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.
Above policy change was adopted in May 2017 and PGE disclosed that information in current report no. 27/2017.
On May 28, 2020 the Management Board of the Company decided on the recommendation not to pay dividend for 2019 to the PGE’s shareholders. The decision, in accordance with the dividend policy, was taken following the analysis of the overall indebtedness, expected capital expenditures and prospective acquisitions, as well as taking into account market uncertainty resulting from recession caused by the epidemic of SARS-CoV-2 coronavirus. PGE disclosed that information in current report no. 13/2020.