PJSC LukOil Result of BoD Meeting (6972W)

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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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December 12, 2019 07:00 ET (12:00 GMT)