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Share capital and dividend policies

Share Capital

In 2015, there were no changes in the Company’s shareholder structure. JSC FPC’s main shareholder is JSC RZD (Russian Railways). JSC Baminvest owns one share in JSC FPC.

In May 2015, JSC FPC completed another additional issue of shares worth a total of RUB 12,825,192,406.

The shares were paid for with cash in the total amount of RUB 4.5 billion and by transferring property with a total value of RUB 8.3 billion, including

  • 17 immovable property items;
  • 399 passenger carriages and
  • 432 items of other movable property.

As at 31 December 2015, the Company’s share capital was RUB 165,461,040,539.

Changes in the Company’s share capital, RUB bn

Changes in the Company’s share capital, RUB bn

Voting shares by class of shares

Type, class of securities Registered ordinary shares
Form of shares issued uncertified
Number of shares issued 165,461,040,539 shares
State registration number 1 01 55465 E
Par value per share RUB 1
Name Number of voting shares Percentage of voting shares, %
JSC RZD 165,461,040,538 99.999999999
JSC Baminvest 1 0.000000001
Total 165,461,040,539 100

Dividend Policy

At the annual General Shareholders Meetings in 2010, 2011 and 2012, JSC FPC’s shareholders resolved not to pay dividends.

In 2013, the General Shareholders Meeting resolved to use retained earnings from prior years to pay a dividend and simultaneously contribute the said dividend amount into the share capital of JSC FPC to finance the Company’s investment programme.

In 2014, the General Shareholders Meeting resolved not to pay a dividend due to loss-making performance for the year.

In 2015, the Company made a net profit of RUB 141,081,000. The final decision on dividend payment will be made by JSC FPC’s General Shareholders Meeting in June 2016.

Procedure for calculating the amount of dividends

On 17 December 2012, JSC FPC’s Board of Directors approved the Regulations on JSC FPC’s Dividend Policy.

In accordance with the Regulations, the amount of a full year dividend is a sum total of a fixed dividend (DIV1) and a residual dividend (DIV2).

Fixed dividend (DIV1) = Net profit for the reporting year * (fixed dividend payment (no less than 25%)) + change coefficient reflecting the variance between the Company’s actual net profit and the target value (CT).

Where the deviation between the actual and target net profit is no greater than 15%, CT is equal to 0.

Where the deviation between the actual and target net profit is greater than 15% but no greater than 50%, CT is equal to 5%.

Where the deviation between the actual and target net profit is greater than 50%, CT is equal to 10%.

Residual dividend (DIV2) = Net profit for the reporting year — the amount of mandatory contributions deducted from the net profit (reserve fund and charities) — the amount of fixed dividend (DIV1) — the portion of the Company profit used to finance the Company’s Investment Programme (investment programme — deprecation — borrowings).