Dividend and IoC
DIVIDEND POLICY
The Brazilian Corporation Law and the Company’s bylaws require the shareholders’ ordinary general meeting to be held no later than April 30 of each year in which the shareholders must, among other things, decide about the distribution of the annual dividends. All shareholders are entitled to receive the dividends on the date when the dividends were declared.
The Company’s shareholders decide about the Board of Directors proposal to allocate the net income for the prior year. The Brazilian Corporation Law defines “net profits” for any fiscal year as net income for that fiscal year, net of any accumulated losses from prior fiscal years, income tax and social contribution taxes and any amounts allocated to the participation of its employees and management in Multiplan’s net profits in such fiscal year.
Multiplan´s mandatory dividend is of at least 25% of the adjusted net income, under the terms of the Brazilian Corporate Law and the Company’s bylaws, determined in the unconsolidated financial statements. The yearly distribution of dividends, including dividends in excess of the minimum mandatory dividend, requires approval by a majority vote of the holders of Multiplan’s common shares and will depend on many factors. These factors include the Company’s operations results, financial standing, cash requirements, future prospects and other factors deemed relevant by Multiplan’s Board Of Directors and shareholders.
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividends (R$ M) | 20.1 | 60.9 | 102.9 | 49.0 | 58.7 | – | 19.9 | – | – | – | – | – | – | – | – | – |
| Interest on Capital (R$ M) | – | – | – | 100.0 | 125.0 | 135.0 | 155.0 | 225.0 | 95.0 | 240.0 | 260.0 | 280.0 | 270.0 | 295.0 | 420.0 | 581.0 |
| Total Distribution (R$ M) | 20.1 | 60.9 | 102.9 | 149.0 | 183.7 | 135.0 | 174.9 | 225.0 | 95.0 | 240.0 | 260.0 | 280.0 | 270.0 | 295.0 | 420.0 | 581.0 |
| % of adjusted net income * | 25.0% | 36.0% | 50.0% | 47.5% | 50.0% | 50.0% | 50.0% | 64.7% | 32.1% | 68.3% | 57.8% | 62.6% | 29.4% | 68.5% | 57.5% | 59.9% |
* Adjusted net income = net income after legal reserve.
| Type | Approval | Reference Year | Date of deliberation | Ex-dividend date | Payment date | Amount (R$) | Gross value per share (R$) | Adjusted gross value per share * (R$) |
|---|---|---|---|---|---|---|---|---|
| Dividends | AGOE | 2008 | 4/30/2009 | 5/1/2009 | 6/16/2009 | R$ 20,083,689.50 | R$ 0.136200 | R$ 0.045400 |
| Dividends | AGOE | 2009 | 4/30/2010 | 5/3/2010 | 5/19/2010 | R$ 60,876,000.00 | R$ 0.340400 | R$ 0.113467 |
| Dividends | AGO | 2010 | 4/29/2011 | 5/2/2011 | 5/12/2011 | R$ 102,937,282.80 | R$ 0.578722 | R$ 0.192907 |
| Dividends | AGOE | 2011 | 4/30/2012 | 11/24/2011 | 5/17/2012 | R$ 49,000,000.00 | R$ 0.274638 | R$ 0.091546 |
| IOC | AGOE | 2011 | 4/30/2012 | 11/24/2011 | 5/17/2012 | R$ 100,031,267.83 | R$ 0.561827 | R$ 0.187276 |
| IOC | RCA | 2012 | 12/11/2012 | 12/12/2012 | 5/21/2013 | R$ 125,000,000.00 | R$ 0.700820 | R$ 0.233607 |
| Dividends | RCA | 2012 | 3/6/2013 | 3/7/2013 | 5/21/2013 | R$ 58,726,307.64 | R$ 0.329661 | R$ 0.109887 |
| IOC | RCA | 2013 | 6/27/2013 | 6/28/2013 | 8/22/2013 | R$ 45,000,000.00 | R$ 0.238268 | R$ 0.079423 |
| IOC | RCA | 2013 | 9/26/2013 | 9/27/2013 | 11/19/2013 | R$ 45,000,000.00 | R$ 0.239408 | R$ 0.079803 |
