Dividend and Dividend Policy

Amounts Available for Distribuition

At each annual shareholders’ meeting, our board of directors is required to advise on how to allocate our net income for the preceding year. The allocation is subject to approval by our shareholders. The Brazilian Corporate Law defines "net income" for any year as the results in a given year after the deduction of accrued losses, the provisions for income and social contribution taxes for that year, accumulated losses from prior years, and any amounts allocated to profit-sharing payments to the employees and management, provided that management will be entitled to any profit-sharing payment only after the shareholders are paid the mandatory dividend.

Our bylaws provide that an amount equal to our adjusted net income, should be available for distribution as mandatory dividend or interest on shareholders’ equity after:

  • deducting allocations to the legal reserve, if any;
  • deducting allocations to the bylaws reserve, if any;
  • deducting allocations to the contingency eserve, if any;
  • adding reversed contingency reserve amounts from prior years, if any;
  • adding unrealized profit reserve amounts, upon their realization and if not absorbed by subsequent losses, if any.

Our calculation of net income and allocations to reserves for any year, as well as the amounts available for distribution, are determined on the basis of our financial statements prepared in accordance with the Brazilian Corporate Law.

The table below shows our historical dividend and interest on capital distribuition. To this date, the Company has distributed R$ 1,073,729,609.

Year Dividends Interest on Capital Stock Bonus
2010 R$ 49,210,029 - -
2011 R$ 67,202,458 - -
2012 R$ 68,234,409 - -
2013 R$ 215,501,216 - -
2014 R$ 215,601,505 - -
2015 R$ 211,728,342 - -
2016 - - 30%
2017 R$ 41,023,650 - 15%
2018 - R$ 80,000,000 -
2019 R$ 526,409,000 R$ 225,000,000 -
Total R$ 1,394,910,609 R$ 3605000,000 -

Reserve accounts

Profit reserves

Capital reserves

Payment of Dividends and Interest on Shareholders’ Equity


Interest on Shareholders’ Equity