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STS SA paid dividends for the financial years 2020 and 2019 (in the amount of PLN 126.8 million and PLN 119.8 million, respectively), while Star-Typ Sport Zakłady Wzajemne sp.z o.o. (the predecessor of STS SA) paid a dividend for the financial year 2018 (in the amount of PLN 133.8 million).
As the Company is a holding company, with STS S.A. being an operating company, the Company’s payment of the dividend depends on the payment of the dividend by STS S.A. and, as a result, may be delayed. The Company intends to pay dividends at a level similar to that of STS S.A. in previous years.
History of Dividend Payments
|Year ended December 31,||2020||2019||2018|
|Net profit for the period (in PLN thousands)||126.839||119.790||133.824|
|Dividend paid to shareholders (in PLN thousands)||125.339||119.790||133.824|
|Dividend per share (in PLN thousands)||27,94||47,99||53,62|
|Dividend per share (adjusted)||0,80||0,77||0,86|
In the medium-term, the Company’s intention is to distribute 100% of the net profit of the Company for the relevant financial year as dividends. It is the Company’s intention, provided that the Company’s financial capabilities, market conditions and current investment needs, to achieve a dividend company status. In the event that the Group plans to undertake material M&A, the Company reserves the right to reduce the payout ratio or suspend the dividend payment.
The Company will ensure STS S.A.’s payment of advances on expected dividends in order to accelerate the distribution of profits to the Company’s shareholders. An advance on account of a dividend may constitute no more than a half of the profit made from the end of the previous financial year, disclosed in the audited financial statements, increased by reserve capitals established from profit at the disposal of the Management Board for the payment of advances and decreased by uncovered losses and own shares.
In submitting proposed dividend payments, the Management Board will take into account in particular the relevant laws and regulations, the liquidity and capital requirements necessary for the Company’s business growth and absorption of potential losses resulting from the materialization of unexpected stress scenarios, such as a sharp decline in the GDP growth or adverse currency or interest rate fluctuations.
However, the Management Board may review the dividend policy from time to time and any future dividends will be paid subject to the Annual General Meeting’s decision, taking into account several factors concerning the Company, including its prospects, expected future net profits, cash requirements, financial standing, level of liquidity ratios, business expansion and growth plans, as well as the relevant laws and regulations to make such decision and the amount that may be distributed to shareholders in accordance with law. Additionally, the approval of dividends and their amounts to be paid is always a decision of the shareholders at the Annual General Meeting, who are not bound by any dividend recommendation of the Management Board.