Capital markets

Share capital

As at 31 December 2020, the Company’s charter capital amounted to RUB 2,951,250,000 (two billion, nine hundred fifty-one million two hundred fifty thousand roubles).

The Company’s charter capital is divided into common registered uncertificated shares in the amount of 2,951,250,000 with a face value of RUB 1 per share.

All common shares have the same face value, are registered uncertificated securities and provide equal rights to their holder (shareholder).

In accordance with the Articles of Association, the Company is entitled to place 737,812,500 common shares with a face value of RUB 1 each in addition to the outstanding shares.

FESCO's key indirect shareholders are as follows: Mr Andrey Severilov (23.8%), Mikhail Rabinovich (17.4%) and Ziyavudin Magomedov (32.5%). 26.3% is owned by other shareholders or is in free floa.

Share price performance (MOEX)

FESCO shares are traded on Moscow Exchange and included in the Level 3 quotation list (ticker: FESH). In 2020, FESCO share price surged by 30% from RUB 8.88 as at 3 January 2020 to RUB 11.51 as at 30 December 2020. FESCO's market capitalisation increased from RUB 26.21 bn at the beginning of the year to RUB 33.97 bn at the year-end.

Exchange-traded bonds

FESCO remains focused on redeeming the Group’s BO-01 and BO-02 series exchange-traded Russian bonds. As at 31 December 2020, 3,465 BO-01 series and 20,264 BO-02 series bonds that are not challenged in court proceedings remain outstanding for a total of up to RUB 24 m, or 0.34% of the initial issue volume. The Company is ready to repurchase the remaining outstanding bonds from investors under the terms of the public offer made by FESCO in 2019, i.e. for the sum of face value and outstanding coupon payments.

Credit ratings

As at the end of 2020, the Company maintained a CCC rating from Fitch Ratings Limited international agency.

Payout of the declared (accrued) dividends

Pursuant to the Company’s Articles of Association, resolutions on the payout of dividends are made by the General Shareholders Meeting following a recommendation of the Board of Directors. The recommendation is based on the Company’s current financial position, taking into account its development plans. In 2020, no dividends were accrued or paid.