Profit appropriation
Proposal for appropriation of profit for 2020
The articles of association of Stedin Holding N.V. contain provisions concerning profit appropriation. The Articles of Association state that the Board of Management may reserve a maximum of 50% of the profit available for distribution where at least 50% of the profit is available for the General Meeting of Shareholders, excluding exceptional income. The General Meeting of Shareholders may decide to distribute this amount in whole or in part. The Board of Management shall, after the approval of the Supervisory Board, make a recommendation to the General Meeting of Shareholders concerning the amount to be distributed. The Board of Management intends, with the approval of the Supervisory Board, to increase the reserves by an amount equal to 50% of the profit available for distribution for the 2020 financial year, i.e. an amount of €20.6 million.
Stedin Holding N.V. has designated the following items as incidental items:
x € 1 million | 2020 | 2019 |
|---|---|---|
Profit after income tax | 42 | 325 |
Result attributable to holders of Stedin Holding N.V. perpetual subordinated bonds | -12 | -12 |
Incidental income: | ||
Change in corporate income tax rate | 11 | 2 |
Profit on disposal of Joulz Diensten | - | -251 |
Profit after income tax available for distribution to the shareholders | 41 | 64 |
Proposed dividend | 21 | 52 |
Increase of general reserve after proposed dividend distribution | 21 | 273 |
A recommendation will be made to the General Meeting of Shareholders to resolve to pay a dividend of €20.6 million, subject to the condition that Stedin's financing requirement for an amount of at least €180 million in equity has been met, by 31 August 2021 at the latest. A further recommendation will be made to the General Meeting of Shareholders not to resolve to distribute the profit not added to the reserves if and as long as the aforementioned condition has not been met. A recommendation will be made to the General Meeting of Shareholders to resolve to add to the reserves the profit not added to the reserves by the Board of Management if the aforementioned condition has not been met by 31 August 2021 at the latest.
If dividend is distributed, this means a distribution of €4.14 per share (2019: €10.46 per share), which amount will be made available no later than 30 days after the condition referred to above has been met. The proposed profit appropriation has not been recognised in the balance sheet as at 31 December 2020.
Rotterdam, 17 February 2021
Stedin Holding N.V.
Board of Management | Supervisory Board |
Marc van der Linden, CEO (chair) | Doede Vierstra (chair) |
