Investor Presentaiton
TMK
Capital Structure and Dividend Policy
Key Considerations
TMK's securities are listed on the London Stock Exchange, the
OTCQX International Premier trading platform in the U.S. and on
Russia's major stock exchange - MICEX-RTS.
As of 31 December 2013, 20.58% of TMK shares were in free float,
with approximately 90% of them traded in the form of GDRs on the
London Stock Exchange.
As of 31 December 2013, the share capital of TMK was comprised
of 937,586,094 fully paid ordinary shares or equivalent of
234,396,524 GDRs.
One GDR represents four ordinary shares.
TMK shares and GDRs are included into several major Russia
indices: MSCI Russia, MICEX M&M, MICEX MC.
Source: TMK
Capital Structure as at December 31, 2013
Free Float
Rockarrow
Investments
0.11%
TMK Bonds**
S.A.
7.63%
TMK
Subsidiaries
0.01%
20.58%
TMK Steel*
(incl. affiliated
companies)
71.68%
Dividend Policy
U.S.$
At least 25% of annual IFRS net profits is paid out as dividends.
Starting 2007, dividends are usually paid semi-annually.
TMK resumed dividend payments in 2010 as in 2009 the Company
posted a net loss for the year due to global industry crisis.
1.8
30%
28%
1.6
25%
25% 25% 24%
25%
1.4
1.2
20%
1
15%
0.8
0.6
10%
0.4
5%
0.2
Net Loss for
FY 2009
0
0%
2008
2009
Earnings per GDR
2010
â– Dividend per GDR
2011
2012
2013
Payout Ratio
Source: TMK
*The main beneficiary is Dmitry Pumpyanskiy, Chairman of the Board of Directors of TMK.
**TMK Bonds S.A. owns 17,876,489 GDRs of TMK, representing 71,505,956 TMK shares, or
7.63% of the share capital, securing obligations to convert into GDR US$ 412.5 million
bonds issued by TMK Bonds S.A. in February 2010 and maturing in 2015. The bonds may
be converted at USD 22.308 per GDR.
Source: TMK
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