If the General Shareholders Meeting accepts the Management Board’s proposal, the dividend will be paid out in the amount of PLN 5.38 per share.
In 2011 the Company generated net profit in the amount of PLN 2,082.5 million. Adjusted for a mandatory payment on account of profit in the amount of PLN 127 million, payable by companies wholly owned by the State Treasury, for the period between 1 January 2011 and 31 July 2011, the net profit to be distributed amounted to PLN 1,955.5 million. The consolidated profit amounted to PLN 2,105.5 million.
The amount of profit generated demonstrates that JSW has not only executed but even exceeded the objectives of the Technical and Economic Plan for 2011. As a result, the Management Board proposed that an employee award be paid in the amount of PLN 130 million. Every employee will receive an amount similar to a monthly remuneration without additional benefits. In the previous year the Management Board's proposal provided for the same amount. In addition, the employees are also to receive a dividend on account of series A and series C shares acquired free-of-charge.
“The amount of dividend complies with declarations made both towards the owners and the employees,” says Jarosław Zagórowski, the President of the Management Board of JSW S.A. “If we add the dividend to the mandatory payment for the benefit of the State Treasury for the period preceding the IPO, the level of profit paid out to the shareholders for 2011 will increase to more than 36%. The employees, in turn, are provided with an equivalent of the 14th salary. We would also like to allocate more than a half of our profits to investment.”
The Management Board suggests devoting the amount of PLN 1,193.8 million for the purpose of the investment programme. Until 2030 significant investments are planned for an estimated amount of about PLN 7,565.4 million. Among other things, the programme provides for the following: investments in making new seams available at greater depths and in areas covered by concessions of the existing mines (vertical expansion), making deposits available in areas adjacent to the current extraction operations (horizontal expansion), and investments connected with acquisition of the state-of-the-art technology.
