dividends

On June 05, 2015 Rosneft’s Board of Directors voted to approve the Dividend Policy, which was developed in accordance with Russian legislation, the Company Charter, and the Rosneft’s Corporate Governance Code.

Rosneft’s dividend policy strikes a balance between shareholders’ interests and the Company’s business needs, and is intended to improve Rosneft’s Investorsment attractiveness and shareholder value. The Company strictly observes the rights, and does all it can to increase the returns of its shareholders.

On June 27, 2014, the General Meeting of Shareholders approved new editions of the Charter of the Company, including following:

  1. The date to determine persons entitled to receive such dividends, pursuant to the dividend payment/declaration resolution, may not be set earlier than 10 days or later than 20 days from the date of the said dividend payment/declaration resolution was adopted.
  2. The term for dividend remittance to a nominee holder or a trust manager that is a security market professional, all as listed on the Company's share register, may not exceed 10 business days; and the term for dividend remittance to other persons listed on the share register shall not exceed 25 business days of the record date for the purpose of determining the persons entitled to receive dividends.

The decision to pay dividends (and the amount of dividends and the form of payment) is taken by the General Meeting of Shareholders of Rosneft, based on recommendations of the Board of Directors. As stated in the Regulation on Dividend Policy, the Board is guided in its decisions on dividend amounts by the level of net income, as reflected in the non-consolidated financial accounts of Rosneft to Russian Accounting Standards. Recommendations by the Board of Directors on the amount of dividends to be paid are determined by the Company’s financial results for the year, but are usually equal to at least 25% of the Company’s net income on International Financial Reporting Standards.

In determining the amount of annual dividends, the Board of Directors takes account of the dividend policy of other leading oil & gas companies. A number of other factors may also have an impact on the size of dividend payments, including: the Company’s business prospects, its financial situation and financing needs, and the overall macroeconomic situation and market environment, as well as other factors, including aspects connected with tax and legislation.

On 15 June 2016, the General Shareholders Meeting approved annual dividends of RUB 11.75 per share for 2015, as recommended by the Board of Directors. The total amount of recommended annual dividends for 2015 is RUB 124 529 mln. The dividend payout ratio is 52% of unconsolidated RAS net income or 35% of consolidated IFRS net income for 2015.

Dividend payments on shares held as GDRs are made to the Depositary in rubles. The Depositary converts the dividends into US dollars and distributes them to GDR holders (net of the Depositary’s fees).

Dividends per share, RUBTotal dividends announced, RUB mlnTotal dividends paid, RUB mlnPayout ratio under RAS, %
1999 0.0221 200 200 3.4%
2000 0.0887 800 800 5.3%
2001 0.1219 1,100 1,100 11.0%
2002 0.1663 1,500 1,500 16.8%
2003 0.1650 1,500 1,500 8.1%
2004 0.1931 1,775 1,775 10.0%
2005 1.25 11,335 11,335 20.0%
Dividends paid out after the IPO, which closed on July 18, 2006
2006 1.33 14,096 14,082 13.3%2
2007 1.60 16,957 16,943 10.5%
2008 1.92 20,349 20,335 14.4%
2009 2.30 24,374 24,359 11.7%
2010 2.76 29,251 29,233 15.2%
2011 3.45 36,564 36,541 33.1%
4.08 41,928 41,898
2012 8.05 85,315 85,264 28.2%
2013 12.85 136,187 136,107 99.9%
2014 8.21 87,011 86,960 17.4%
2015 11.75 124,529  124,496 52.0%

1 —  The dividend amounts, which are shown, take account of the 1:100 share split carried out in September 2005.
2 — Net profit for 2006 corrected for non-recurring items.

200520062007200820092010201120122013*20142015
Board of Directors’ dividend recommendation 5 May 2006 22 May 2007 25 April 2008 28 April 2009 24 April 2010 14 April 2011 27 April 2012 17 September 2012 30 April 2013 28 April 2014 23 April 2015 22 April 2016
Record date 22 April 2006 23 May 2007 16 April 2008 30 April 2009 29 April 2010 21 April 2011 04 May 2012 21 September 2012 06 May 2013 08 July 2014 29 June 2015 27 June 2016
Dividend approval by Annual General Shareholders Meeting 7 June 2006 30 June 2007 5 June 2008 19 June 2009 18 June 2010 10 June 2011 20 June 2012 30 November 2012 20 June 2013 27 June 2014 17 June 2015 15 June 2016
Last payout date 31 December 2006 31 December 2007 31 December 2008 31 December 2009 31 December 2010 9 August 2011 19 August 2012 29 January 2013 19 August 2013 by 22 July 2014**
by 12 August 2014***
by 13 July 2015 **
by 03 August 2015 ***
by 11 July 2016 **

by 01 August 2016 ***

* — In accordance with amendments of Federal Law On Joint-Stock Companies, that came into effect on January 1, 2014
** — The term for dividend remittance to a nominee holder or a trust manager that is a security market professional, all as listed on the Company's share register
*** — The term for dividend remittance to other persons listed on the share register, apart from nominee holder or a trust manager that is a security market professional