Report 13/2020

2020-05-25

Proposal of the Management Board of Wirtualna Polska Holding S.A. on the allocation of the Company's net profit and a positive opinion of the Company's Supervisory Board

Current report No. 13/2020 dated May 25, 2020

Legal basis: art. 17 sec. 1 MAR

Contents of the report:

The Management Board of Wirtualna Polska Holding SA ("Company"), hereby informs that on May 25, 2020, it adopted a resolution regarding the motion to the Supervisory Board and the General Meeting of Wirtualna Polska Holding SA for the allocation of the Company's net profit shown in the Company's standalone financial statements for the financial year 2019 in the amount of PLN 8,879,024.47 to the supplementary capital and not to pay any dividend.

The Company's Management Board, recommending the allocation of the entire net profit for 2019 to the supplementary capital and, as a consequence, not to pay dividend for 2019, took into account, in accordance with the Company's Dividend Policy, the current situation of the Company's Capital Group, its investment plans as well as potential acquisition goals. Moreover, the Management Board took into account the specific market situation resulting from the COVID-19 pandemic, including possible reduction of customers' purchasing power, reduction of marketing expenses or decrease in interest in buying package tours. All these factors may have a direct impact on the future financial situation of the Company and its Capital Group.

Given the above, the Management Board of the Company is of the opinion that it is justified and rational to retain the Company's profit for 2019 and not to pay dividend for 2019, in order to secure further operations of the Company and implementation of the its current strategy.

At the same time, the Management Board of the Company informs that on May 25, 2020, the Supervisory Board of the Company adopted a resolution, according to which it approved the above-mentioned motion of the Management Board.

The final decision regarding the allocation of the Company's profit will be made by the Ordinary General Meeting of the Company.
Legal basis: Article 17 para. 1 of Regulation No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (regulation on market abuse) and repealing Directive 2003/6 / EC of the European Parliament and of the Council and Commission Directive 2003/124 / EC , 2003/125 / EC and 2004/72 / EC

Signatures of persons representing the Company:

Jacek Świderski - President of the Management Board
Elżbieta Bujniewicz-Belka - Member of the Management Board