Determination of the annual dividends, subject to the approval of the shareholders at the Annual General Meeting, is presented in reais as Brazilian Corporate Law establishes that all dividends must be determined and paid based on actual amounts in the legal books, as shown below:
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Brazilian million Reais |
12.31.2017 | 12.31.2016 | 12.31.2015 | |||||||||
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Net income for the year |
795.8 | 585.4 | 241.6 | |||||||||
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Investment Subsidy |
(13.3 | ) | (2.5 | ) | (2.5 | ) | ||||||
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Legal Reserve |
(39.8 | ) | (29.3 | ) | (12.1 | ) | ||||||
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| 742.7 | 553.6 | 227.0 | ||||||||||
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Minimun mandatory dividend (25%) |
185.7 | 138.4 | 56.7 | |||||||||
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Interest on own capital, net of tax |
132.8 | 63.5 | 76.5 | |||||||||
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Proposed dividends |
52.9 | 75.0 | — | |||||||||
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Interest on own capital, exceeding of the minimum required (i) |
— | — | 25.5 | |||||||||
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Total stockholder remuneration |
185.7 | 138.4 | 102.0 | |||||||||
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Payments of the year |
(76.0 | ) | (63.5 | ) | (76.5 | ) | ||||||
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Total shareholders remuneration of period |
109.7 | 75.0 | 25.5 | |||||||||
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Total shareholders remuneration of previous period |
0.1 | 0.1 | 0.1 | |||||||||
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Total shareholders remuneration - in millions of Brazilian reais |
109.8 | 75.1 | 25.6 | |||||||||
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Total exceeding shareholders remuneration presented in Equity |
— | — | (25.5 | ) | ||||||||
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Total remuneration due to non-controlling shareholders |
11.9 | 5.8 | 10.4 | |||||||||
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Total shareholders remuneration presented in Liabilities |
121.7 | 80.9 | 10.5 | |||||||||
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Total shareholders remuneration - in millions of US$ |
36.8 | 24.8 | 2.7 | |||||||||
| (i) | Refers to interest on own capital for the 4th quarter of 2015, net of withholding income tax, which, since it was in excess of the mandatory minimum amount and was not paid in the period, is presented as an “additional proposed dividends” reserve in equity. |