En+ investments into environmental projects not affecting dividend policy – Board Chairman

TASS Russian News Agency | Oct 16, 2019 at 6:27 PM

MOSCOW, October 16. /TASS/. Investments of the En+ Group into environmental projects will not influence on the dividend policy of the Group, Chairman of the Board of Directors Lord Gregory Barker, said in an interview with TASS.

"As we mentioned within our half-year results' presentation - we are committed to the dividend policy announced prior to the IPO," Lord Barker said.

The En + dividend policy approved in 2017 involves the payment of dividends at least once every six months in the amount of 75% of the free cash flow raised by the power generation segment of the group (but not less than $250 mln per year), and 100% of dividend payments received by the group from Rusal.

The company has recently created an environmental advisory board, the Board Chairman noted. "This is a strategic body, providing valuable input in light of the constantly changing landscape," he said.

The advisory board will "suggest how to decarbonize our operations, which technologies to focus on, what development scenarios we should aim for, how to lead the industry. Broadly speaking - how to meet the requirements of the future," Lord Barker noted.

En+ Group is a leading vertically integrated producer of aluminum and electricity. The company includes electricity generating assets with an installed capacity of 19.6 GW (including 15.1 GW of hydropower assets) and aluminum production with an annual capacity of 3.9 mln tonnes. The main shareholders of En + are Oleg Deripaska's investment company B-Finance (44.95% - of which voting rights are limited to 35%) and VTB Bank with a share of 21.68% (7.35% of voting shares).