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SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody December 5, 2019 Issue No. 2019/46 Company News Freight One converts shares in papers with higher face value On November 28, 2019 Russian railway cargo operator Freight One, part of Fletcher Group of tycoon Vladimir Lisin, converted 31.346 bln ordinary shares with a face value of RUB 1 into 208.976 mln ordinary shares with a face value of RUB 150. The shareholder equity remained unchanged at RUB 31.346 bln. The old shares were cancelled. Subsidiary says to sell RUB 15 bln new shares to Russian Railways On November 28, 2019 the board of directors of Federal Passenger Company, a long-distance passenger subsidiary of Russian Railways, approved the sale of RUB 15 bln of additional shares in favor of the parent company. The shareholder will consider the decision on December 6. Federal Passenger Company plans to use the money to buy rolling stock under a long-term contract. MGTS board appoints executive director Medvedev as general director On November 29, 2019 the board of directors of Moscow City Telephone Network (MGTS), a fixed line unit of mobile operator MTS, appointed Executive Director Vladislav Medvedev as general director. At the top position, Medvedev replaced Pavel Kuznetsov, who moved to MTS in mid-September as a vice president and combined the powers. The staff changes are explained by a functional merger of MGTS and MTS in the Moscow Region, which was triggered earlier in 2019. As a result, MTS will receive commercial aspects of the business and MGTS technical ones. Rosatom to buy non-controlling stake in Delo Group’s managing company On December 3, 2019 it was reported that Russian state nuclear power corporation Rosatom would buy a non-controlling stake in managing company Delo, the parent company of Delo Group of businessman Sergei Shishkaryov, to launch an arctic container carrier. A Delo spokesperson said quoting CEO Igor Yakovenko that the sum of the deal would be in line with the market. Earlier in the day, RBC newswire reported that Rosatom planned to acquire 30% in Delo. The negotiations started after Shishrakyov had confirmed the company’s participation in auction of 50% minus two shares in railway container operator TransContainer and Rosatom had acquired the status of the sole infrastructure operator of the Northern Sea Route. The two companies plan to create a platform for the launch of an international transport and logistics business with the focus on multimodal and transit traffic from Asia to Europe and back through the Northern Sea Route among other routes. The companies plan to use their logistics assets to establish a new Arctic container carrier, but Rosatom also plans to use cooperation to improve its Eurasian logistics and offer conditions for the cargo traffic between Asia and Europe that are at least the same as those of the Suez Canal. The Delo spokesperson said Delo and Rosatom’s subsidiary Atomenergoprom plan to have a partnership where all directions of development are possible if they are beneficial for both partners. Executive says no plans to change central bank’s stake in Moscow Exchange On December 3, 2019 Sergei Shvetsov, First Deputy Chairman, stated that Russia’s central bank had no plans to change its stake in the Moscow Exchange, where it owns 11.8%. On November 29, the Moscow Exchange said that the Russian Direct Investment Fund (RDIF) reduced its stake in the bourse to 3.18% from 5%. Other major shareholders of the bourse are Russia’s top lender Sberbank with 10%, state development corporation VEB.RF with 8.4%, and the European Bank for Reconstruction and Development (EBRD) with 6.07%. 1 Executive says government opposes Transneft’s buyback program On December 3, 2019 Maxim Grishanin, First Vice President, stated that the Russian government did not support a buyback of shares by oil pipeline monopoly Transneft. Transneft said in October 2018 that it planned RUB 20 bln three-year buyback program. Grishanin said that the company could approve an option program for executives in the framework of the buyback in 2019. Dividends/coupons Gazprom hopes to pay 50% of IFRS net profit in 2022 dividends On November 29, 2019 it was reported that Russian gas giant Gazprom hopes to pay 50% of the adjusted International Financial Reporting Standards (IFRS) net profit in dividends for 2022. A top Gazprom manager said during a conference call that the company also hopes to pay 50% of the IFRS net profit in dividends for 2021. Gazprom said that dividends for 2020 would be in line with a new dividends policy. Head of the finance department Alexander Ivannikov said that the managing board would consider a new dividend policy on December 5, and the board of directors is to approve in at the end of the