The VRG Group will pay PLN 46.9 million to shareholders

VRG S.A. shareholders decided to pay a dividend for 2022 in the amount of PLN 0.20 per share

The Annual General Meeting of VRG S.A. Shareholders, held today in Kraków, decided to allocate PLN 46.9 million from the net profit made by the company in 2022 to dividends. The decision was in line with the Board of Directors' proposal to the company's Shareholders. There will be a payment of PLN 0.20 per share.

The decision of the Annual General Shareholders' Meeting to pay a dividend is in line with the resolution adopted by the Board of Directors of VRG S.A. on 20.05.2022, the company's dividend policy and the assumptions of the Group's development strategy for 2023 - 2025. The gross dividend rate from profit for 2022 will be approximately 6% (compared to approximately 5% for 2021). The dividend date, i.e. the date on which the list of shareholders entitled to dividends for 2022 is determined, is 20.09.2023. The dividend payment date is 15.12.2023.

- We are pleased that shareholders have approved the payment of a dividend in the model recommended by the Board. The set dividend level allows us to effectively achieve two strategic goals: to develop and build the scale of the VRG business in line with the VRG Group's development strategy for 2023 - 2025, using the company's own resources, while at the same time sharing a part of the generated profit with the shareholders - says Janusz Płocica, CEO of the VRG Board.

The decision to pay a dividend is the implementation of the company's dividend policy adopted by the VRG S.A. Board of Directors on May 18, 2022. It assumes an annual recommendation of a payout in the range of 20-70 percent of consolidated net profit, with the assumption that the net debt/EBITDA ratio at the end of the financial year will be less than 2.5. Each time before making a recommendation to the Annual General Shareholders' Meeting, the Board of Directors takes into account the Group's financial situation, investment needs, liquidity situation, growth prospects in a given market and macroeconomic situation, acquisition plans and banking covenants.

The last dividend payment by VRG S.A. (formerly Vistula Group S.A.), of PLN 0.17 per share, took place on July 29, 2022.

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VRG S.A. (former name Vistula Group S.A.) is a company listed on the Warsaw Stock Exchange S.A. since 1993. VRG Group S.A. specializes in the design and distribution of high-quality fashion collections for men and women and jewelry. It owns highly recognizable trademarks in five major lines: Vistula, Bytom, Wólczanka, Deni Cler Milano and W.KRUK. The VRG S.A. Group focuses on brand management, apparel and jewelry design and the development of its own sales network in both main segments (apparel and jewelry).