Dividend Policy

1) Assumptions of the dividend policy

Taking into account the financial results achieved by the Company and the plan to share the profit with the shareholders generated by the Company, the Management Board of CCC S.A. on 28 April 2015 adopted a new dividend policy, which was updated on March 17, 2017 (Current Report No. 15/2017 of 17 March 2017).

Dividend policy of CCC S.A.

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.

2) History of dividends of CCC S.A.

Fiscal yearDividend in total
(mln PLN)
Dividend per share
(PLN)
Dividend dayDate of dividend payment% of the profit allocated for dividend% of the consolidated profit allocated for dividend
2017 94.677.000,00 2,30 19.09.2018 01.10.2018 100% + part of the reserve capital 33%
2016 101.434.760,00 2,59 07.09.2017 21.09.2017 100% + part of the reserve capital 33%
2015 86.016.000,00 2,19 31.08.2016 13.09.2016 30% 33%
2014 115.200.000,00 3,00 23.09.2015 08.10.2015  99% 27%
2013 61.440.000,00 1,60 26.09.2014 10.10.2014 62% 49%
2012 61.440.000,00 1,60 26.09.2013 11.10.2013 100% + part of the reserve capital 58%
2011 61.440.000,00 1,60 27.09.2012 16.10.2012 70% 50%
2010 57.600.000,00 1,50 09.09.2011 27.09.2011 67% 49%
2009 38.400.000,00 1,00 15.09.2010 27.09.2010 56% 46%
2008 38.400.000,00 1,00 28.09.2009 16.10.2009 43% 37%
2006 38.400.000,00 1,00 05.07.2007 19.07.2007 78% 72%
2005 38.400.000,00 1,00 12.06.2006 22.06.2006 100% + part of the reserve capital 88%

* the dividend was not paid for fiscal years 2004, 2007

3) Resolution on the dividend

According to the art. 395 § 2 point 2 of Commercial Companies Code, the authority competent to decide on the distribution of profit and dividend payment is the General Meeting of Shareholders. The Resolution on the dividend is approved at the Annual General Meeting which, in accordance with article 395 §1 of the Commercial Companies Code should be held within six months after the end of a financial year. A profit distribution proposal approved by the Supervisory Board is proposed to the Annual Meeting by the Management Board of the Company. 

4) Right to dividend

The shareholders are entitled to the dividend on the accounts of which they hold shares of CCC S.A. on the dividend date. The General Meeting shall determine the date according to which the list of shareholders entitled to dividend for the financial year (day D) and the dividend payment date (day W). The dividend date may be set on the day of passing the resolution or within the next three months from that date.

5) A way of communicating information on dividend payment

Information regarding the dividend payment will be passed by the Management Board of CCC S.A. in the form of current reports.

6) Terms of receiving dividends

Conditions for receiving the dividend were determined according to the rules for public companies. Dividend payment occurs through the depository system of the KDPW. According to § 106 item 1 and § 112 item 1 on Detailed Rules of the National Depository for Securities (KDPW), the Issuer is obliged to inform KDPW on the amount of dividend per share, on the period of establishing the right to dividend and a payment date of the dividend and on the dividend payment date to make available to the KDPW financial measures for the implementation of the rights to dividend on the indicated by KDPW a cash account or a bank account. KDPW distributes funds received by the Issuer on the cash or bank accounts of direct participants.

The existing preference of shares to a dividend

In the Company there are no preference of shares to a dividend.

The CCC Group is one of the largest and fastest growing of large companies in Europe which specializes in footwear trade as well as one of the largest footwear manufacturers in Europe. Thanks to its subsidiary eobuwie.pl S.A., the CCC Group is also the e-commerce leader on the footwear market in Central and Eastern Europe. The CCC Group operates nearly 1,000 stores, with the floor space exceeding 0.5 million m2, and is present in 19 countries in Europe and beyond. Fashionable and affordable products are offered to customers in Poland, Hungary, Slovakia, the Czech Republic, Austria, Croatia, Slovenia, Bulgaria, Germany, Serbia, Russia, Latvia, Lithuania, Ukraine, Romania and Estonia, Moldova, Greece and Sweden. CCC has its own factory of leather shoes, employs over 12,000 employees and sells nearly 50 million pairs of shoes annualy. Since 2004, CCC has been listed on the Warsaw Stock Exchange and is included in the WIG 20 index.

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