According to the adopted dividend policy, Medicalgorithmics S.A. predicts regular distribution of dividends to its shareholders. The specific value of the dividend and the dividend record date as well as the payment date is each time determined by the General Meeting of Shareholders after prior recommendation from the Management Board.
The history of dividend payment
| Fiscal year | Dividend per share | Dividend amount | Dividend record date | Payment date |
|---|---|---|---|---|
| 2017 | PLN 1.42 | PLN 5 212k | 16 July 2018 | 30 July 2018 |
| 2016 | PLN 2.00 | PLN7 213k | 16 July 2017 | 16 October 2017 |
| 2015 | PLN 1.85 | PLN 6 392k | 08 July 2016 | 25 July 2016 |
| 2014 | PLN 1.60 | PLN 5 528k | 07 July 2015 | 28 September 2015 |
| 2013 | PLN 1.35 | PLN 4 664k | 04 July 2014 | 19 August 2014 |
| 2012 | PLN 1.10 | PLN 3 764k | 04 July 2013 | 19 August 2013 |
Dividend Policy
The Dividend Policy of Medicalgorithmics S.A. is an element of ensuring a balance between the paid out amount of dividends and the capability for effective investment of the funds earned by the Company. In its Resolution No 2 of 1 June 2017, the Supervisory Board expressed a positive opinion on the Management Board’s recommendation regarding the policy of payment of dividend, as included in the Management Board’s Resolution No 3/05/2017 of 29 May 2017.
- Subject to the provisions of clauses 2, 3 and 4 below, it is the Management Board’s intention that the payment of dividend from the profit earned by the Company for financial years following the financial year 2016 be set at the level of up to 50% of the Medicalgorithmics Capital Group’s consolidated net profit attributable to shareholders of the parent company for a given financial year based on the consolidated financial statements and that the remaining portion of profit be allocated to supplementary capital.
- In the event of actual or anticipated capital needs of the Company of significant value, the Management Board’s recommendations regarding the payment of dividend from the profit earned by the Company for the financial years 2017, 2018 or 2019 may be set at the level of 20% of the consolidated net profit of the Medicalgorithmics Capital Group attributable to shareholders of the parent company for a given financial year on the basis of the consolidated financial statements and the remaining part of profit may be allocated to the supplementary capital.
- In addition, the possibility of dividend payment from the Company’s net profit disclosed in the Company’s financial statements for the financial year 2017, 2018 or 2019 may be excluded or limited due to the provisions of the terms of issue of securities (in particular bonds) issued by the Company.
- The ultimate recommendation of the Management Board concerning the distribution of profit generated in the Capital Group will be based on the market, financial and liquidity position of the Group, current and future liabilities and provisions related thereto, determining the maximum level of debt.
- The Management Board will recommend days on which the list of shareholders entitled to receive dividends and the dividend payment dates will be determined, with due regard for the need to carry out this process in an efficient manner. The ultimate decision on the distribution of the Company’s net profit for the financial year 2016 and subsequent financial years will be made by the Ordinary General Meeting of Shareholders.
Legal basis for dividend payment
The dividend is paid to shareholders once a year after the end of the financial year based on the resolution of the Ordinary General Meeting on allocating the profit to be distributed among shareholders. The shares of Medicalgorithmics S.A. are not the preferred ones in relation to the dividend. This means that the same value of the dividend is paid for each share.
Information on the payment of the Medicalgorithmics S.A. dividend is announced in current reports. Investors who on the dividend record date have the Medicalgorithmics S.A. shares on their accounts are entitled to the dividend.
According to Art. 395 (2) (2) of the Commercial Companies Code, the General Meeting shall be the competent authority to decide on the distribution of profit and dividend payment. The General Meeting adopts a resolution on whether and what part of the profit should be distributed as the dividend. The Ordinary General Meeting is presented by the Management Board a suggestion on how to distribute profit, approved by the Supervisory Board. According to Art. 395 (1) of the Commercial Companies Code, the Ordinary General Meeting should be held within six months after the end of the financial year.
Pursuant to Art. 348 (3) of the Commercial Companies Code, the Ordinary General Meeting of the publicly held corporation sets forth the dividend record date, i.e. the date of determining the right to dividend, and the date of dividend payment. The dividend record date may be the day of adoption of the resolution or a date within the next three months from that day.
In accordance with clause 106 (2) of the Detailed Principles of Operation of the Central Securities Depository of Poland, there must be a period of at least ten days between the dividend record date and the dividend payment date. Pursuant to clause 5 (1) of the Rules and Terms of the Central Securities Depository of Poland, these time limits are calculated considering the business days and excluding Saturdays. A claim for dividend payment is subject to a ten-year limitation period.
The dividend from held Corporation shares is paid to the shareholders on the “dividend payment date”. The dividend payment process is carried out through the depository system of the Central Securities Depository of Poland (KDPW).
The Ordinary General Meeting determines the gross value of the dividend. Shareholders receive a net dividend, i.e. the amount deducted by the tax due on the territory of the Republic of Poland.