Dividend - what is it? Accrual of dividends. Dividends of Gazprom

Not everyone is able to understand today's difficult economic terms. Nevertheless, there are concepts that warm the soul even to the most financially uncomfortable inhabitants. For example, a dividend. What is this term, what is its definition, purpose and essence - all this we will consider in this article.

Where do the dividends come from?

From the economic point of view, dividends are a part of the company's profits paid to shareholders after payment of all compulsory payments and taxes. And then a new question arises: "Who is a shareholder?" A person or organization that has invested its own funds in the company's shares in order to acquire a certain income from the growth of their exchange value, that is, only the shareholder can count on the return on the means invested in the development of the enterprise.

Purchase of shares is the basis for revenue generation

Now let's look at the shares. They are ordinary and privileged. As a rule, when a company appears, the amount of authorized (or collateral) capital is fixed, which is the source of financing for all costs of the organization. For the amount of this capital, the company issues ordinary shares of a certain nominal value. Their total cost should be equal to the amount of the statutory fund. So, in order to receive dividends, it is necessary to become the owner of the shares, in other words, to buy them.

The company's right to decide the direction of profit

But not everything is so simple in the notion of "dividend". That this is some share of net income of the joint-stock company, distributed among its shareholders holding shares, is already clear. However, to pay this type of income or not to pay - the organization decides, or rather, the general meeting of shareholders, since payment of dividends is not an obligation, but a society's right. Legislatively established that the company at the end of the year may declare dividends on its own shares, but it is not obliged to do so. Today, only a quarter of all Russian AO announces and pays dividends.

The optimal balance in the distribution of profits

Any company develops and functions to maximize profit. Therefore, it aims to invest in the further development of the lion's share of the revenues received by the year-end. However, for a long time it is impossible not to pay dividends to its investors: with the falling share price, the investment attractiveness of the company will invariably fall. And this will lead to a decrease in overall profitability. Therefore, companies are looking for the most optimal proportions in the distribution of profits for further reinvestment and accrual of dividends.

In the world practice of public companies, the following ratio has been formed: 8-15% of profit is directed to payment of dividends, and everything else remains at the disposal of the organization and is spent in accordance with further development: expansion of production, construction of new facilities or technical re-equipment of existing capacities. I must say, Russian companies do not often spoil their shareholders with such payments, and the percentage of dividends is small.

Who decides on the payment of dividends?

In order to avoid possible disagreements between shareholders, the rules for determining the size and declaration of dividends are legally established, which must be observed in the most careful way:

• The shareholders' meeting issues a resolution on the payment of dividends;

• the board of directors, acting in the interests of all groups of shareholders, determines the amount of dividends in the current year and recommends it to the general meeting;

• shareholders have no right to establish another, more attractive amount of payments from their point of view (they either approve the proposal of the board of directors or refuse to declare dividends).

The amount of dividends in the Russian Federation is set in rubles per share, net of the withholding tax.

The most important aspects of declaring dividends

The declared dividend - what is it? Having decided on the size, the shareholders' meeting makes a decision, in other words, announces dividends, informing the participants of their size, form and timing of payment.

The form of payment is usually set in monetary units. However, some companies practice other options, for example, property. In this case, this fact must necessarily be provided by the charter of the company.

The time period during which the company is obliged to make transfers of dividends to its shareholders is established by legislation. According to the current legislation, the dividend payment period can be determined by the company's charter or by the shareholders' meeting. If for some reason this did not happen, then, according to the law, within 60 days from the date of the declaration of dividends the shareholders should receive the income due to them.

Shareholder calendar: Day X

So, to receive dividends can only shareholders who have acquired (documented the transfer of ownership in the depository or registry) shares up to a certain date, which lists the persons entitled to receive income. This day is determined by the board of directors when it makes a decision to convene a meeting of shareholders. Information about this date the company grants to the shareholders within 5 days from the moment of its establishment. It is necessarily published on the official websites of companies.

On the same day, the company compiles a register of persons entitled to participate in the meeting of shareholders. This is another document. Shares are in the habit of applying, that is, moving from one proprietor to another, and on the indicated day, in accordance with the compiled list, one of the shareholders will be entitled to participate in the shareholders' meeting, and someone - to receive dividends. When selling securities after the announcement of the registration date of the register of persons entitled to receive dividends, this right is retained from the seller who sold these securities but is included in this list (since the shares were his property at the time of writing the document). Acquisition of shares after the preparation of the said list does not give the new owner an opportunity to receive dividends for the last fiscal year. Conversely, when acquiring shares before the date of registration of the list, their owner falls into the list of persons entitled to receive income from dividends for the whole past period, even if the purchase was made a few days before the registration of the list. Accordingly, the seller of shares before the day of drawing up the list can not receive dividends, even if the owner of the shares all year and sold them an hour before registering. In this case, the length of ownership of securities does not matter, it is important only who owns them on the day.

