On June 30th 2008, the General Shareholders Meeting of Grupa LOTOS S.A. adopted a resolution concerning the distribution of the net profit for 2007. Pursuant to the resolution, the Company’s net profit for the year ended December 31st 2007, amounting to PLN 745,084 thousand, was distributed as follows:
- PLN 742,584 thousand to increase the Company’s statutory reserve funds,
- PLN 2,500 thousand to increase the Company’s special fund for financing Grupa LOTOS S.A.’s corporate social responsibility projects.
In these financial statements, the Company presented distributed profit under retained earnings. In addition, the portion of the profit allocated to the special fund was recognised as cost in 2008 and presented under current provisions.