PhosAgro warns of a reduction in the volume of dividend payments due to the tax on excess profits
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PhosAgro Deputy CEO for Finance and International Projects Alexander Sharabaiko said that the company’s free cash flow, from which dividend payments are formed, will decrease by the amount of windfall tax.
“On dividend payments in volume terms (windfall tax.— “b”), obviously, will have a negative impact, because you are giving away “live” money … Free cash flow will be less by the amount that you have to pay, ”said Mr. Sharabaiko on the sidelines of the St. Petersburg Economic Forum (quoted by Prime).
According to the deputy general director, PhosAgro estimates the amount of the tax at just under 7 billion rubles if the payment is made this year and the formula for calculating it does not change. At the same time, he stressed that the windfall tax will not affect the dividend policy – the company will continue to form payments from the company’s free cash flow.
On June 7, Mr. Sharabaiko announced that Phosagro does not plan waive quarterly dividend payments. May 26 Board of Directors of the company recommended to pay interim dividends in the amount of 264 rubles. per share. The meeting of shareholders, at which the decision must be approved, will be held on June 30 in absentia.
June 13 Russian government approved draft law on taxation of excess profits for 2021–2022. According to the Minister of Finance of the Russian Federation Anton Siluanov, the funds collected as part of the collection will go to social needs. The bill has been submitted to the State Duma for consideration.
It is assumed that the new one-time fee will affect enterprises with revenues of more than 1 billion rubles. per year, provided that profit in 2021–2022 was cumulatively higher than profit in 2018–2019. Its rate will be 10% of the difference in profits when paid in 2024, but can be reduced to 5% if the company pays the tax in 2023. The oil and gas, coal industries, small and medium-sized businesses will be exempted from windfall tax.
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