Acting pursuant to Section 38.1.11) of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009 (Dz.U. of 2009, No. 33, item 259), the Management Board of Inter Cars S.A. hereby reports that on June 14th 2012 it adopted a resolution on the dividend policy for the years 2011–2013 . Pursuant to the policy, the Management Board will recommend to the Supervisory Board and the General Meeting that profits earned in 2011–2013 be distributed by paying dividend from the amount of surplus above PLN 100m of annual net profit, not higher than 20% of the consolidated net profit of the Inter Cars Group or 100% of the separate profit of Inter Cars S.A. for a given financial year. If the surplus over the PLN 100m is not divisible by the number of shares, the profit recommended for distribution will be calculated by rounding down to one grosz the surplus attributable to one share and multiplying that number by the number of shares.
The Management Board’s recommendation to distribute the dividend in this amount will depend on the Company’s investment plans, existing liabilities (including limitations under the syndicated credit facility agreement), and assessment of Company’s prospects in the context of prevailing market conditions by the Management and Supervisory Boards.
As regards the 2011 separate net profit of PLN 104,339 thousand and the consolidated net profit of the Inter Cars Group in the amount of PLN 104,376 thousand, the Management Board intends to recommend that the Management Board and the General Meeting distribute the dividend by transferring PLN 100,088,570 to statutory reserve funds and allocating the remaining portion of the profit, i.e. PLN 4,250,430 (PLN 0.30 per share), for payment of dividend. The Management Board proposes that the dividend record date be set for July 17th 2012, and the dividend payment date for August 1st 2012.
The change in the Management Board’s position on the distribution of the 2011 profit as compared to the position indicated in the 2011 annual report is due to concerns about the state of financial markets. If the negative scenario unfolds, it will be advisable for the Company to further limit its debt ratio.
Art. 56.1.2 of the Public Offering Act – current and periodic information.
- Krzysztof Soszyński - Vice-President of the Management Board
- Piotr Kraska - Member of the Management Board