Grupa LOTOS S.A. - Integrated Annual Report 2012
On June 28th 2012, the General Meeting of Grupa LOTOS S.A. adopted a resolution on distribution of the Company’s net profit for 2011. The General Meeting resolved not to distribute the Company’s net profit for 2011, totalling PLN 307,670 thousand, to the Company shareholders, and to allocate the profit as follows:
- PLN 307,670 thousand was transferred to the Company’s statutory reserve funds,
- PLN 1,500 thousand was transferred to the Special Account designated for financing corporate social responsibility (CSR) projects.
In these consolidated financial statements, the Company presented profit after distribution for 2011 under retained earnings.
As at the date of publication of these consolidated financial statements, the Company's Management Board did not adopt a resolution on distribution of net profit for 2012.
As at December 31st 2012 and December 31st 2011, Grupa LOTOS S.A.'s ability to distribute funds in the form of dividends was restricted. The restrictions followed from the provisions of the credit facility agreement executed on June 27th 2008 for the financing of the 10+ Programme, based on which the dividend amount may be conditional upon fulfilment of specific requirements, including generation of sufficient cash surplus and achievement of financial ratios at prescribed levels.