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Current Report No. 8/2017

13.03.2017 20:00

Decision of the Management Board of TAURON Polska Energia S.A. concerning the motion to the Ordinary General Meeting of the Company requesting covering the net loss of the Company for financial year 2016 from the supplementary capital of the Company and refraining from recommending the use of the reserve capital for payout of the dividend

The Management Board of TAURON Polska Energia S.A. (The “Company”) informs that on 13 March 2017 the Management Board of TAURON Polska Energia S.A. adopted the resolution concerning the submission of the motion to the Ordinary General Meeting of TAURON Polska Energia S.A. requesting covering the net loss of the Company for financial year 2016 from the supplementary capital of the Company. The loss of the Company for 2016 amounts to PLN 166,252,898.52 (in words: one hundred sixty six million two hundred fifty two thousand eight hundred ninety eight 52/100 Polish zloty).

At the same time, with reference to the information on the adoption of the dividend policy for the years 2016-2025, submitted by means of the current report no. 35/2016 of 2 September 2016, the Management Board of the Company decided to refrain from recommending the use of the reserve capital of the Company for payout of the dividend for 2016 to the Company shareholders.

The above decision arises from the needs associated with the implementation of the investment programme with the value of approx. PLN 18 billion up to 2020 and ensuring the financial stability of TAURON Group, including, in particular, maintaining the net debt/EBITDA ratio defined in financial covenants of TAURON at a level which would not exceed 3.5x.

Furthermore, in accordance with the information published by the Company in the current report no. 41/2016, the planned suspension of the dividend payout up to 2019 was one of the factors enabling the Fitch rating agency to affirm the long-term ratings of TAURON at the investment level and revise the outlook from negative to stable (current report no. 41/2016 of 14 November 2016).


Article 17(1) of MAR - confidential information
 

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