| IOC | RCA | 2013 | 12/17/2013 | 12/18/2013 | 2/12/2014 | R$ 45,000,000.00 | R$ 0.239603 | R$ 0.079868 |
| IOC | RCA | 2014 | 6/30/2014 | 7/1/2014 | 11/18/2014 | R$ 70,000,000.00 | R$ 0.372651 | R$ 0.124217 |
| IOC | RCA | 2014 | 12/22/2014 | 12/23/2014 | 5/18/2015 | R$ 85,000,000.00 | R$ 0.451534 | R$ 0.150511 |
| Dividends | AGOE | 2014 | 4/29/2015 | 4/30/2015 | 5/18/2015 | R$ 19,895,709.39 | R$ 0.105391 | R$ 0.035130 |
| IOC | RCA | 2015 | 6/30/2015 | 7/1/2015 | 12/15/2015 | R$ 90,000,000.00 | R$ 0.477071 | R$ 0.159024 |
| IOC | RCA | 2015 | 12/21/2015 | 12/22/2015 | 5/17/2016 | R$ 135,000,000.00 | R$ 0.718769 | R$ 0.239590 |
| IOC | RCA | 2016 | 6/27/2016 | 7/1/2016 | 5/2/2017 | R$ 95,000,000.00 | R$ 0.504830 | R$ 0.168277 |
| IOC | RCA | 2017 | 6/21/2017 | 6/27/2017 | 1/29/2018 | R$ 110,000,000.00 | R$ 0.552058 | R$ 0.184019 |
| IOC | RCA | 2017 | 9/21/2017 | 9/27/2017 | 1/29/2018 | R$ 65,000,000.00 | R$ 0.325748 | R$ 0.108583 |
| IOC | RCA | 2017 | 12/21/2017 | 12/28/2017 | 1/29/2018 | R$ 65,000,000.00 | R$ 0.326231 | R$ 0.108744 |
| IOC | RCA | 2018 | 6/21/2018 | 6/27/2018 | 9/25/2018 | R$ 110,000,000.00 | R$ 0.553787 | R$ 0.184596 |
| IOC | RCA | 2018 | 9/21/2018 | 9/27/2018 | 4/25/2019 | R$ 80,000,000.00 | R$ 0.134590 | R$ 0.134590 |
| IOC | RCA | 2018 | 12/21/2018 | 1/2/2019 | 4/25/2019 | R$ 70,000,000.00 | R$ 0.117766 | R$ 0.117766 |
| IOC | RCA | 2019 | 6/24/2019 | 6/28/2019 | 10/22/2019 | R$110,000,000.00 | R$0.184584 | R$0.184584 |
| IOC | RCA | 2019 | 9/25/2019 | 10/1/2019 | 10/23/2020 | R$80,000,000.00 | R$0.134171 | R$0.134171 |
| IOC | RCA | 2019 | 12/23/2019 | 1/2/2019 | 10/23/2020 | R$90,000,000.00 | R$0.150888 | R$0.150888 |
| IOC | RCA | 2020 | 12/21/2020 | 12/29/2020 | 10/05/2021 | R$270,000,000.00 | R$0.454976 | R$0.454976 |
| IOC | RCA | 2021 | 12/22/2021 | 12/29/2021 | 10/25/2022 | R$295,000,000.00 | R$ 0.498900 | R$ 0.498901 |
| IOC | RCA | 2022 | 06/21/2022 | 06/27/2022 | 06/20/2023 | R$145,000,000.00 | R$0.247154 | R$0.247154 |
| IOC | RCA | 2022 | 09/22/2022 | 09/28/2022 | 09/20/2023 | R$100,000,000.00 | R$0.170702 | R$0.170702 |
| IOC | RCA | 2022 | 12/21/2022 | 12/27/2022 | 12/20/2023 | R$175,000,000.00 | R$0.299001 | R$0.299001 |
| IOC | RCA | 2023 | 03/27/2023 | 03/31/2023 | 03/20/2024 | R$75,000,000.00 | R$0.128143 | R$0.128143 |
| IOC | RCA | 2023 | 06/26/2023 | 06/30/2023 | 06/20/2024 | R$145,000,000.00 | R$0.248167 | R$0.248167 |
| IOC | RCA | 2023 | 09/22/2023 | 09/28/2023 | 09/20/2024 | R$120,000,000.00 | R$0.206054 | R$0.206054 |
| IOC | RCA | 2023 | 10/27/2023 | 11/03/2023 | 10/21/2024 | R$131,000,000.00 | R$ 0.224954 | R$ 0.224954 |
| IOC | RCA | 2023 | 12/21/2023 | 12/28/2023 | 12/20/2024 | R$110,000,000.00 | R$ 0.188988 | R$ 0.188988 |
| IOC | RCA | 2024 | 03/28/2024 | 04/05/2024 | up to 03/31/2025 | R$90,000,000.00 | R$ 0.154829 | R$ 0.154829 |
| IOC | RCA | 2024 | 06/21/2024 | 06/27/2024 | up to 06/30/2025 | R$135,000,000.00 | R$ 0.233674 | R$ 0.233674 |
| IOC | RCA | 2024 | 09/30/2024 | 12/23/2024 | up to 09/30/2025 | R$115,000,000.00 | R$ 0.235329 | R$ 0.235329 |
| IOC | RCA | 2024 | 12/23/2024 | 01/02/2025 | up to 12/30/2025 | R$200,000,000.00 | R$0.409267 | R$0.409268 |
*On July, 20, 2018, Multiplan consolidated the split of the totality of the common and preferred shares issued by the Company at a ratio of 1:3. For more details, please refer to the Notice of Material Fact of July, 20, 2018 through this link.