Vysochaishiy has approved a new dividend policy in order to keep dividends on the stably high level.
According to the new policy, dividends are calculated on the basis of EBITDA. The dividend level is 30% of EBITDA provided that the company net debt/EBITDA ratio is below 2.5x.
If the ratio has been higher than 2.5x but lower than 4.0x in the past 12 months, the board of directors could decide to pay 20% of EBITDA on dividends. If the ratio is higher than 4.0x, the dividends are not paid.
The new dividend policy comes into effect when it is approved. Thus, dividends for 2017 will be calculated and paid according to the new rules, except for the dividends paid for the H1 2017.
Until 2018 the company was paying dividends in the volume of not less than 25% of net profit. In 2016, 2.179 billion rubles of dividends were paid. (Ukrainian metal)