Advance payment towards the expected dividend

Date

2018-11-05

Current report no.

46/2018

TIM SA has sufficient funds to make the advance payment towards the expected dividend for the financial year 2018, and the advance payment is compliant with the content of Article 349 § 2 of the Commercial Companies Code, i.e.:
– the annual financial statements of TIM SA drawn up as of 31 December 2017 showed net profit for the period from 1 January 2017 to 31 December 2017 amounting to PLN 732 thousand,
– the half-yearly financial statement of TIM SA drawn up as of 30 June 2018 showed net profit for the period from 1 January 2018 to 30 June 2018 amounting to PLN 3.691 thousand,
– the Extraordinary General Meeting of TIM SA on 05 October 2018 authorized the Management Board of TIM SA to dispose of the funds gathered at the dividend fund of TIM SA, with the collected funds in the amount of PLN57,489,200.34, as of 30.06.2018 in order to finance the advance payment towards the dividend.

The above statements were audited by a statutory auditor: 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.
The Supervisory Board of TIM SA, at its meeting on November 5, 2018, agreed to the advance payment to shareholders towards the expected dividend at the end of the financial year 2018 on the aforementioned terms and conditions proposed by the Management Board of TIM SA.