Dividend policy

The Management Board plans to recommend to the General Shareholder Meeting to pay out dividend at a level which would mainly account for the amount of cash flow earned and net profit presented in the individual financial statements of the Company drafted in accordance with the Accounting Act, the investment needs of the Group and the possibility and cost of obtaining debt financing by the Company, as well as the amounts which may be used to for dividend payout.

In the long-term perspective the Management Board plans to recommend to the General Shareholder Meeting to pay out a dividend in the amount of up to 50% of the consolidated net profit recognized in the financial statements of the Group drafted in accordance with the IFRS or higher, if the Company's financial standing allows it. Nevertheless in the period of execution of key investment projects the Management Board plans to recommend to the General Shareholder Meeting to pay out a dividend at a level of up to 30% of the Company's profit recognized in the individual financial statements of the Company drafted in accordance with the Accounting Act.

The amount of net profit and capital which, in accordance with the individual financial statements of the ZE PAK, may be used to pay out the dividend for the shareholders of the ZE PAK, may be significantly different than the values included in the consolidated financial statements of the ZE PAK Group, drafted in accordance with the IFRS. Especially due to the holding structure of the Group the possibility of ZE PAK paying out the dividend depends on ZE PAK earning adequate revenue, including the dividend paid out to the Issuer by its subsidiaries, cash flows and owned capital which, in accordance with the individual financial statements of ZE PAK, may be used to pay out the dividend. Moreover the possibility of paying out the dividend in some of the companies of the Group depends on meeting the requirements set forth in agreements related to the grant of funding, especially agreements which would limit the possibility of paying out the dividend to the Issuer, and on maintaining a particular level of financial indicators.

The Articles of Association of the Company do not provide for limitations in the dividend payout.

Information on dividends paid in the last 5 years