The management board at Cyfrowy Polsat has recommended that the company’s total net profit for 2015 should be held as reserve capital rather than paid out as dividends to shareholders.
In a statement, the company says the decision has been made in the light of its relatively high debts and the need to reduce the total net indebtedness ratio, namely net debt to EBITDA, to below 1.75 as soon as possible.
Cyfrowy Polsat, whose interests include Poland’s leading DTH platform, posted a net profit of PLN446.15 million (€101.53 million) last year.
Separately, Cyfrowy Polsat’s supervisory board has appointed members of the management board for a new three-year term.
The management board will be headed by Tobias Solorz, who has been a member since September 2014 and its VP since December 2014.
