The Management Board of Grupa Kęty S.A. (hereinafter referred to as the Issuer or the Company) informs that on 3 April 2019 it passed a resolution recommending to the Annual General Meeting of the Issuer:
- allocation of the net profit generated by the Company in 2018, amounting to PLN 191,439,215.01 (say: one hundred and ninety one million four hundred and thirty nine thousand two hundred and fifteen zlotys 01/100), to dividend payment;
- utilisation of the Company reserve capital by allocating the amount of PLN 23,333,342.49 (say: twenty three million three hundred and thirty three thousand three hundred and forty two zlotys 49/100), representing a part of the amount transferred to that capital from the Company retained earnings, to the payment of dividend to the Company shareholders;
- payment of dividend to the shareholders, in the amount of PLN 214,772,557.50 (say: two hundred and fourteen million seven hundred and seventy two thousand five hundred and fifty seven zlotys 50/100) from the net profit of the Company generated in 2018, increased for the amount referred to in letter b), as transferred from the Company reserve capital, i.e. PLN 22.50 per share, which has been calculated based on the number of Company shares as at the date of the resolution passing (9,545,447 shares);
- allocation of the actuarial gains related to post-employment employee benefits, amounting to PLN 83,586.00 (say: eighty three thousand five hundred and eighty six zlotys) as the reserve capital increase.
The amount of the dividend recommended to be paid complies with the Company policy in that regard, which assumes the dividend payment ratio of 60% to 100% of consolidated net profit.
The recommendation by the Issuer’s Management Board was submitted to the Supervisory Board of the Company, which on 3 April 2019 – acting pursuant to Article 382.3 of the Code of Commercial Companies – issued a positive opinion on the Management Board’s motion with regard to distribution of the profit generated by the Company in 2018.
The final decision regarding profit distribution for the reporting year 2018 will be made by the Annual General Meeting.
Moreover, in the motion of the Management Board of Grupa Kęty S.A. on 2018 profit distribution, the Issuer’s Management Board has proposed 22 August 2019 as the dividend record day, whereas the dividend payment date has been proposed to be:
- 5 September 2019 – the amount of PLN 66,818,129.00 (say: sixty six million eight hundred and eighteen thousand one hundred and twenty nine zlotys 00/100), i.e. PLN 7.00 per share (say: seven zlotys 00/100);
- 7 November 2019 – the amount of PLN 147,954,428.50 (say: one hundred and forty seven million nine hundred and fifty four thousand four hundred and twenty eight zlotys 50/100).
Recommending to the AGM the payment of dividend in two tranches at the aforesaid dates, the Management Board of the Company considered the current operational plan and the resulting concentration of sales falling to the third quarter of 2019, which is consequently going to affect the liquidity of the Company and the Capital Group in that period.
