Dividend and Dividend Policy

Amounts Available for Distribuition

At each annual shareholders’ meeting, our board of directors is required to advise on how to allocate our net income for the preceding year. The allocation is subject to approval by our shareholders. The Brazilian Corporate Law defines "net income" for any year as the results in a given year after the deduction of accrued losses, the provisions for income and social contribution taxes for that year, accumulated losses from prior years, and any amounts allocated to profit-sharing payments to the employees and management, provided that management will be entitled to any profit-sharing payment only after the shareholders are paid the mandatory dividend.

Our bylaws provide that an amount equal to our adjusted net income, should be available for distribution as mandatory dividend or interest on shareholders’ equity after:

  • deducting allocations to the legal reserve, if any;
  • deducting allocations to the bylaws reserve, if any;
  • deducting allocations to the contingency eserve, if any;
  • adding reversed contingency reserve amounts from prior years, if any;
  • adding unrealized profit reserve amounts, upon their realization and if not absorbed by subsequent losses, if any.

Our calculation of net income and allocations to reserves for any year, as well as the amounts available for distribution, are determined on the basis of our financial statements prepared in accordance with the Brazilian Corporate Law.

The table below shows our historical dividend distribuition.

Refered Year Dividends (R$ thousand) Adjusted Net Income AFFO Shares (R$ thousand) Dividend per Share
2009 49,211 284,426 232,954 201,648 R$ 0.24
2010 67,202 263,706 285,042 285,042 R$ 0.17
2011 68,234 308,890 330,981 452,909 R$ 0.15
2012 215,501 409,524 420,462 457,057 R$ 0.47
2013 144,535 487,011 496,983 457,066 R$ 0.32
2014 282,794 459,346 469,533 459,540 R$ 0.62
2015 0 402,944 413,179 463,713 R$ 0.00
2016 41,023 279,920 299,343 607,173 R$ 0.07

Reserve accounts

Profit reserves

Capital reserves

Payment of Dividends and Interest on Shareholders’ Equity


Interest on Shareholders’ Equity