Training on modelling fundamentals December 17–18

Growth of dividends paid by Russian major companies is curbed by negative cash flow

Analysis of dividend payouts by Russian non-financial companies

  • Total 2017 dividends paid by non-financial companies increased by 16% year-on-year and amounted to RUB 1.69 trillion. Such growth stems from a higher payout by the major dividend generator – oil & gas companies – which increased 2017 payouts by 24% (RUB 711 bln) year-on-year. The share of net profit paid out as dividend climbed from 31% to 38%.
  • Dividends paid by state-owned companies approach a target of 50% of net profit. State-owned companies allocated about 35% of net profit to dividend payouts for 2017. According to ACRA estimates, the aggregate dividend amounted to RUB 697 bln (of which RUB 270 bln is the state's share); an increase of 19% against 2016. At the same time, the government plans to bring the dividend income within the budget up to RUB 550–600 bln in the coming years, although the current receipts are half as much.
  • Metals and mining companies have kept their dividends at the last year's level (RUB 455 bln), however, they have almost exhausted their free cash…

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