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Dividend policy

In accordance with the adopted Dividend Policy, in the long term the Company is planning to pay out
a dividend of minimum 40 percent of the consolidated net profit. The Company's intention is to provide a dividend yield that would be competitive versus the yield offered by long term debt instruments issued on the Polish market by investment grade rated companies.

The final recommendation on the dividend will be affected by additional factors, including in particular:
- Group's liquidity position,
- market situation,
- implementation of the investment policy,
- cost and ability to obtain financing,
- legal requirements and provisions of the financing agreements, in particular related to not breaching the defined value of the leverage ratio,
- ensuring investment grade rating.

Dividend policy will be subject to periodic reviews by the Management Board and the final decision on the dividend payout, its amount and detailed conditions of its potential payout will every time be made by the Company's General Meeting approving financial statements for the given fiscal year.

At the same the Company notes that the forecasts that the Strategy is based upon indicate that 2020 will be the first year when the dividend payout will be possible.

Dividend per share paid out by the Company: 


​Dividend from
net profit for the year

​Dividend amount
per share (PLN)

Total amount
of dividend paid (PLN)​

Dividend Record Day​

Dividend Payment Day​

​2017​ ​- -​ ​- ​-
​2016​ -​ -​ ​- -​​
​2015 ​- ​- ​- ​-
​2014 0.15​ 262,882,409.10​ 22 July 2015​ 12 August 2015​
​2013 ​0.19 ​332,984,384.86 ​14 August 2014 ​4 September 2014
​2012 ​0.20 350,509,878.80​ ​3 June 2013 ​18 June 2013
​2011 ​0.31 ​543,290,312.14 ​2 July 2012 ​20 July 2012
​2010 ​0.15 262,882,409.10​ ​30 June 2011 ​20 July 2011