Dividendos

Dividendos

Dividend Policy

The Brazilian Corporation Law and the Company’s By-laws require the shareholders’ ordinary general meeting to be held up to April 30 of each year where the shareholders must, among other things, decide about the distribution of the annual dividends. All shareholders are entitled to receive the dividends on the date when the dividends were declared.

The Company’s shareholders will decide about the Board of Directors proposal to allocate the net income for the prior year. The Brazilian Corporation Law defines “net income” for any fiscal year as net income for that fiscal year, net of any accumulated losses from prior fiscal years, income tax and social contribution taxes and any amounts allocated to the participation of its employees and management in Estácio Participações’ net profits in such fiscal year.

The Estácio Participações mandatory dividend to all of its shares is of at least 25% of the adjusted net income, under the terms of article 202 of the Brazilian Corporate Law and the Company’s By-laws, determined in the unconsolidated financial statements. The yearly distribution of dividends, including dividends in excess of the minimum mandatory dividend, requires approval by a majority vote of the holders of Estácio Participações’s common shares and will depend on many factors. These factors include the Company’s results of operations, financial condition, cash requirements, future prospects and other factors deemed relevant by Estácio Participações’s board of directors and shareholders.

Dividend History
Year Type Declaration Ex Date Payment Total (R$ MM) Gross Amount per Common Share (R$)
2007 Dividends 04/25/2008 04/26/2008 05/07/2008 13.7 0.0579
2008 Dividends 04/28/2009 04/29/2009 05/08/2009 17.9 0.2273
2009 Dividends 04/19/2010 04/20/2010 04/29/2010 30.5 0.3885
2010 Dividends 04/19/2011 04/20/2011 05/06/2011 38.3 0.4670
2011 Dividends 04/03/2012 04/04/2012 08/31/2012 16.6 0.2032
2012 Dividends 04/30/2013 05/02/2013 06/28/2013 26.1 0.2677
2013 Dividends 04/30/2014 05/02/2014 06/30/2014 58.1 0.1966
2014 Dividends 04/28/2014 04/29/2015 06/30/2015 101.1 0.3287
2015 Dividends 04/29/2016 04/28/2016 06/30/2016 115.1 0.3745
2015 Extraordinary Dividends 11/10/2016 11/11/2016 11/22/2016 140.0 0.4539
2015 Extraordinary Dividends 11/10/2016 11/11/2016 12/15/2016 140.0 0.4539
2015 Extraordinary Dividends 12/16/2016 12/22/2016 12/29/2016 140.0 0.4539
2016 Dividends 04/19/2017 04/20/2017 05/05/2017 87.4 0.2835