month. Acron to pay RUB 101 per share in dividends for January–September 2019 On December 3, 2019 shareholders of Russian fertilizer producer Acron approved paying RUB 101 per share, or a total of RUB 4.094 bln, in dividends for January–September. The record date is December 11. The shareholders of Acron approved paying RUB 135 rubles per share in dividends for 2018 in May 2019 and RUB 130 per share in dividends from the undistributed net profit for previous years in March 2019. Vyacheslav Kantor is the key shareholder of the company. FGC UES doesn’t plan to revise dividend policy On December 3, 2019 Andrei Murov, CEO of Russia’s Federal Grid Company of Unified Energy Systems (FGC UES), said that the company did not plan to change its dividend policy so far, the payment for January–September 2019 would be one-time. According to FGC UES’ approved dividend policy, the basic level of payment to shareholders is at least 50% of net profit at the largest of the amounts reported – under Russian Accounting Standards (RAS) or under International Financial Reporting Standards (IFRS). Rosseti doesn’t plan to pay dividends for January–September 2019 On December 3, 2019 Pavel Livinsky, CEO of state power grid holding Rosseti, stated that the company did not plan to pay dividends for January–September. In September, Rosseti submitted to the Energy Ministry a new development strategy, options program, and a new dividend policy. Previously, boards of directors of Rosseti’s nine subsidiaries recommended paying dividends for January–September. Rosseti did not pay dividends for 2018, but paid RUB 5.03 bln in dividends for January–March of this year. Transneft wants to fix dividends at 50% of normalized net profit On December 3, 2019 Maxim Grishanin, First Vice President of Russian oil pipeline monopoly Transneft, stated that the company plans to suggest fixing its dividend payments at 50% of the normalized net profit from 2020. The Russian government owns 100% of Transneft’s common shares, or 78.55% of the company’s shareholder equity. M.Video-Eldorado approves RUB 33.37 per share in January–September 2019 dividends On December 4, 2019 shareholders of Russian household appliances and electronics retailer M.Video- Eldorado approved paying RUB 33.37 per share in dividends for January–September. The record date was set for December 16. M.Video paid RUB 4.854 bln in dividends for 2014, RUB 3.595 bln in dividends for 2015 and paid no dividends for 2016–2018. The company is part of Mikhail Gutseriyev’s Safmar Group. CEO says MOESK expects to pay interim dividends in 2020 On December 4, 2019 Pyotr Sinyutin, CEO of Moscow United Electric Grid Company (MOESK), a unit of Russia’s power holding Rosseti, said that the company expects to pay interim dividends in 2020. MOESK’s board of directors recommended in November paying 4.237 kopecks per common share in dividends for January–September. The shareholders will decide on the issue at an extraordinary general meeting on December 31. For 2018, MOESK paid RUB 2.9 bln in dividends, or 71.7% of net profit under Russian Accounting Standards (RAS). Lukoil shareholders approve RUB 192 per share in January–September 2019 dividends On December 5, 2019 shareholders of Russian oil major Lukoil approved paying RUB 192 per share, or a total of RUB 137.280 bln, in dividends for January–September. The record date was set for December 20. Lukoil paid RUB 95 per share in dividends for January–September 2018 and a total of RUB 250 per share in 2 dividends for 2018. In October, the board of directors approved a new dividend policy, under which the company would pay at least 100% of its adjusted free cash flow in dividends. Dividend payments are to be made twice a year. Please be advised that the information presented in this newsletter is based on the following sources: National Settlement Depository (NSD); Clearstream Banking; Euroclear Bank; PRIME-TASS information agency; “Kommersant”, "Rossiyskaya Gazeta”, “Izvestiya, "Vedomosti”, “The Moscow Times“ newspapers, and others. For more information kindly contact: Anna Enfiand zhiants Evgenia Makarova Julia Dombrovskaya T +7 (495) 783 13 91 T +7 (495) 783 13 64 T +7 (495) 783 13 15 F +7 (495) 783 13 89 F +7 (495) 783 13 89 F +7 (495) 783 13 20 E [email protected] E [email protected] E [email protected] This document has been prepared exclusively for internal use of VTB Bank (PJSC) customers. The information should not be further distributed or duplicated in whole or in part by any means without the prior written consent of VTB Bank (PJSC). The information contained herein has been prepared on the basis of information which is either publicly available or obtained from a source which VTB Bank (PJSC) believes to be reliable at the time of publication.
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