CCR made its first distribution of dividends in April2003.Prior to that, it had not historically paid dividends or interest on equity because of Brazilian corporate law prohibitions against making such distributions where a company has a cumulative loss and because of restrictions in its financing agreements to which its subsidiaries are party.

Under the Company’s by-laws, if CCR is able to pay dividends in the future, at least 25% of its adjusted net income must be distributed as an annual dividend or as payment of interest on equity, unless its shareholders determine that its financial condition warrants a suspension, in whole or in part, of the payment of dividends or other distributions. The Company current policy is to distribute at least 50% of the adjusted net income as dividends each year beginning the year ended December 31, 2004. CCR does not intend to amend its by-laws to reflect this policy.

Because the Company is a holding company with no revenue-producing operations other than those of its subsidiaries, and because the management fees and interest CCR receives from its subsidiaries are minimal, the Company will be able to distribute dividends to shareholders only if CCR receives dividends or other cash distributions from the subsidiaries. The financing agreements relating to all its concessions contain restrictions on dividend distribution by its concessionaires. In general, these restrictions prohibit them from distributing dividends until achievement of project completion of the road and of certain financial tests, typically minimum cash flow requirements. Thereafter, the agreements typically permit dividends to be paid so long as certain financial ratios, such as debt-to-equity, current or debt-coverage ratios, are satisfied. Ponte, NovaDutra and AutoBAn have already achieved project completion. Currently, Ponte and AutoBAn are permitted to pay dividends.

In April 2003, CCR distributed a dividend of R$ 0.35 per share relating to the financial year ended December 31, 2002. In March 2004, the Company declared a dividend of R$ 0.59 per share relating to the financial year ended December 31, 2003. On September 1, 2004, CCR distributed interim dividends of R$ 1.00 per share, on the account of retained earnings. On April 11, 2005 it complemented the distribution of dividends of R$ 1.00 per share related to the fiscal year of 2004. On March 30, 2006 the Company announced dividends payment amounting to R$ 0.25 per common share (after the stock split corresponding to a ratio of 1:4), which was a complimentary to the distribution paid on 09/27/2005 of R$ 0.50 per share, resulting on a 60.4% payout rate referring to the fiscal year of 2005.

The distribution of dividends relating to the financial year ended December 31, 2006 in the amount of R$ 455.5 millions (approximately R$ 1.13 per common share) of which, the amount of R$ 254 millions (R$ 0.63 per common share) was paid as interim dividends, as approved by the Board of Directors on August 10, 2006. The remaining amount of R$ 201.5 millions, corresponding to R$ 0.50 per common share, were distributed to shareholders on April 10, 2007. The Company’s shares have been traded “ex-dividend” as of March 30, 2007.

The Board of Directors Meeting held on August 9, 2007 approved the distribution of dividends in the amount of R$ 331 millions, correspondent to approximately R$ 0.82 per common share. The Company’s shares have been traded “ex-dividend” as of August 10, 2007.

The General Shareholders’ Meeting held on March 27, 2008, approved a complementary dividend payment to shareholders, referring to 2007, of R$ 0.50 per share, totaling R$ 201.5 million. This payment complemented the early dividend payment made on 08/31/2007 of R$ 0.82 per share, resulting in a payout of 91.2% referring to the fiscal year of 2007 (accrual basis accounting).

On August 11, 2008, CCR approved the prepayment of dividends for the fiscal year 2008 proposed by the management, in the amount of R$ 1.00 per share, totaling R$ 403.1 million, to be paid on September 30, 2008.

As of April 30, 2009, CCR started the partial payment of the dividends approved by the Annual Shareholders’ Meeting of April 15, 2009, in the amount of R$ 0.25 per common share. As of September 30, 2009, the Company started the partial payment of the dividends approved by the Annual Shareholders’ Meeting of April 15, 2009, in the amount of R$ 0.10 per common share, totaling R$ 40.3 million. As of September 30, 2009, CCR started the partial payment of the dividends approved by the Board of Directors’ Meeting of August 12, 2009, in the amount of R$ 1.16 per common share, totaling R$ 467.6 million. As of May 05, 2010, CCR began the payment of the dividends approved by the Annual Shareholders’ Meeting of April 28, 2010, in the amount of R$0.23 (twenty-three centavos) per common share.

As of September 30, 2010, CCR started the payment of the dividends approved by the Board of Directors’ Meeting of September 17, 2010, in the amount of R$ 1.70 per common share, totaling R$ 750.4 million.

