Dividend policy
The current version came into force on December 22, 2017, the last changes were made on June 18, 2018.
Principles of Rosseti's dividend policy:
- compliance with Russian legislation and corporate governance standards;
- balancing the interests of shareholders and the needs of Rosseti;
- quarterly payments if possible;
- transparency of calculations and payment mechanisms;
- ensuring dividend growth while increasing net profit;
- availability of information to shareholders and interested parties.
The basis for determining the amount of payments is 50% of net profit according to IFRS or RAS standards (the larger value is taken). At the same time, the indicator is adjusted according to several factors (the balance of income and expenses during the revaluation of financial investments, from the transmission of electrical energy, from investment activities, etc.).
The final basis for the calculation is very unpredictable; it is difficult to predict the dividends of Rosseti. The exact calculation procedure with detailed formulas is presented in the Appendices to the dividend policy.
10% of net profit is allocated to payments on preferred shares. Dividends on ordinary shares are paid only if full payment on preferred shares is made. Dividends for an individual enterprise cannot be less than for a joint-stock company.
The recommended amount is determined by the board of directors, and the final decision is made at the annual general meeting of shareholders. Interim dividends (1st quarter, six months, 9 months) are paid on the condition that there is no need to resort to debt financing and the company’s creditworthiness does not deteriorate.
Payments of dividends on shares of Rosseti up
01.07.20200.190.00%08.07.201901.08.20190.080.00%09.07.201801.08.20180.040.00%19.07.201701.09.20170.370.00%19.07.201601.09.20160.070.18%23.05.201301.07.20130.080.00%25.05.201201.08.20120.070.00%17.05.201101.07.20110.0542.51%All company dividends for the last 10 years
Ordinary shares:
| For what year | Period | Last day of purchase | Registry closing date | Size per share | Dividend yield | Closing share price | Payment date |
| 2019 | June 10, 2020 | June 15, 2020 | 12M 2019 | 0,08852 ₽ | 5,66% | June 29, 2020 | |
| 2018 | 4 Jul 2019 | 8 Jul 2019 | 3M 2019 | 0,02443 ₽ | 1,75% | July 22, 2019 | |
| 2017 | 5 Jul 2018 | 9 Jul 2018 | 3M 2018 | 0,011965 ₽ | 1,51% | July 23, 2018 | |
| 2016 | July 17, 2017 | July 19, 2017 | 12M 2016 | 0,006214460 ₽ | 0,74% | 2 Aug 2017 | |
| 2015 | 15 Jul 2016 | July 19, 2016 | 3M 2016 | 0,00831813 ₽ | 1,2% | 2 Aug 2016 |
Preference shares:
| For what year | Period | Last day of purchase | Registry closing date | Size per share | Dividend yield | Closing share price | Payment date |
| 2019 | June 10, 2020 | June 15, 2020 | 12M 2019 | 0,18930 ₽ | 7,93% | June 29, 2020 | |
| 2018 | 4 Jul 2019 | 8 Jul 2019 | 3M 2019 | 0,07997 ₽ | 4,79% | July 22, 2019 | |
| 2017 | 5 Jul 2018 | 9 Jul 2018 | 3M 2018 | 0,04287 ₽ | 3,14% | July 23, 2018 | |
| 2016 | July 17, 2017 | July 19, 2017 | 12M 2016 | 0,368355281 ₽ | 15,74% | 2 Aug 2017 | |
| 2015 | 15 Jul 2016 | July 19, 2016 | 3M 2016 | 0,07452614 ₽ | 5,69% | 2 Aug 2016 | |
| 2012 | May 23, 2013 | May 23, 2013 | NP | 0,08 ₽ | 7,86% | June 6, 2013 | |
| 2011 | May 25, 2012 | May 25, 2012 | NP | 0,07 ₽ | 5,62% | June 8, 2012 | |
| 2010 | May 17, 2011 | May 17, 2011 | 12M 2010 | 0,05 ₽ | 1,96% | May 31, 2011 |
Dividends on shares of Russian networks in 2021 - size and date of closure of the register
Home → Dividends→ Shares of Rosseti JSC - forecast, payment history
A table with the complete history of dividends of the Russian Networks company, indicating the amount of payment, the date of closure of the register and the forecast:
| Payment, rub. | Registry closing date | Last day of purchase |
| 0.0893 | June 15, 2021 | 11.06.2021 |
| 0.0885 | June 15, 2020 | 10.06.2020 |
| 0.0244 | July 8, 2019 | 04.07.2019 |
| 0.012 | July 9, 2018 | 05.07.2018 |
| 0.0062145 | July 19, 2017 | 17.07.2017 |
| 0.0083181 | July 19, 2016 | 15.07.2016 |
*Note 1: The Moscow Exchange operates on the T+2 trading system. This means that settlements for buying and selling shares occur within 2 business days. Therefore, to be included in the register of shareholders and receive dividends, you must be a shareholder 2 days before the cutoff.
