Dividends

Energisa

Dividends Policy

The Corporate Law and Company articles of incorporation require a general meeting of shareholders to be held by April 30th of each year, in which, among other measures, shareholders should decide with respect to the distribution of annual dividends. All shareholders have the right to receive dividends on the date of declaration of dividends.

The Company shareholders will deliberate on the proposals of the Board of Directors for allocation of the profit from the previous financial year. In accordance with the Corporate Law, net profit is defined as the result of the financial year remaining after deducting the losses accumulated in previous years, the amounts relating to income tax and social contribution and any amounts destined to the payment of statutory share in the company profit for employees and Administrators.

Energisa‘s mandatory dividend is at least 35% of the adjusted net income, pursuant to the Company‘s Bylaws, as amended by the General Meeting held 10/16/2015, based on the unconsolidated financial statements. The annual declaration of dividends, including payment of dividends in addition to the minimum obligatory dividend requires the approval of the Annual General Meeting by a majority vote of the Energisa shareholders, and will depend on various factors. These factors include the Company’s operational results, financial condition, cash requirements and future perspectives, as well as other factors that the Energisa board of directors and shareholders judge relevant.

The payment of dividends, interest on equity and any other values from Energisa S/A subsidiaries should aim for the upper limit (95% of the Net Profit, as well as Accumulated Profit), however, the reference leverage limit (statutory leverage), duration and financial cost of the subsidiary and/or consolidated debt cannot deteriorate.

For FYs 2018 to 2019 Energisa S/A‘s dividend policy should seek to pay out between 35% and 50% of the consolidated net income for the year, limited to 50% of the dividends received from its subsidiaries, which may be relaxed when the Consolidated Debt Limit interval index approaches the lower quartile, even if in this period (FYs 2013 to 2015 the minimum dividend were the legal rate of 25% plus net income. This measure aims to preserve an adequate capital structure and tax optimization for the Company and, consequently, an adequate weighted average cost of capital (WACC).

Dividend payment history

Energisa replaced Energisa Minas Gerais (formerly known as Companhia Força e Luz Cataguazes-Leopoldina - CFLCL) in a trading session at the São Paulo Stock Exchange (Bovespa) on 9th April, 2007. It is the new holding company for Grupo Energisa following a share merger process. Therefore, those holding shares in Energisa Minas Gerais (formerly CFLCL) have become Energisa shareholders, with the ratio of one Energisa share for every 8,428.45307906018 shares in CFLCL.

The table below shows the dividends distributed to Energisa shareholders from 2007, when it replaced Energisa Minas.



Payment


Initial Payment Date
Value Per Share (R$)
Total
(R$ Thousand)
Common  Preferred  U​nits (*)
​2018 - Dividends
Interim 9/04/18 0.056 0.056 0.28 96,870
2017 - Dividends
Interim 3/08/18 0.10 0.10 0.50 172,983
Interim 9/01/17 0.056 0.056 0.28 96,870
2016 - Dividends
Interim 3/08/17 0.0572 0.0572 0.286 98,946
Interim 8/26/16 0.023 0.023 0.115 39,786
2015 - Dividends          
Interim 3/8/16 0.0572 0.0572 0.286 75,200
Advance 7/20/15 0.082 0.082 0.41 100,351
2014 - Dividends          
Supplement 6/29/15 0.107 0.107 0.535 130,946
Advance ​11/09/14 0.056 0.056 0.28 68,532
2013 - Dividends
Inter​im 3/12/14​ 0.082 0.082 0.41 100,351
Interim 8/21/13​​ 0.0233 0.0233 0.1165 8,514
Interim 3/6/13 0.0327 0.0327 0.1635 40,018
2012 - Dividends
Interim 2/7/13 0.103 0.103 0.515 111,030
Interim 8/20/12 0.056 0.056 0.280 60,366
2011 - Dividends
Supplement 4/4/12 0.040 0.040 0.200 43,118
Advance 9/2/11 0.056 0.056 0.280 60,365
2010 - Dividends
​Supplement 3/15/11 0.033 0.033 0.165 35,573
Interim 9/28/10 0.056 0.056 0.280 60,866
2009 - Dividends
Supplement 3/22/10 0.033 0.033 0.165 36,152
Advance 10/29/09 0.080 0.080 - 87,204
2008 - Dividends
2008 financial year 9/25/08 0.260 0.286 - 57,436
2007 - Dividends
Supplement 3/24/08 0.400 0.440 - 88,363
Advance 9/11/​07 0.300 0.330 - 65,064

(*) Business with the Units began on November 6, 2009.

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