05.05.2020
PKN ORLEN revises dividend for shareholders
The PKN ORLEN Management Board has decided to reduce the originally proposed dividend for 2019 from PLN 3 to PLN 1 per share. The change is made in view of the current macroeconomic situation, especially in the financial market as well as in the fuel and energy sector.
“PKN ORLEN’s dividend policy is based on macroeconomic indicators and market outlook.
Our financial situation is sound, but we must take into account the current economic climate brought on, among others, by the coronavirus pandemic, as well as macroeconomic forecasts. Our focus is on the Company’s long-term growth, therefore we continue to implement investment projects and make acquisitions. We are diversifying our business in order to generate profits for Shareholders
in the years to come. Following a thorough analysis of the macroeconomic situation, we have decided to reduce the proposed dividend amount to PLN 1 per share,” said Daniel Obajtek, President of the PKN ORLEN Management Board.
Regular dividend payments are prescribed in PKN ORLEN’s strategy and the Company remains committed to this policy. In 2019, PKN ORLEN was on a sound financial footing. Its net debt fell by PLN (-)3.2bn year on year, to PLN 2.4bn at the end of 2019, and the financial leverage remained safe at 6.3%. However, the dividend level is also affected by external factors beyond the Company’s control, including the current and projected macroeconomic conditions. Considering the growth prospects for both domestic and global economy, the PKN ORLEN Management Board has revised its dividend proposal.
The final decision on dividend amount will be made by the Annual General Meeting.
