The company has announced good dividends, but the future prospects for shareholder welfare are in the fog.

The best report always complies with Russian accounting standards, and even here the problems become obvious.

Free cash flow and dividends have diverged too far, and this does not fit into the usual norms.

Picture 1.

The liquidity of the balance sheet is constantly deteriorating, and financial liabilities are growing.

Picture 2 and 3.

This creates risks for future dividends.

I have a certain number of shares, but now they are up for sale.