Dividends distribution policy

Dividend Policy of Inter Cars S.A. for 2020–2022

The Management Board, when recommending distribution of profit for the financial years 2020–2022, will, in each case, submit to the Supervisory Board and the General Meeting a proposal to pay dividend from the Company’s net profit for a given financial year in an amount not exceeding 60% of the Inter Cars Group’s consolidated net profit for the same year.

The Management Board's recommendation on profit distribution in a given financial year, including on the amount of dividend to be paid as per the dividend policy, will also take into account the Company's investment plans, its existing liabilities, commitments and obligations (including covenants under any financing agreements entered into by the Company), and the Management Board's and Supervisory Board's assessment of the Company's prospects in the context of prevailing market conditions.

The dividend policy for 2020–2022 is a continuation of the Company’s previous dividend policies, i.e. the “Dividend Policy of Inter Cars S.A. for 2017−2019” of May 9th 2017 and the “Dividend Policy of Inter Cars S.A. for 2014−2016” of May 5th 2015.

The “Dividend Policy of Inter Cars S.A. for 2020–2022” was published in Current Report No. 07/2021 of April 27th 2021.

Dividend policy of Inter Cars SA for the years 2017-2019.

The Management Board of Inter Cars S.A. (the “Company”) announces that on May 9th 2017 it passed a resolution to approve a dividend policy for 2017−2019. 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 2017 to 2019 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.

The adopted dividend policy for 2017−2019 upholds the policy currently in place, and in particular it is a continuation of the “Dividend policy of Inter Cars S.A. for 2014−2016” adopted on May 5th 2015.

Furthermore, on May 9th 2017, the Company’s Management Board passed a resolution adopting the Management Board’s proposal concerning distribution of profit for 2016, in which the Management Board recommends that out of the total amount of net profit generated in 2016 (i.e. PLN 109,391,890.29), 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 99,332,539.29) 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 2017, and the dividend payment date − on July 14th 2017.

Dividend policy of Inter Cars SA for the years 2014-2016.

The Management Board, recommending distribution of profit for the years 2014-2016, shall be recommending to the Supervisory Board and the General Shareholders Meeting payment of dividend from generated net profit in each financial year in the amount not higher than 60% of consolidated net profit of Inter Cars SA Capital Group for that particular year. 

The proposal of the Management Board on distribution of profit in particular financial year, including pay-out of the dividend in compliance with the rules adapted in dividend policy, shall depend additionally on investment plans of the Company, existing liabilities (including restrictions resulting from conditions of financing used by the Company), and also assessment of perspectives of company development in current market conditions prepared by the board of directors and supervisory board.

The content of "Dividend policy of Inter Cars SA. for the years 2014-2016" was announced to the public in the current report No 8/2015 of 5 May 2015.