Integrated Annual Report of LOTOS Capital Group 2016

12. Dividends

As at December 31st 2016 and December 31st 2015, 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 28th 2016, the General Meeting of Grupa LOTOS S.A. passed a resolution on coverage of the Company’s net loss for 2015. In accordance with the resolution, the 2015 net loss of PLN 37,102 thousand will be offset against future profits.

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