Dividend Policy of KOGENERACJA S.A. FOR 2023–2030


12.12.2023 17:18

Article 17(1) MAR.

Contents of the report

The Management Board of Zespół Elektrociepłowni Wrocławskich KOGENERACJA S.A. (“the Company”) informs that on 12 December 2023 it adopted a resolution concerning the adoption of the Dividend Policy of KOGENERACJA S.A. for 2023–2030 (the content of the Dividend Policy is attached).

In the coming years, an important challenge for KOGENERACJA S.A. is the implementation of the strategy aiming to decarbonise generation and achieve climate neutrality by 2050 and the related transformation of generation assets in Czechnica CHP as well as the construction of new generation sources in Wrocław CHP and Zawidawie CHP. Therefore, the Dividend Policy of KOGENERACJA S.A. for 2023–2030 assumes that the Management Board recommends to the Company’s General Meeting of Shareholders not to pay a dividend from the individual net result for 2023.

In the following years, the Management Board of the Company intends to recommend to the General Meeting the payment of dividends at the level of 10% – 40% of the individual net result of KOGENERACJA S.A.

Each time a dividend proposal is made, it will depend in particular on the overall amount of the Company's debt, planned investment expenditures in subsequent periods, the analysis of the Company’s financial liquidity and the current and anticipated market situation of the Company, as well as the financial situation of its subsidiary, Elektrociepłownia “Zielona Góra” S.A.

The Dividend Policy of KOGENERACJA S.A. applies from the date of the above resolution.

Signatures of persons representing the company

Date Name Position and function
2023-12-12 Dominik Wadecki President of the Management Board
2023-12-12 Krzysztof Kryg Vice-President of the Management Board