The Management Board of Inter Cars S.A. (the “Company”) announces that on May 5th 2015 it passed a resolution to approve a dividend policy for 2014−2016. Pursuant to the approved policy, the Management Board, in its profit distribution proposals, will recommend to the Supervisory Board and to the General Meeting payment of dividend from the annual net profit earned by the Company in each of the financial years from 2014 to 2016 in an amount not exceeding 60% of the consolidated net profit of the Inter Cars Group for a given financial year.
The Management Board’s recommendation to distribute the profit for a given financial year, including by payment of dividend up to the amount specified in the approved policy, will also depend on the Company’s investment plans, existing liabilities and covenants (including restrictions under the Company's financing agreements), and the Management Board's and Supervisory Board's assessment of the Company’s prospects in the context of prevailing market conditions.
Furthermore, on May 5th 2015, the Company's Management Board passed a resolution adopting the Management Board's proposal concerning distribution of profit for 2014, in which the Management Board recommends that out of the total amount of net profit generated in 2014 (i.e. PLN 95,668,808.71), the amount of PLN 10,059,351.00 be allocated to dividend payments (i.e. PLN 0.71 per share), and that the remaining portion (i.e. PLN 85,609,457.71) be contributed to the Company's statutory reserve funds. The Management Board also decided to propose to the General Meeting that the dividend record date be set on June 30th 2015, and the dividend payment date − on July 14th 2015.
Legal basis:
Art. 56.1.2 of the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies, in conjunction with 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.
Legal basis:
Art. 56.1.2 of the Public Offering Act – Current and periodic information
- Krzysztof Soszyński - Vice-President of the Management Board
- Piotr Zamora - Commercial proxy