10.8.5 Dividends

As at December 31st 2021, Grupa LOTOS S.A. was restricted in its ability to distribute funds in the form of dividends pursuant to a credit facility agreement of July 2nd 2019 entered into to refinance the 10+ Programme credit facilities, discussed in Note 22.1 to the full-year consolidated financial statements for 2019. The agreement limits the ability of Grupa LOTOS S.A. to pay dividends and makes it conditional on achievement of certain levels of financial ratios.

On June 30th 2021, the General Meeting of Grupa LOTOS S.A. passed a resolution to fully cover the Company’s net loss for 2020 of PLN 881.4m from statutory reserve funds.