*Note 2: Exact payout date varies by broker and issuer. The predicted nearest date for receipt of dividends to the brokerage account for Rosseti JSC: June 28, 2021.
Total dividends of Rosseti JSC shares by year and changes in their size compared to the previous year:
| Year | Amount for the year, rub. | Change, % |
| 2021 | 0.0893 (forecast) | +0.9% |
| 2020 | 0.0885 | +262.7% |
| 2019 | 0.0244 | +103.33% |
| 2018 | 0.012 | +93.1% |
| 2017 | 0.0062145 | -25.29% |
| 2016 | 0.0083181 | n/a |
| Total = 0.2287326 |
The amount of dividends paid by Rosseti JSC for the entire period is 0.2287326 rubles.
Average amount for 3 years: 0.067 rubles, for 5 years: 0.044 rubles.
You can buy shares of Rosseti JSC with minimal commissions from stock brokers: Finam and BCS. Free deposits and withdrawals. Online registration.
Brief information about the issuer PJSC Russian Networks JSC
| Sector | Energy |
| Issuer's full name | PJSC "Russian Grids" JSC |
| Issuer's name is short | Rosseti JSC |
| Ticker on the stock exchange | RSTI |
| Number of shares in lot | 1000 |
| Number of shares | 198 827 865 141 |
| TIN | 7728660000 |
| Free float, % | 11 |
Other companies from the Energy sector
| # | Company | Div. profitability for the year, % | The nearest registry closing date | Buy before |
| 1. | Unipro JSC | 15,08% | 22.06.2021 | 18.06.2021 |
| 2. | IDGC CPU | 10,35% | 15.06.2021 | 11.06.2021 |
| 3. | RyazEnSb | 10,10% | 03.06.2021 | 01.06.2021 |
| 4. | Lenenerg-p | 10,05% | 29.06.2021 | 25.06.2021 |
| 5. | TGK-1 | 9,48% | 07.07.2021 | 05.07.2021 |
Calendar with upcoming and past dividend payments
| Immediate | Past | ||||
| Company Sector | Size, rub. | Registry closing date | Company Sector | Size, rub. | Registry closing date |
| RusAqua JSC Foodstuff | 5 | 27.05.2021 | MDMG-gdr Miscellaneous | 19 ✓ | 25.05.2021 |
| FGC UES JSC Energy | 0.016 | 29.05.2021 | TransK JSC Logistics | 403.88 ✓ | 24.05.2021 |
| SevSt-ao Metals and mining | 46.77 | 01.06.2021 | M.video Retail trade | 38 ✓ | 18.05.2021 |
| Tattel. JSC Telecoms | 0.0393 | 01.06.2021 | PIK JSC Construction | 22.51 ✓ | 17.05.2021 |
| SevSt-ao Metals and mining | 36.27 | 01.06.2021 | PIK JSC Construction | 22.92 ✓ | 17.05.2021 |
| GMKNorNik Metals and mining | 1021.2 | 01.06.2021 | Moscow Exchange Finance and Banking | 9.45 ✓ | 14.05.2021 |
| MOESK Energy | 0.0493 | 01.06.2021 | Sberbank Finance and Banking | 18.7 ✓ | 12.05.2021 |
View full calendar for 2021 »
7 Best Dividend Stocks for 2021
| # | Company | Sector | Dividend yield for the year, % | The nearest registry closing date | Buy before |
| 1. | Surgnfgz-p | Oil Gas | 16,84% | 20.07.2021 | 16.07.2021 |
| 2. | iMMTSB JSC | Miscellaneous | 15,24% | 09.06.2021 | 07.06.2021 |
| 3. | Unipro JSC | Energy | 15,08% | 22.06.2021 | 18.06.2021 |
| 4. | ALROSA JSC | Metals and mining | 14,99% | 04.07.2021 | 30.06.2021 |
| 5. | NLMK JSC | Metals and mining | 14,91% | 09.06.2021 | 07.06.2021 |
| 6. | Rusagro | Food | 11,85% | 18.09.2021 | 15.09.2021 |
| 7. | MMK | Metals and mining | 11,80% | 17.06.2021 | 15.06.2021 |
View the full company rating for 2021 »
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Stock return
In its entire history, Rosseti has never paid 100% of accrued dividends. Maximum 99.72% (Q1 2018), minimum – 99.25% (2012). Rosseti always paid dividends on preferred shares (with the exception of 2021, when there were no accruals at all due to a loss under RBSU). Payments for ordinary shares are intermittent (there were none in 2010–2012 and in 2017).
