Current Report No.: 17/2016

Title: Dividend information
Date: 2016.25.05
Report no.:  Current Report No.: 17/2016

Current Report No.: 17/2016

Date of preparation: 25.05.2016

Short name of issuer: Enea S.A.

Legal basis: Article 56 item 1(2) of the Act on Offerings - current and periodic information

Subject: Dividend information


Content of report:


In relation to the dividend policy adopted in Enea S.A. (Company, Issuer), the Company's Management Board informs that in connection with the demonstration of a net loss in the non-consolidated financial statements for 2015, on 25 May 2016 it passed a resolution, compliant with which dividend distribution for shareholders for 2015 financial year is not recommended.

The loss on the Company's operations for 2015 financial year was affected mainly by asset impairment write-downs in the area of generation which reflect the Company's expectations as regards generation of free cash flows from the existing assets in a middle and long-term perspective.

The Company's Management Board's recommendation is a result of a more and more demanding market situation, changes occurring in the regulatory environment, and also analyses conducted within Enea Group's investment plan in the short and long-term horizon.

No dividend distribution this year will considerably strengthen the cash position of Enea Group, which in turn will translate into a possibility of undertaking new investment activities supporting the Company's further development.

At the same time, the Issuer emphasises that the Company's Management Board's intention is continuation in the future of the existing dividend policy foreseeing distribution of dividend on the level from 30% to 60% of the net profit demonstrated in the non-consolidated financial statements.

The Company informs that along with the adoption of the above resolution the Issuer's Management Board decided to apply to the Company's Supervisory Board for issuing an assessment of the adopted recommendation.

Detailed legal basis: § 38 item 1(11) of the regulation of the Minister of Finance of 19 February 2009 on current and periodic information [...].

Having in mind the diverse and international nature of Enea SA's shareholding, and also the provisions of the Best Practices of WSE Listed Companies, Enea SA guarantees the availability of its website also in English. In case of any interpretation doubts and discrepancies between the Polish and English versions, the Polish version shall prevail.