National Research Nuclear University “MEPhI” (Moscow Engineering Physics Institute), Moscow, Russia:

V. G. Kogdenko, Head of a Chair of Financial Management, e-mail: VGKogdenko@mephi.ru
A. V. Putilov, Professor, Dean of a Faculty of Management and Economics of High Technologies
A. G. Vorobev, Professor, Head of a Chair of Economics

The objective of this article is analysis of the payout policy, including its dividend policy and share buyback policy. This method includes four stages. The first stage is considered in this article. The calculations of analytical indicators are based on the annual reports data of the consolidated statements of MMC “Norilsk Nickel”, using the company's capitalization data. The article substantiated the composition of the source data for the analysis of the payout policy impact on the financial condition of the company, investment activities, and the fundamental value of the company's capita lization. In the first step, certain key indicators of the payout policy were analyzed: the amount of payments to shareholders; the proportions of profit distribution; payout ratio relative to net income and operating cash flow; and the dividend yield. These indicators make it possible to assess the scale seizures of financial resources from the company, and also to determine the direction of the payout policy. The calculated indicators can justify the aggressive policy aimed at significant payments to shareholders, increasing the stock attractiveness for investors who hold strategy of investing in income. The company implements the technique of dividend payments on the basis of constant distribution of profits. Thus the profit adopted for the dividend calculation is the earnings before interest, tax, depreciation and amortization (EBITDA); and proportion distribution ratio is 50 / 50 (in accordance with the shareholders' agreement). Such a policy received a support from major shareholders and dividend payments contributed to stability decrease in the degree of investment risk in equities.

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