In the first quarter of 2021, Rosseti paid record dividends, and 5 billion rubles were distributed among shareholders. (76% of total payments for the entire period – 6.6 billion rubles).
Future payout prospects are mixed. On the one hand, there are strong reports under IFRS and RAS for the first quarter of 2021. No deterioration in financial indicators is predicted even against the backdrop of weak revenue growth and cost control (EBITDA margin 35%).
On the other hand, the following may have a negative impact on payments to Rosseti shareholders:
- decline in share price according to analysts' forecasts to the values of three years ago;
- extensive investment program (RUB 1.3 trillion);
- changing the tariff system;
- growth of accounts receivable;
- the beginning of preferential connection of consumers with a power from 15 to 150 kW.
Russian Networks (RSTI, Rosseti, MRSK Holding)
In order for a company to fall, someone needs to sell it, and I understand that a lot of people sold their shares, including me partially, the correction in Russian networks has already been going on for 3 months... and those who sold are naturally not fools and can count perfectly well and naturally they want to buy it cheaper.... Rosseti has practically not grown from its historical loyi, unlike FSK UES, which from 4 kopecks has gone by 25 kopecks or almost 6 times, and Rosseti is only 2 times the loyi, but remember those loi and the area are 47-50 kopecks and those years 2013-2014 and partly 2015 - they were unprofitable for the Russian networks and the pref with the custom stood and dangled for almost three years at about 47 kopecks, although from time to time the custom reached 60 kopecks and it then rolled down to 47-48 kopecks, unlike the pref , which traded stably at about 47 kopecks, but these were unprofitable years for both Russian Grids and FSK....what do we have now?..... 2021...Russian Grids declared a profit according to the RSB, albeit a paper one, but a profit of 222 billion (from other income of Rosseti showed real 23 billion at the level of the Moscow Exchange 27 billion - the capitalization of the Moscow Exchange is 290 billion), according to IFRS it is already clear that they will declare more than 100 billion in profit and for the first time in history they paid interim dividends, we can also say with 100 percent certainty that they will pay annual dividends dividends, revenue will grow to 860 billion rubles and the trend of tariff growth in the Russian Federation will continue - all the signs of a growing company are there... a week has passed since my sale of part of the stake and suddenly I began to ask myself the question, did I do the right thing by cutting down the position of Rosseti and Have I fallen for this diva propaganda? Is this the main diva? Yesterday I looked at the LSE quotes of the London Stock Exchange; its capitalization is 11 billion pounds and over the past three years has grown from 24 to 32 pounds per share with a yield of 1.2 percent (and on the MICEX there are many companies that grew and paid very low dividends of Novatek, Magnit, Sberbank or did not pay anything at all - Yandex) and in my heart I am beginning to understand that I was in a hurry with the sale of part of the package of Rosseti.... and I also want to remind you that the historical high of the MRSK holding (the difference from Rosseti is that the holding is not owned a stake of 81 percent of FGC UES) was at the level of 6 rubles per share and I remember very well how in 2009 analysts from almost all investment houses set a forecast price for the holding of 10-12 billion dollars, and the general director then Shvets always answered negatively to questions about the privatization of the holding, because I thought in 2009, when a share cost 5 rubles, the capitalization was very low... but Rosseti is of course not an MRSK holding, this company is more than 2 times larger, since it owns almost 81 percent of such a huge company as FGC UES, by the way in When calculating the electric power industry index on the MICEX, FGC UES has the largest weight of all energy companies, about 20 percent... and analysts have always considered the price of MRSK holding as the sum of the capitalizations of subsidiaries according to the share of ownership, and in Russian networks it is also necessary to add the capitalization of the share from FGC UES, and this is not counting Tyumen and Yantar, since these are 100 percent subsidiaries and today, if you count by subsidiaries, then Rosseti should be worth about 300 billion or 1-50 per share... that is, at today’s prices of subsidiaries, the undervaluation of Rosseti is 50%
How to buy shares and receive dividends
You can purchase Rosseti securities only through a licensed broker with admission to trading on MOEX by concluding an agreement. The broker will independently withhold 13% of the personal income tax; you will not have to fill out a declaration. It is worth taking into account broker and exchange commissions, which reduce the final profitability.
