Report legal ground: Art. 17 sect. 1 of MAR – inside information.
Contents of the report
The Management Board of PGE Polska Grupa Energetyczna S.A. (the “Company”) discloses that on May 11, 2017 it has decided to change the dividend policy.
Facing the need to finance an ambitious development program, with a view to limit the increase of debt level, the Management Board of the Company recommends to suspend payment of dividend from the profit for years 2016, 2017 and 2018.
After that period, the Management Board of the Company intends to make a recommendation to the General Meeting of the Company of dividend payment for shareholders at the level of 40-50% of the consolidated net profit attributable to the equity holders adjusted by the value of impairment loss on property, plant and equipment and intangible fixed assets.
Each individual dividend payment will depend, in particular, on the Company’s overall indebtedness, expected capital expenditures and prospective acquisitions.
The dividend policy will be periodically verified by the Management Board of the Company.