20. Equity
(a) Share capital
| Ordinary shares | ||
|---|---|---|
| 31 December 2011 | 31 December 2010 | |
| Issued shares, fully paid | 42,217,941,468 | 42,217,941,468 |
| Par value (in RUB) | 0.10 | 0.10 |
(b) Dividends
In accordance with Russian legislation the Company’s distributable reserves are limited to the balance of accumulated retained earnings as recorded in the Company’s statutory financial statements prepared in accordance with Russian Accounting Principles.
At the annual shareholders meeting held on 22 June 2010 the decision was made not to declare dividends for the year 2009.
At the annual shareholders meeting held on 17 June 2011 the decision was made to distribute the Company’s profit for the year 2010 to dividends in the amount of RUB 610,932 thousand and to pay dividends for the year 2010 in the amount of RUB 0.01447 per ordinary share of the Company in cash.
Return to Notes to the Consolidated Financial Statements for the year ended 31 December 2011