Informations about Dividends
In conformity with our Articles of Incorporation
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Art. 7 - Preferred shares are not entitled to vote, except in those cases provided for in articles 9 and 10 of these Articles of Incorporation, being ensured priority upon capital repayment, without premium, right to receive dividends to be distributed, corresponding to at least 25% of the net profit for the year, calculated in accordance with article 202 of the Stock Corporations Act, in addition to priority upon payment of minimum, non-cumulative dividends of (a) six per cent (6%) annually, on the amount resulting from the division of the subscribed capital for the total number of the Company's shares , or (b) three per cent (3%) annually, on the amount resulting from the division of the shareholders' equity for the total number of the Company's shares, as well as the right to receive distributed earnings under equal conditions with common shares, after the payment of a minimum dividend equal to the minimum priority dividend payable to preferred shares is ensured to common shares.
Sole paragraph -Preferred shares shall be entitled to full vote, in case the Company shall fail to pay the minimum dividends to which they are entitled, for three (3) consecutive fiscal years, which right shall remain in effect as long as the dividends are not paid.
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Art. 26 - Together with the financial statements, the Board of Directors shall present to the Regular Meeting of Shareholders a proposal on (i) the employees' and directors' and executive officers' profit share, and (ii) the full allocation of the net profit.
Paragraph 1 - From the net profit for the year: (i) five per cent (5%) shall be allocated to the legal reserve, in order to ensure the entirety of the capital stock, up to a limit of twenty per cent (20%) of the paid-up capital; and (ii) twenty-five per cent (25%) of the net profit adjusted in accordance with items II and III of art. 202 of Law no. 6404/76 shall be required to be distributed as mandatory minimum dividend to all the shareholders; and (iii) the balance, after compliance of all the provisions contained in the preceding items hereof, shall be allocated as determined by the General Meeting of Shareholders, based on the Board of Directors' proposal contained in the financial statements. In case the balance of the profit reserves shall exceed the capital stock, the General Meeting of Shareholders shall make a resolution on the allocation of the excess to the payment or increase of the capital stock or to the distribution of additional dividends to the shareholders.
Paragraph 2 - Dividends not claimed within three (3) years, counted from the resolution determining their distribution, shall accrue to the Company's benefit.
Art. 27 - The Company may, by resolution of the Board of Directors, declare dividends: (i) to the account of the profit ascertained in semi-annual balance sheets; (ii) to the account of profits ascertained in quarterly balance sheets, provided that the total dividends paid in each semester of the fiscal year shall not exceed the amount of capital reserves provided for in the first paragraph of article 182 of Law 6404/76, or (iii) to the account of retained earnings or of profit reserves stated in the latest annual or semi-annual balance sheet.
Sole Paragraph - Interim dividends distributed under the terms hereof shall be imputed to the minimum mandatory dividend.
Art. 28 - By resolution of the Board of Directors and, with due regard to the applicable legal provisions, the Company may pay to its shareholders interests on net equity, which may be imputed to the minimum mandatory dividend, "ad referendum" to the General Meeting of Shareholders.
