BOGOTA, Colombia, Feb. 27, 2018 /CNW/ -- Ecopetrol S.A. (BVC:
ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company) informs the 2017
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 23:
PROFIT
DISTRIBUTION PROPOSAL
|
YEAR 2017
(Colombian pesos)
|
|
|
Net Profit after
provision for income tax
|
6,620,411,850,505
|
+ Release of
reserves from previous years
|
751,718,653,488
|
New explorations
reserve
|
239,086,199,322
|
Excess of fiscal
depreciation reserve (Art. 130 ET)
|
509,081,603,363
|
Regulatory Decree
2336/95 current year reserve
|
3,550,850,803
|
|
|
- Legal
reserves of the current year
|
1,171,122,788,414
|
Legal Reserve
(10%)
|
662,041,185,051
|
Excess of fiscal
depreciation reserve (Art. 130 ET)
|
509,081,603,363
|
|
|
Available to the
Shareholders
|
6,201,007,715,580
|
It is proposed to
distribute as follows:
|
|
|
|
Ordinary dividend non
taxable (55% Net Profit)
|
3,659,385,827,427
|
Strategic growth
reserve (non taxable)
|
1,143,610,022,344
|
New explorations
reserve (taxed)
|
1,398,011,865,809
|
Total
|
6,201,007,715,580
|
Ordinary dividend
payable per share
|
$
89.0
|
As a result of the financial strength achieved by the company,
the Board of Directors approved as a dividend policy to distribute
between 40% and 60% of the adjusted net income, for this purpose
the Board of Directors will evaluate the macroeconomic environment,
the cash projection for compliance of the strategy and growth
plans, always maintaining an appropriate financial flexibility that
is in line with the investment grade rating.
It is proposed to distribute $ 89
pesos / share, the proposed payment dates will be April 19, 2018 (100% to minority shareholders /
50% to the majority shareholders) and September 17 of 2018 (50% majority
shareholders).
-----------------------------------------
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:
Capital Markets Manager
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.