Dividend Policy of TIM S.A. for the years 2021-2023
Current report no.
TIM SA with its registered office in Wrocław informs that on 22 March 2021 the Management Board of TIM S.A. adopted a resolution pursuant to which it adopted TIM’s Dividend Policy for the years 2021 in the wording presented below.
Assumptions of the Dividend Policy of TIM S.A. for the years 2021-2023:
When determining the amount of the paid dividend, which will be recommended to the Supervisory Board and the Shareholders’ Meeting of TIM S.A. by the Management Board, the following factors will be taken into consideration:
1) business assessment, development prospects and the related investment needs of the TIM Capital Group,
2) liquidity situation, cost of debt financing, possibility of obtaining it for existing and future liabilities and the necessity to maintain the indebtedness of the TIM Capital Group at a safe level (net debt to EBITDA ratio <2).
3) analysis of the current and forecasted market situation.
The Management Board of TIM S.A., recommending the distribution of profit for the financial years 2021-2023, will endeavour to submit to the Supervisory Board and the General Meeting a proposal for the payment of dividends from the generated net profit and from the dividend fund calculated taking the following principles into account:
1) in the event of making unconsolidated net profit in a given financial year at the level of at least PLN 15 million, the Management Board will propose payment of dividend in the amount of PLN 22,199,200 gross (PLN 1 gross per 1 share), increased by 50% of any surplus of the unconsolidated net profit in a given financial year over the amount of PLN 22,199,200
2) in the event of making unconsolidated net profit in a given financial year, in the amount of up to PLN 15 million, the Management Board will propose the amount of dividend based on the assessment of the situation based on the analysis of the factors presented above.
The Dividend Policy regarding payment of dividends will be subject to periodic reviews of the Management Board and the final decision on the amount of the dividend and the detailed terms of payment will be made each time by the Company’s Shareholders’ Meeting.
SIGNATURES OF PERSONS REPRESENTING THE COMPANY
|2020-03-22, Krzysztof Folta – President of the Management Board
2020-03-22, Piotr Tokarczuk – Member of the Management Board