Dividend History

The Company paid RUB 21.1 bn in 2011 as dividends in respect of the full financial year of 2010, representing 22% of consolidated net profits (US GAAP standards). This is among the highest payout ratios in the industry.

Dividend policy is a key aspect of corporate governance, and an important indicator of how a company respects the rights of its shareholders.

The main principles of Gazprom Neft’s dividend policy are as follows:

  • Ensuring maximum transparency in the mechanism of dividend calculation and payment: The Company has now formalized the dividend policy, to which it has adhered in practice during recent years, by approving a Regulation on Dividend Policy that sets a minimum dividend rate payable on shares. The Regulation calls for 15% of the Company’s net profit under US GAAP to be paid as dividends;
  • Compliance with applicable Russian legislation, the Company’s Articles and corporate documents: Shareholders included in the register on the date of compilation of the list of shareholders, and with the right to attend the General Meeting (at which dividends are approved), are entitled to receive dividends. The record date for holders of depositary receipts is named separately by the depository bank (BNY Mellon);
  • Commitment to high standards of corporate governance: The Company accepts the principle that dividend payments should grow in line with the Company’s net profits. The Company’s Regulation on Dividend Policy can be viewed on the Company’s website, as can the history of dividend payments by Gazprom Neft;
  • Paying dividends as quickly as possible: In the reporting year, Gazprom Neft transferred all dividend amounts that were payable to the accounts of its minority holders in August 2011.

The Annual General Meeting of Shareholders on June 9, 2011, decided to pay RUB 4.44 as dividends per common share. The total dividend payout in respect of the full financial year of 2010 was RUB 21,051,370,000.

It is intended that dividends for 2011 should match the level in 2010.


Period

2006

2007

2008

2009

2010

Dividends paid per share, RUB.

8.0822

5.40

5.40

3.57

4.44

Total dividends paid, RUB

38,320,131,942

25,603,018,051

25,603,018,051

16,926,439,711

21,051,370,397

% of US GAAP net profit paid as dividends

38%

24%

21%

20%

22%

Issuer governing body, which decided to pay dividends

General Meeting of
Shareholders

General Meeting of
Shareholders

General Meeting of
Shareholders

General Meeting of
Shareholders

General Meeting of
Shareholders

Date of General meeting which announced
dividends, number and date of minutes

22.06.2007
Minutes No. 42
(27.06.2007)

20.06.2008

(30.06.2008)

22.06.2009
Minutes No. 47
(03.07.2009)

29.06.2010
Minutes No. 0101/01

(01.07.2010)

09.06.2011
Minutes No. 0101/01

(14.06.2011)

Deadline to pay announced dividends

31.05.2008

31.05.2009

31.05.2010

31.05.2011

08.08.2011

Form and other terms of announced dividend

Cash

Cash

Cash

Cash

Cash

Share of scheduled dividends, which were not paid out, %

0,010%

0,012%

0,013%

0,015%

0,063%