PROPOSED ALLOCATION OF NET PROFIT
The consolidated net profit of REN SGPS, S.A. in the financial year of 2016 amounted to 100,183,103.19 euros (one hundred million, one hundred and eighty three thousand, one hundred and three euros and nineteen cents).
Considering the above and pursuant to article 28 of the Articles of Association of REN SGPS, S.A. and articles 31 to 33, article 66(5)(f), articles 294 and 295 and article 376(1)(b) and (2), all of the Portuguese Companies Code, the Board of Directors proposes that the net profit for the financial year of 2016, as seen in the individual financial statements in accordance with National Accounting System rules, amounting to 93,805,213.95 euros (ninety three million, eight hundred and five thousand, two hundred and thirteen euros and ninety five cents) be transferred in full to retained earnings.
Furthermore, the Board of Directors also proposes the following distribution:
- For dividends to shareholders of accumulated reserves – 91,314,000 euros (ninety one million, three hundred and fourteen thousand euros), corresponding to a distribution of 91.15% of REN, S.G.P.S., S.A. consolidated profit for the financial year of 2016, standing at 100,183,103.19 Euros (one hundred million, one hundred and eighty three thousand, one hundred and three euros and nineteen cents), equating to a gross dividend per share of 0.171 euros;
- For distribution to the employees of REN and its subsidiaries: 2,500,000 euros (two million, five hundred thousand euros).
Due to accountancy rules in force, this sum is reflected in the net profit for the financial year ending 31 December 2016 of REN, S.G.P.S., S.A. (311,223.95 euros – three hundred and eleven thousand, two hundred and twenty three euros and ninety-five cents) and its subsidiaries (2,188,776.05 euros – two million, one hundred and eighty eight thousand, seven hundred and seventy six euros and five cents).