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Recommendation of the Supervisory Board regarding the non-payment of dividends from the profit for 2019
GLOBE TRADE CENTRE S.A.
(Incorporated and registered in Poland with KRS No. 61500)
(Share code on the WSE: GTC.S.A)
(Share code on the JSE: GTC ISIN: PLGTC0000037)
(“GTC” or “the Company”)
Current report number: 19/2020
Date: 29 July 2020
Subject: Recommendation of the Supervisory Board regarding the non-payment of dividends
from the profit for 2019
The Management Board of Globe Trade Centre S.A. (“the Company”) reports that on 28 July 2020 the
Supervisory Board of the Company, following the recommendation of the Management Board hereby
issued a positive opinion on the Management Board’s proposal to deviate from published dividend policy
(dividend policy published on 20 March 2017) and retain the profit for the year ended 31 December 2019
in the amount of PLN 321,756,000 by the Company and allocate to the reserve/supplementary capital,
and thus the Supervisory Board of the Company recommends not to pay dividend out of profits earned
by the Company in the financial year ended on 31 December 2019.
The Management Board recommendation is based on the uncertainty regarding consequences of the
outbreak of the coronavirus (COVID-19) pandemic and the dampened economic and operating
environment of the Company associated therewith, as well as the implementation of various contingency
measures resulting therefrom in the territories in which the Company’s group conducts its operations,
which may have an adverse effect on consumer behaviour and retail sales, and thus, on the business
operations of the Company. This recommendation is issued despite the positive financial results
achieved by the Company in the financial year ended 31 December 2019 and the healthy financial and
liquidity positions as the Management Board believes that it is in the interest of the Company and its
shareholders to retain profits generated in the financial year ended 31 December 2019 and to allocate
them to supplementary/reserve capital, which will allow the Company to maintain a strong capital and
cash position.
The final decision regarding the distribution of Company’s profit for the year ended 31 December 2019
will be made by the Ordinary General Meeting of the Company.
Legal basis: Art. 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council
of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the
European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and
2004/72/EC – inside information
Signed by:
/s/ Yovav Carmi /s/ Robert Snow
Member of the Management Board Member of the Management Board
Warsaw, Poland
Sponsor: Investec Bank Limited
Date: 29-07-2020 07:05:00
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