Recommendation of the Management Board of TIM S.A. on the distribution of the Company’s profit for the year 2019
Current report no.
|Management Board of TIM S.A. notified that on 17 April 2020 it adopted a resolution on filing to the Company’s Ordinary Shareholders’ Meeting of an application for the distribution of the net profit disclosed in the financial statements of TIM S.A. prepared for the financial year ended 31 December 2019 in the following manner:
– the amount of PLN 5,549,800 _in words: five million five hundred forty nine thousand and eight hundred zlotys_ will be allocated for dividend with the proviso that the abovementioned amount was paid on 20 December 2019 as advance payment against the expected dividend for the year 2019,
Management Board of TIM S.A. notifies that on 20 December 2019 an advance was paid against the expected dividend in the 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 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 01.01.2019 – 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_ came from the funds accumulated on the dividend fund.
The information on the payment of the advance against the expected dividend was announced by the Management Board of TIM S.A. to the public in the current report No. 36/2019 dated 7 November 2019.
At the same time the Company notifies that pursuant to Art. 382 § 3 of the Code of Commercial Companies, this application has been addressed to the Company’s Supervisory Board which on 17 April 2020 issued a positive opinion on the application filed by the Management Board of TIM S.A., referred to above.
The final decision regarding the distribution of profit for the financial year 2019 will be made by the Company’s Ordinary Shareholders’ Meeting.
SIGNATURES OF PERSONS REPRESENTING THE COMPANY
|2020-04-17, Krzysztof Folta – President of the Board
2020-04-17, Piotr Tokarczuk – Member of the Board