Advance for the expected dividend
Current report no.
Management Board of TIM S.A. (hereinafter: „TIM S.A. or “Company”) notifies that on 20 November 2020 it decided to make advance payments towards the expected dividend at the end of 2020 in the total 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 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 01.01.2020 – 30.06.2020 whereas the amount of PLN 21,089,240 (in words: twenty one million eighty nine thousand two hundred and forty zlotys) 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 2020.
The right to pay an advance towards the expected dividend at the end of 2020 is granted to shareholders holding shares of the company TIM S.A. on 23 December 2020 and the payment will take effect on 30 December 2020.
TIM S.A. has sufficient funds to pay the advance against the expected dividend for the financial year 2020 and the advance payment is compliant with Art. 349 § 2 of the Code of Commercial Companies, i.e.:
1_yearly financial statements of the company TIM S.A. drawn up for the period from 1 January 2019 to 31 December 2019, net profit in the amount of PLN 22,713,678.19,
2_half-yearly financial statements of the company TIM S.A. drawn up for the period from 1 January 2020 to 30 June 2020 demonstrated net profit of PLN 11,776 thousand,
3_ Extraordinary General Meeting of TIM S.A. on 5 October 2018 authorized the Management Board of TIM S.A. to dispose of the funds accumulated on the TIM S.A. dividend fund with funds in the amount of PLN 50,459 thousand as at 30.06.2020 in order to finance the payment of advance payments towards dividends.
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 20 November 2020, consented to the payment of an advance to shareholders towards the expected dividend at the end of the financial year 2020 under the abovementioned conditions proposed by the Management Board of TIM S.A.
SIGNATURES OF PERSONS REPRESENTING THE COMPANY
|2020-11-20, Krzysztof Folta – President of the Board
2020-11-20, Piotr Tokarczuk – Member of the Board