15 March 2018 — EN+ GROUP PLC (the “Company”, “the Group” or “En+ Group”) (LSE: ENPL; MOEX: ENPL), a leading international vertically integrated aluminium and power producer, today announces that the Board of Directors of the Group has approved on a meeting on the 14th of March 2018 an additional interim dividend in the total amount of USD 68 million or USD 0.1190 per ordinary share/global depository receipt (“GDR”), in respect of the year ending 31 December 2017, which will be paid to holders of ordinary shares/GDRs registered at the close of business on 21 March 2018, and is expected to be paid by no later than 28 March 2018. The Company’s GDRs are expected to be marked ex dividend on 20 March 2018.
In 2Q 2017 En+ Group adopted a new dividend policy1 which implies the payment on at least a semi-annual basis of dividends which will be equal to the sum of:
- 75% of Free Cash Flow of the Energy segment, subject to a minimum of USD 250 million per annum; and
- 100% of dividends received from UC RUSAL2.
Dividends to be paid for 2017 from the Energy segment will amount to USD 250 million (including USD 68 million declared today). Dividends from UC RUSAL for 2017 amounted USD 144 million. The Company does not plan to pay any further dividends in respect of 2017.
Therefore, total dividends payments for 2017 will amount to USD 394 million, the overall dividend payments since IPO will amount to USD 193 million in total.
[1] Any future decision to declare and pay dividends will be subject to applicable law and commercial considerations.
[2] UC Rusal dividend policy: annual payout of up to 15% of Covenant EBITDA subject to compliance with relevant regulation and loan agreements. Covenant EBITDA is defined as UC Rusal EBITDA on LTM basis as defined in the relevant credit agreements, adding dividends declared by Norilsk Nickel and attributable to the shares owned by UC Rusal.