The procedure for acquainting the shareholder with the list

The law provides for the procedure for acquainting shareholders with a list of names that are entitled to receive dividends:

• A shareholder must present to the company a requirement to familiarize himself with this document, and also have the right to demand a copy of it;

• the organization (within 5 days from the date of presentation of the application) on a free basis provides the shareholder with an opportunity to get acquainted with the list on the territory of the company, and also upon request can transfer to the shareholder a copy of this document, the cost of copying which should not exceed the cost of its production.

Non-payment of dividends: causes and effects

Payment of dividends to shareholders can be made by postal transfer or transfer to a bank account. Receive them personally or through another person by proxy, executed by a notary.

The company's failure to fulfill its obligations with respect to its shareholders in the part of non-payment of dividends is punishable severely. A shareholder has the right to apply to the court with a statement of claim to recover from the organization the amount due to him of the income and interest for the period of delay that has arisen. Interest in this case is charged for the period of delay in payment, from the date following the day of the end of a certain period of payment.

If the shareholder is guilty of non-payment of dividends (for example, he did not provide the bank details of the account to which the company must transfer), then there can be no talk of a trial.

How to get information on dividends?

Today, all public companies are obliged to provide financial and operational information on their core business. Therefore, official websites of organizations can always find exhaustive information about declared dividends on shares, their amount, form and terms of payment.

Dividend yield of Russian companies

The main indicator of the effectiveness of the concept we are considering is the dividend yield, calculated as a percentage, as the ratio of the profit per share to its market value. It should be noted that Russian companies practice the payment of small dividends on shares, although recently there have been issuers that care about all minority shareholders (small) and major (large) shareholders.

The dividend yield of Russian companies on average is about 5-8%. The leading positions in this indicator for 2013 are dividends "Bashneft": for common shares it was 17.82%, for preferred shares - 12.93%. The following domestic companies have the profit of securities in 2013 exceeding 10%: OJSC MGTS, JSC Acron, OJSC E.ON Russia. Dividends "Bashneft", which reached the world level of profitability, are able to increase the investment attractiveness of the company and significantly increase its shareholder value. And what about other companies?

Dividends of Gazprom in 2013 are much lower - their yield was 5.2%. Nevertheless, the company pays the due sums to its shareholders from year to year. The exchange value of securities is steadily growing, the financial condition of the JSC is more than stable. According to the forecasts of stock analysts, Gazprom's dividends will grow this year, reaching the 2011 level.

Dividends and taxation

Like any type of income, the dividend received by the shareholder in the company is subject to taxation. The tax rate, in accordance with the Tax Code, is determined for each category of taxpayers separately.

For citizens and legal entities permanently residing in the country and being tax residents of the Russian Federation, the tax rate on income in the form of dividends is set at 9%. Citizens who do not have the above-mentioned status, the tax on such income is calculated at a rate of 30%. For legal entities that do not have the status of a tax resident of the Russian Federation, the tax rate is 15%.

As a rule, Russian public companies are legally recognized as tax agents and pay dividends to the founder and shareholders, having already withheld the appropriate amount and transferring it to the budget, therefore, the shareholder does not need to take any action.

Accounting for dividend transactions

The current chart of accounts provides for a clear system of accounting for a source such as dividends. Account 75 "Settlements with founders" accumulates all information about the calculation and payment of such income. With the accounts of retained earnings, cash, payroll, personal income tax and others, a balance account is in line. That's where the dividends are taken into account. Postings reflecting the accrual, dynamics and payment of this kind of income are as follows:

• Д-т 84 К-т 75/2 - for the total amount of profit directed to payment of dividends.

• Д-т 75/2 К-т 70 - reflects the amount of accrued income to shareholders-employees of the company.

• Д-т 75/2 К-т 68 - withholding personal income tax from dividends of shareholders who are not members of the company.

• Д-т 75/2 К-т 50, 51 - payment of profit in cash from the cash department or transfer from the current (settlement) account.

• Д-т 75/2 К-т 91 - the nominal value of the bill is reflected, if the payment is made by a bill of a third party company.

• Д-т 91 К-т 58/2 - actual expenses for the purchase of a bill designated on account 58/2.

• Д-т 91 (99) К-т 99 (91) - financial result (profit or loss) from the disposal of the bill.

• Д-т 75/2 К-т 90 (91) - reflects the selling price of goods or other property for the amount of receivables, if the charter provides for property settlements for dividends.

So, we have somewhat clarified the essence of the economic concept of "dividend" (what is it, what advantages it gives) and hope that this article will help to understand the "jungles" of Russian business.