The Management Board of Cyfrowy Polsat S.A. (the Company) hereby informs that on April 17, 2012 it resolved to submit for consideration of the Supervisory Board of the Company the recommendation not to pay the dividend for the shareholders from the profit for the year 2011. The Management Board recommends to distribute the profit for the year 2011 in the amount of PLN 156,092,789.88 as follows: PLN 140,979,430.60 for the reserve capital and PLN 15,113,359.28 to cover losses from previous years, being losses of the companies acquired by the Company, i.e. M.Punkt Holdings Ltd., mPunkt Polska S.A. and mTel Sp. z o.o.
The decision of the Management Board concerning the distribution of the profit was based on one of the strategic objectives of the Company, which is lowering the Company's indebtedness, arisen due to the acquisition of Telewizja Polsat by the Company, in the shortest possible term. Consistent reduction of the level of the Company's debt and thereby reduction of the net debt/EBITDA ratio, according to the loan agreements will reduce interest charges and thus will have a positive impact on the Company's financial standing in future periods.
Legal basis: Article 56 Section 1 item 2 the Offering Act in connection with § 38 Section 1 item 11 of the Ordinance of the Minister of Finance of February 19, 2009 regarding current and periodic information to be submitted by issuers of securities and terms of acknowledging the equivalence of information required under the laws of non-member states.
current_report_8_2012.pdf 11.52 KB
