PJSC LukOil Result of BoD Meeting (6972W)
December 12 2019 - 6:00AM
UK Regulatory
TIDMLKOD
RNS Number : 6972W
PJSC LukOil
12 December 2019
LUKOIL BOARD OF DIRECTORS APPROVES AMENDMENTS TO REGULATIONS ON
THE DIVIDEND POLICY
At today's meeting of the Board of Directors of PJSC "LUKOIL"
(hereinafter, the Company), the decision was taken to amend the
Regulations on the Dividend Policy of PJSC "LUKOIL", setting it out
as a new version. The amendments are based on the main principles
of the dividend policy approved by the decision of the Board of
Directors on October 16, 2019 as follows:
-- the total amount of dividends on the Company's issued shares,
excluding the shares held by LUKOIL Group entities, equals at least
100% of the Company's adjusted free cash flow;
-- the adjusted free cash flow is calculated on the basis of
PJSC "LUKOIL" consolidated financial statements prepared in
accordance with International Financial Reporting Standards (IFRS)
and is determined as net cash provided by operating activities less
capital expenditures, interest paid, repayment of lease
obligations, and expenses for purchase of Company's stock;
-- dividend per share is rounded to a whole Russian rouble;
-- dividends are paid twice a year with the amount of interim
dividends calculated based on the consolidated financial statements
for the six-month period.
The Board of Directors also reviewed other items on the agenda.
As part of them, the decision was taken to terminate early the
powers of S. G. Nikitin as member of the Management Committee of
PJSC "LUKOIL" and to approve the number of the Management Committee
members as 14.
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END
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December 12, 2019 07:00 ET (12:00 GMT)
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