Dividends and Dividend Policy
|YEAR||PAYMENT DATE||TYPE||AMOUNT PAID(R$ MM)||AMOUNT PAID(US$ MM)||VALUE/SHARE(R$)||VALUE/SHARE(US$)||SHARES OUTSTANDING||EXCHANGE RATE|
|2009||05/06/2010||Dividend||R$ 3.58||US$ 2.02||R$ 0,026||US$ 0.014||139,391,381||R$ 1.7719|
|2010||05/06/2011||Dividend||R$ 15.13||US$ 9.39||R$ 0.108||US$ 0.067||139,753,919||R$ 1.6113|
|2011||05/11/2012||Dividend||R$ 60.00||US$ 30.20||R$ 0.193||US$ 0.097||310.307.396||R$ 1.9866|
|2012||05/10/2013||Dividend||R$ 160.00||US$ 79.19||R$ 0.513||US$ 0.254||311,612,886||R$ 2.0204|
|2013||05/14/2014||Dividend||R$ 160.00||US$ 72.65||R$ 0.536||US$ 0.243||298,438,945||R$ 2.2023|
|2014||06/24/2014||Extraordinary Dividend||R$ 1.636.46||US$ 735.49||R$ 5.50||US$ 2.472||297,538,945||R$ 2.2250|
|2014||05/11/2015||Dividend||R$ 66.10||US$ 21.59||R$ 0.22||US$ 0.072||298,228,434||R$ 3.0622|
|2015||12/15/2015||Extraordinary Dividend||R$ 599.44||US$ 154.84||R$ 2.01||US$ 0.519||298,228,434||R$ 3.8714|
|2016||05/11/2017||Dividend||R$ 6.85||US$ 2.17||R$ 0.023||US$ 0.007||298,228,434||R$ 3.1600|
|2017||05/16/2018||Dividend||R$ 65.79||US$ 17.90||R$ 0.163||US$ 0.044||407,135,283||R$ 3.6747|
The Brazilian corporate law and Company‘s bylaws require that BR Properties pay a mandatory dividend to its shareholders unless such mandatory dividend distribution is suspended based on a report by Company‘s management to the shareholders‘ meeting that the distribution would be inadvisable given BR Properties‘ financial condition. The mandatory dividend is a minimum percentage of a company‘s net income verified in the preceding year, and adjusted pursuant to the Brazilian corporate law. The mandatory dividend may be paid in the form of dividends or interest on shareholders‘ equity, the amount of which, net of withholding income tax, may be computed as part of the mandatory dividend and be treated as a deductible expense for purposes of corporate income and social contribution taxes, subject to certain limits.
Consistent with the Brazilian corporate law, BR Properties‘ bylaws provide that an amount, equal to a minimum of 25% of its net income for any particular fiscal year, as adjusted pursuant to Article 202 of the Brazilian corporate law, must be distributed as mandatory dividends. In addition, the board of directors can recommend the payment of additional dividends from other available accounts.
Any holder of record of BR Properties‘ shares at the time a dividend is declared is entitled to receive dividends. Under the Brazilian corporate law, dividends are generally required to be paid within 60 days following the date on which the dividend is declared, unless the shareholders‘ resolution established another payment date, which, in any event, must occur before the end of the year in which the dividend is declared.
BR Properties‘ bylaws do not require that dividend payments be adjusted for inflation.
Shareholders have a three-year period from the date of the resolution for the payment of dividends to claim their dividends or interest on shareholders‘ equity, after which the aggregate amount of any unclaimed dividends legally reverts to the Company.
By decision of BR Properties‘ board of directors and pursuant to Brazilian law and Company‘s bylaws, it can declare the payment or credit of dividends based on interim balance sheets. Additionally, the shareholders can resolve at any time the payment of dividends of amounts accounted for in the unrealized profit reserve or retained earnings reserve of previous fiscal years, after the payment of the mandatory dividends for such fiscal years.