Best brokers
List of licensed brokers that are trustworthy.
Reliable Russian brokers
| Name | Rating | pros | Minuses |
| Finam | 8/10 | The most reliable | Commissions |
| Opening | 7/10 | Low commissions | Imposing services |
| BKS | 7/10 | The most technologically advanced | Imposing services |
| Kit-Finance | 6.5/10 | Low commissions | Outdated software and user interface |
Warning about Forex and BO
Expert opinion
Vladimir Silchenko
Private investor, stock market expert and author of the Capitalist blog
Ask a Question
Work with real assets (preferred and ordinary shares of Rosseti) is carried out only on stock exchanges. Binary options and Forex trading are high-risk transactions, and not even with exchange-traded assets. In 80% of cases, such “trading” leads to the loss of invested funds. It is advisable to stay away from such ways of earning money.
How to buy?
Russian citizens or non-residents can purchase Rosseti shares on the Moscow Exchange. At the same time, individuals have the right to conduct transactions only with the help of professional brokers. Transactions can be carried out by directly placing an order with the participation of specialized specialists of the broker company or through remote access to the platform, which can be provided to the buyer using specialized software.
Why can the company's securities be trusted?
There are several reasons to trust an organization’s securities:
- It is the world's largest electricity grid company.
- Trading of Rosseti shares has been carried out on the stock exchange since 2014.
- The controlling shareholder of the organization is the Federal Agency for State Property Management of the Russian Federation.
- The company's investments have peaked and this has a positive impact on the share price. The positive dynamics can also be associated with the organization's new dividend policy, according to which holders of securities have the right to pay dividends amounting to up to 50% of cash flow.
Rosseti (RSTI) dividends per share (annual values)
In this table, all dividend payments are summed up by the years for which the payment was accrued.
%201120122013201420152016201720182019LTMDividend, rub/share?00.006210.0119650.110.0885Div income, joint-stock company, %0.0%0.5%1.5%6.6%5.3% Dividend up, rub/share0.070.0800.36840.042870.270.189Div income, ap, %0.0%16.7%3. 1% 12.6%8.8%Dividends/profit, %0%5%3%30%29%Dividend payout, billion rubles03.792.4322.717.7At the end of 2021, Rosseti paid dividends in the amount of 0.11 rubles per ordinary share and 0.27 rubles per preferred share. The total amount of payments amounted to 22.69 billion rubles. The dividend yield on a common share at the current market price is 6.6%; the dividend yield on a preferred share is 12.6%.
How and where to buy Rosseti shares
Both types of Rosseti shares are traded on the Moscow Exchange.
Ordinary shares – under the ticker RSTI, preferred shares – RSTIP. Bidding is carried out in lots. One lot contains 1000 company shares. Consequently, the minimum purchase amount for common shares at the current quote is 1,385 rubles, and for preferred shares – 1,688 rubles.
The purchase of shares is carried out through any Russian broker that provides access to the Moscow Exchange. The list can be viewed here.
To purchase, you just need to select the desired stock by ticker through the web terminal or trading platform, select the number of lots and click “Buy”.
“The condition of Rosseti is good,” but there will be no dividends for 2021
Source:
www.rosseti.ru
Rosseti in 2021 increased its net profit according to IFRS by 2.9% compared to the previous year – to 124.7 billion rubles, according to the company’s report published on March 29. Revenue grew by 7.7% and reached 1.022 trillion rubles (revenue from electricity transmission increased by 42 billion rubles, including due to tariff indexation and an increase in productive supply), EBITDA increased by 4.6%, to 306.3 billion rubles . At the end of 2021, the group’s assets increased by 7.3% to 2.5 trillion rubles, mainly due to the increase in fixed assets due to the commissioning of new facilities as part of the investment program.
– The company’s condition is good, growth has been recorded in all key performance indicators (according to IFRS – ed.). If we talk about the debt/EBITDA ratio, it was 1.42 versus 1.55 in 2017, the weighted average cost of borrowing was 6.98%, the head of Rosseti Pavel Livinsky added to the list of financial achievements, speaking with journalists on the sidelines of the Krasnoyarsk Economic Forum (KEF-2019).
