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12. Dividends
As at December 31st 2015 and December 31st 2014, Grupa LOTOS S.A. was restricted in its ability to distribute funds in the form of dividends. The restrictions followed from the credit facility agreement executed on June 27th 2008 for the financing of the 10+ Programme, whereby dividend amounts are subject to certain conditions, including generation of sufficient free cash and achievement of certain levels of financial ratios.
On June 1st 2015, the General Meeting of Grupa LOTOS S.A. passed a resolution on coverage of the Company’s net loss for 2014. In accordance with the resolution, the 2014 net loss of PLN 1,285,910 thousand will be covered from future profits.
As at the date of issue of these consolidated financial statements, the Company’s Management Board did not pass a resolution on coverage of the Company’s 2015 net loss of PLN 37,102 thousand.
The Notes to the consolidated financial statements are an integral part of the statements.
(This is a translation of a document originally issued in Polish)
