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Advance for the expected dividend

07.11.2019

Date

2019-11-07

Current report no.

36/2019

 

Management Board of TIM S.A._ hereinafter:  „TIM S.A. or “Company”_ notifies that on 7 November 2019 it decided to make advance payments towards the expected dividend at the end of 2019 in the total amount of PLN 17,759,360_ in words: seventeen million seven hundred fifty-nine thousand three hundred and sixty zlotys_ gross, i.e. PLN 0.80_in words: eighty groszy_ gross per share, of which the amount of PLN 5,549,800_in words: five million five hundred forty-nine thousand eight hundred zlotys_ is provided from the profit generated by the Company in the period 01.01.2019 – 30.06.2019 whereas the amount of PLN 12,209,560_ in words: twelve million two hundred and nine thousand five hundred and sixty zlotys_ is provided from the funds accumulated on the dividend fund.22.199.200 bearer shares of TIM S.A. are eligible for payment of an advance against the expected dividend at the end of 2019.
The right to pay an advance towards the expected dividend at the end of 2019 is granted to shareholders holding shares of the company TIM S.A. on 13 December 2019 and the payment will take effect on 20 December 2019.TIM S.A. has sufficient funds to pay the advance against the expected dividend for the financial year 2019 and the advance payment is compliant with Art.  349 § 2 of the Code of Commercial Companies, i.e.:

1_ annual financial statements of the company TIM S.A. prepared as at 31 December 2018 showed a net profit for the period from 1 January 2018 to 31 December 2018 in the amount of PLN 10,214 thousand,
2_ semi-annual financial statement of the company TIM S.A. prepared as at 30 June 2019 showed a net profit for the period from 1 January 2019 to 30 June 2019 in the amount of PLN 11,779 thousand,
3_ Extraordinary Shareholders’ Meeting of TIM S.A. on 5 October 2018 authorized the Management Board of TIM S.A. to dispose of funds accumulated on the TIM S.A. dividend fund pooling the amount of PLN 45 504 thousand as at 30.06.2019 to finance the payment of advance payments towards the dividend.

The above statements have been audited by a certified auditor – the company Grant Thornton Polska Sp. z o.o. sp. k. with its registered office in Poznań, entered in the list of entities authorized to audit financial statements under No. 4055.
Supervisory Board of TIM S.A., at a meeting on 7 November 2019, has consented to the payment of an advance to shareholders towards the expected dividend at the end of the financial year 2019 under the abovementioned conditions proposed by the Management Board of TIM S.A.

 

SIGNATURES OF PERSONS REPRESENTING THE COMPANY
2019-11-07, Krzysztof Folta – President of the Management Board
2019-11-07, Piotr Tokarczuk – Member of the Management Board