But despite this, Rosseti, like last year, will not pay dividends for the year. The problem is in the RAS reporting, published on the same day: according to Russian standards, the holding recorded a net loss of 11.5 billion rubles in 2021. Compared to 2021, the figure decreased by 12.8%. At the same time, revenue according to RAS amounted to 27.2 billion rubles (+2.6%), cost of sales – 4.7 billion rubles (+3.7%), gross profit – 22.52 billion rubles (+0.7%) .
“A loss under RAS is a “paper” loss from the revaluation of shares, which does not reflect the real financial and economic condition (of the company - ed.), - Mr. Livinsky explained, but admitted that the loss recorded under RAS will not allow the company to pay dividends on results of 2021.
The “paper” loss under RAS was again formed as a result of a revaluation of the value of shares of subsidiaries and dependent companies on the balance sheet of Rosseti. In this regard, according to Art. 42 of the Federal Law “On Joint-Stock Companies”, dividends based on the results of 2021 are not paid, the press service of the holding explained. The situation is similar to last year. Then the shareholders of Rosseti at the annual general meeting approved the payment of interim dividends based on the results of the first quarter of 2021 for a total amount of 2.468 billion rubles. At the same time, the meeting approved a decision not to make dividend payments for 2021 due to a loss under RAS in the amount of 13.243 billion rubles.
The company, whose creation was completed in the first half of 2013, did not pay dividends based on the results of 2013-2015. In 2016, Rosseti paid interim dividends for the first quarter and made payments for the year - a total of 3.785 billion rubles. And although now, like last year, Rosseti will not be able to pay shareholders the final annual dividends due to a legislative prohibition in the presence of a loss under RAS, the company intends to make interim payments based on the results of the first quarter of this year.
– Dividends have been paid, are being paid and will be paid with positive dynamics. At the annual general meeting (we will - ed.) recommend that the government pay interim dividends for the first quarter of 2021. Current indicators allow us to do this, there are no problems here,” said Pavel Livinsky, refusing to specify the possible volume of interim payments.
Formally, “positive dynamics” of payments compared to last year can be achieved if the amount of dividends this year exceeds 2.468 billion rubles. However, back in early October, in an interview with Interfax, Pavel Livinsky assumed that based on the results of all reporting periods in 2021, the total volume of dividend payments would be 5 billion rubles. For nine months, the company’s net profit according to RAS reached 19.2 billion rubles.
“We forecast a planned profit for the year of about 24 billion rubles against a loss that was last year at 13 billion rubles. Accordingly, there is an opportunity to pay dividends,” the head of Rosseti said in October. But having paid shareholders a little less than half of the said amount based on the results of the first quarter, at the end of the year the company revalued the securities of its subsidiaries, showed a loss under RAS and refused further payments.
On February 22, the exchange price of Rosseti’s ordinary shares rose above par value for the first time in a long time: since October 2021, the company’s shares have collectively increased by 52%. Investment analysts could not explain the sharp jump by any objective reasons, suggesting the possibility of an artificial “acceleration” of quotes, Kommersant wrote. In the future, the market will be disappointed by the announcement of dividends from Rosseti itself, Vladimir Sklyar from VTB Capital noted then. Even if Rosseti were paid 5 billion rubles at the end of 2021, the dividend yield would be only 2.5% - this is the worst indicator in the sector, the analyst said.
Having not implemented last year’s plans, the company still intends to increase the volume of payments as part of the “increasing dynamics”.
“We see quite strong financial indicators that give us the right to present our recommendations on dividends to the meeting of shareholders through the board of directors based on upward dynamics,” stated the press service of Rosseti.
However, the ambiguity of the situation with dividend payments is indirectly recognized within the network holding company itself. “The company is currently forming a new dividend policy, which will provide more transparent calculation parameters and principles for its implementation,” stated the press service of Rosseti.
At the same time, the holding is trying to solve the problem of dividends on the “other side”, continuing to push for the inclusion of a dividend component in network tariffs.
– Regarding the inclusion of dividend payments in the tariff. If you look at other regulated industries, the electric grid complex is probably the only regulated industry where dividends in one form or another are not taken into account in the tariffs... We have formulated our proposals regarding the inclusion of dividend payments in the tariff. This issue is being discussed in the Russian government. And we hope for a positive decision,” RIA Novosti quoted the statement of Rosseti Deputy General Director for Economics Pavel Grebtsov, made on March 29 during a telephone conference.
Author: Sergey Ispolatov
Rosseti dividends KEF-2019
