Adoption of resolution by the Management Board of CCC S.A. on approving amendment to the dividend policy

(Current Report No. 15/2017)

17.03.2017 / The Issuer /

Legal basis:
Art. 17 section 1 of MAR - confidential information

Management Board of CCC S.A., based in Polkowice (The Issuer), announces that on 17 March 2017 they passed a resolution on the adoption of amendments to the dividend policy adopted on 28 April 2015 (of which the Issuer informed in the current report CR No. 16/2015 dated 28 April 2015).

The amendment of the dividend policy was made due to the occurrence of the entities in the Capital Group CCC S.A. in which CCC S.A. does not hold 100% of the shares.

On the basis of the amendment made, the content of the dividend policy is as follows:

"The Management Board of CCC intends to submit to the General Meeting of Shareholders a proposal for payment of dividend in the amount from 33% to 66% of the consolidated net profit of the Capital Group CCC S.A. attributable to shareholders of the parent company, assuming that the ratio of net debt to EBITDA at the end of the fiscal year, which will affect the distribution of profit, shall amount to less than 3.0.

At the recommendation of the distribution of the profit generated in the Capital Group CCC, the Management Board will take into account the financial and liquidity condition of the Group, existing and future liabilities (including potential limitations associated with the loan agreements and the issuance of debt instruments) as well as evaluation of the prospects of the Capital Group CCC in certain market and macroeconomic conditions.

Dividend policy is applied beginning from the consolidated net profit of the Group for the fiscal year ended on 31 December 2016. "