BOGOTA, Colombia, March 6, 2017 /PRNewswire/ -- Ecopetrol S.A.
(BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company) informs
the 2016 earnings distribution proposal, approved by the Board of
Directors, which will be submitted for the consideration of the
Shareholders Meeting (Asamblea de Accionistas) that will take place
on March 31, 2017:
|
PROFIT
DISTRIBUTION PROPOSAL
|
|
YEAR
2016
|
|
|
|
Net Profit after
provision for income tax
|
1,564,709,318,025
|
|
+ Release of
reserves from previous years
|
287,236,277,314
|
|
Excess of fiscal
depreciation reserve (Art. 130 ET)
|
287,236,277,314
|
|
Regulatory Decree
2336/95 current year reserve
|
1,927,967,826
|
|
|
|
- Legal
reserves of the current year
|
669,103,385,969
|
|
Legal Reserve
(10%)
|
156,470,931,803
|
|
Excess of fiscal
depreciation reserve (Art. 130 ET)
|
509,081,603,363
|
|
Regulatory Decree
2336/95 current year reserve (taxable)
|
3,550,850,803
|
|
|
|
Available to the
Shareholders
|
1,182,842,209,370
|
|
It is proposed to
distribute as follow:
|
|
|
|
|
Ordinary dividend
non taxable
|
945,683,977,874
|
|
New explorations
reserve (non taxable)
|
237,158,231,496
|
|
|
|
Ordinary dividend
payable per share
|
$
23
|
This proposal is in line with the dividend distribution policy
adopted by the Board of Directors, which establishes the
distribution of around 40% of the net profit before impairments.
The policy also states that the dividends declared will not exceed
the profits available for the distribution of the Shareholders
Meeting and will be aligned with preserving debt ratios consistent
with an investment grade rating.
Taking the aforementioned into account, and calculating the net
profit before impairments in an amount of COP $2,328,017,766,824; the Board proposes a dividend
of COP$ 23 per share, to be paid in a single installment on
April 28, 2017.
-----------------------------------------
This release contains statements that may be considered
forward looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933 and Section 21E of the U.S. Securities
Exchange Act of 1934. All forward-looking statements, whether made
in this release or in future filings or press releases or orally,
address matters that involve risks and uncertainties, including in
respect of the Company's prospects for growth and its ongoing
access to capital to fund the Company's business plan, among
others. Consequently, changes in the following factors, among
others, could cause actual results to differ materially from those
included in the forward-looking statements: market prices of oil
& gas, our exploration and production activities, market
conditions, applicable regulations, the exchange rate, the
Company's competitiveness and the performance of Colombia's economy and industry, to mention a
few. We do not intend, and do not assume any obligation to update
these forward-looking statements.
For further information, please contact:
Head of Corporate Finance and Investor Relations
María Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.