Regarding Dividend Policy of AB Klaipėdos nafta
On 28th July 2021 the Board of AB Klaipėdos nafta (hereinafter – the Company) has approved the renewed Dividend Policy of Company. Dividend Policy is based on the existing legislation and secondary legislation of the Republic of Lithuania, the Company's Articles of Association and other Company's internal documents.
The Dividend Policy provides that the Board of the Company shall, in accordance with the Company's audited financial statements prepared in accordance with IFRS, presents the draft decision of dividends allocation to the Company’s shareholders for approval. The amount of dividends is proposed taking into account the Company's return on equity for the reporting period.
Following the Lithuanian Government Resolution of 14th January 1997 No. 20 On The Dividends For The State-Owed Shares (Official Gazette, 1997, no. 6-102 with all subsequent amendments and additions) criteria of the article no. 3., Dividend Policy respectively reflets that the amount of dividends for the years 2021-2024 is calculated by eliminating from the Company’s distributable profit unrealised foreign exchange rates impact and other unrealised gains (losses). The Company’s return on equity is calculated based on the data of the set of audited annual financial statements, net profit (loss) of the reporting period by eliminating the impact of unrealised foreign exchange rates and other unrealised gains (losses) divided by the average equity at the beginning and end of this period. Equity at the beginning of the reporting period is adjusted by estimating the impact of unrealised foreign exchange rates and other unrealised gains (losses) accumulated before the reporting period. Equity at the end of the reporting period is adjusted by estimating the impact of unrealised foreign exchange rates and other unrealised gains (losses) of the reporting period and those accumulated before the reporting period.
ATTACHED: AB Klaipėdos nafta Dividend Policy
Indrė Kisielienė, Acting Chief Financial Officer, +370 686 16276
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