Dividends

Dividend Policy

On 25 August 2020, with a view to increasing transparency in dividend decision making process, adding predictability into capital allocation approach while aiming to maintain an above sector-average dividend yield, the Board has approved an amendment to the Company’s dividend policy, which replaces special dividend with a modified policy for final dividend payment. As a result, the revised dividend policy is as follows:

• Minimum final dividend of 50% of Underlying Net Income for 2H (subject to absolute Net debt/Adjusted last twelve months EBITDA ceiling of 2.5x).
• In addition, the Board will now have discretion to increase the final dividend amount to a maximum annual payout of 100% of Free Cash Flow (provided that it is greater than 50% of Underlying Net Income). In making this decision, the Board will consider, among other factors, the macroeconomic outlook, debt position and future investment requirements of the Group.
• Interim dividend will remain at 50% of Underlying Net Income for 1H (subject to absolute Net debt/Adjusted last twelve months EBITDA ceiling of 2.5x).
• It may take some time from the date of payment to receive a dividend by shareholder. Please contact your broker for more information.

With this amendment, starting from 2021, Polymetal will pay dividends twice a year on a semi-annual basis.

Given the continuing impact of external uncertainties, the Board has not been proposing dividends since 2022 (FY2021 dividends and other going forward) to allow the Group to strengthen its cash position and enhance its resilience in a highly volatile environment. Payment of dividends in the future will also depend on the ability to unblock shares which are currently held through the National Settlement Depositary (NSD).

Dividend History