Recommendation of the Management Board of TIM S.A. as regards distribution of profit for the year 2020
Date |
2021-04-16 |
Current report no. |
12/2021 |
Management Board of TIM S.A. notifies that on 16 April 2021 it drew up a motion to TIM’s Ordinary Shareholders’ Meeting for the distribution of the net profit disclosed in the financial statements of TIM S.A. prepared for the financial year ended 31 December 2020 pursuant to which the Management Board of TIM S.A. applies for the allocation:
– of the amount of PLN 27,749,000 (in words: twenty-seven million seven hundred and forty-nine thousand zlotys) for dividend, with the proviso that the amount of PLN 5,549,800 (in words: five million five hundred and forty-nine thousand eight hundred zlotys) was paid on 30 December 2020 as an advance payment towards the expected dividend for the year 2020,
– the remaining part of the generated net profit to the dividend fund.
Management Board of TIM S.A. notifies that on 30 December 2020 an advance was paid towards the expected dividend for the year 2020 in the amount of PLN 26,639,040 (in words: twenty six million six hundred thirty nine thousand and forty zlotys) gross, i.e. PLN 1.20 (in words: one zloty and twenty groszys) gross per share of which the amount of PLN 5,549,800 (in words: five million five hundred forty nine thousand eight hundred zlotys) came from the profit generated by the Company in the period from 01.01.2020 – 30.06.2020, whereas the amount of PLN 21,089,240 (in words: twenty one million eighty nine thousand two hundred and forty zlotys) came from the funds accumulated on the dividend fund.
The information on the payment of the advance towards the expected dividend was announced by the Management Board of TIM S.A. to the public in current report No. 35/2020 dated 20.11.2020.
Due to the above, the Management Board of TIM S.A. turned to TIM’s Ordinary Shareholders’ Meeting with a motion to adopt a resolution establishing a dividend for the year 2020 in the amount of PLN 48,838,240 (in words: forty-eight million eight hundred thirty-eight thousand two hundred and forty zlotys) gross which gives the amount of PLN 2.20 (in words: two zlotys and twenty groszy) gross for 1 (in words: one) share, of which the amount of PLN 26,639,040 (say: twenty-six million six hundred and thirty-nine thousand and forty zlotys) gross, that is: PLN 1.20 (in words: one zloty and twenty groszy) gross per 1 (in words: one) share was paid on 30 December 2020 as an advance payment against the dividend for the financial year 2020, whereas the Management Board of TIM SA recommends payment of the amount PLN 22,199,200 (in words: twenty two million one hundred ninety nine thousand two hundred zlotys) gross, i.e. PLN 1.00 (in words: one zloty) gross per 1 (in words: one) share taking into consideration one of the dates below:
– dividend day – 30.06.2021,
– dividend payment day – 13.07.2021.
The motion of the Management Board of TIM S.A. for the distribution of the profit generated in 2020 is in line with the recommendation of the Management Board of TIM S.A. regarding the payment of dividend for the year 2020 notified to the public in current report No. 9/2021 of 22 March 2021.
At the same time the Management Board of TIM S.A. notifies that pursuant to Art. 382 § 3 of the Code of Commercial Companies, this motion has been addressed to the Company’s Supervisory Board which on 16 April 2021 issued a positive opinion on the motion filed by the Management Board of TIM S.A., referred to above.
The final decision regarding the distribution of profit for the financial year 2020 will be made by the Company’s Ordinary Shareholders’ Meeting.
SIGNATURES OF PERSONS REPRESENTING THE COMPANY
| 2021-04-16, Krzysztof Folta – President of the Board 2021-04-16, Piotr Tokarczuk – Member of the Board |