Integrated Annual Report 2014

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12. Dividends

As at December 31st 2014 and December 31st 2013, 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 30th 2014, the General Meeting of Grupa LOTOS S.A. passed a resolution on coverage of the Company’s net loss for 2013. In accordance with the resolution, the net loss for 2013 of PLN 14,774 thousand was covered from the Company’s statutory reserve funds.

As at the date of issue of these consolidated financial statements, the Company’s Management Board has not passed a resolution on coverage of the net loss for 2014.

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)