As of April 29, 2011, CCR started the payment of the dividends related to the fiscal year of 2010, in the amount of R$ 0.228309 per share, totaling R$ 100.7 million

As of September 30, 2011, CCR started the payment of the dividends approved by the Board of Directors’ Meeting of August 29, 2011, in the amount of R$ 1.59 per common share, totaling R$ 701.8 million.

As of April 27, 2012, CCR started the payment of the dividends related to the fiscal year of 2011, in the amount of R$ 0.057077328155 per share, totaling R$ 100.8 million.

As of October 31, 2012, CCR started the payment of the interim dividends related to the fiscal year of 2012, in the amount of R$ 0.54 per common share, totaling R$ 953.4 million.

As of April 30, 2013, CCR started the payment of the dividends related to the fiscal year of 2012, in the approximately amount of R$ 0.06 per share, totaling R$ 100.8 million.

As of October 31, 2013, CCR started the payment of the interim dividends related to the fiscal year of 2013, in the amount of R$ 0.68 per common share, totaling R$ 1.2 billion.

On April 30, 2014, CCR paid additional dividends for the 2013 fiscal year, totaling R$100.8 million, corresponding to approximately R$0.06/share.

On October 31, 2014, CCR paid interim dividends for the 2014 fiscal year, totaling R$1.3 billion, corresponding to R$0.73/share.

On April 30, 2015, CCR paid additional dividends for the 2014 fiscal year, totaling R$100.8 million, corresponding to approximately R$0.06/share.

On October 30, 2015, CCR paid interim dividends for the 2015 fiscal year, totaling R$860.8 million, corresponding to R$0.487534079155/share.

On December 30, 2015, CCR paid interim dividends for the 2015 fiscal year, totaling R$89.0 million, corresponding to R$0.050408158826/share.

On April 29, 2016, CCR paid interim dividends for the 2015 fiscal year, totaling R$500.0 million, corresponding to R$0.2831919035200/share.

On November 18, 2016, CCR paid interim dividends for the 2016 fiscal year, totaling R$750 million, corresponding to R$0.42478785528/share.

On April 28, 2017, CCR paid interim dividends for the 2016 fiscal year, totaling R$ 400 million, corresponding to R$0.19801980198/share

On October 31, 2017, CCR paid interim dividends related to the fiscal year of 2017, totaling R$886 million, corresponding to R$0.438613861386 per share

 

 

Dividends (R$)
End of the fiscal year Net income (loss)
in the period
(R$ ‘000)
Dividends per share Total dividends
(R$ ‘000)
Payment beginning Amount of Shares in the Period Record Date  Ex-Dividends 
12/31/2006 547,267 0.63 253,954 08/31/2006 403,101,800 08/10/2006 08/11/2006
12/31/2007 583,581 0.82 330,543 08/31/2007 403,101,800 08/09/2007 08/10/2007
12/31/2008 713,586 1.00 403,101 09/30/2008 403,101,800 08/11/2008 08/12/2008
12/31/2008 713,586 0.10 40,310 09/30/2009 403,101,800 08/12/2009 08/12/2009
12/31/2009 708,741 1.16 467,598 09/30/2009 403,101,800 08/12/2009 08/13/2009
12/31/2009 708,741 0.23 101,521 05/05/2010 441,396,800 04/28/2010 04/29/2010
12/31/2010 671,722 1.70 750,374 09/30/2010 441,396,800 09/20/2010 09/21/2010
12/31/2010 671,722 0.228309 100,775 04/29/2011 441,396,800 04/19/2011 04/20/2011
12/31/2011 899,372 1.59 701,820 09/30/2011 441,396,800 08/29/2011 08/30/2011
12/31/2011 899,372 0.057077328 100,775 04/27/2012 1,765,587,200 04/13/2012 04/16/2012
12/31/2012 1,177,284 0.54 953,417 10/31/2012 1,765,587,200 09/28/2012 10/01/2012
12/31/2012 1,177,284 0.057077328 100,775 04/30/2013 1,765,587,200 04/18/2013 04/19/2013
12/31/2013 1,350,991 0.68 1,200,599 10/31/2013 1,765,587,200 09/26/2013 09/27/2013
12/31/2013 1,350,991 0.057077328 100,775 04/30/2014 1,765,587,200 04/15/2014 04/16/2014
12/31/2014 1,348,841 0.7359 1,299,296 10/31/2014 1,765,587,200 09/26/2014 09/29/2014
12/31/2014 1,348,841 0.057077328 100,775 04/30/2015 1,765,587,200 04/16/2015 04/17/2015
12/31/2015 874,368 0.487534079 860,784 10/30/2015 1,765,587,200 10/02/2015 10/05/2015
12/31/2015 874,368 0.050408159 89,000 12/30/2015 1,765,587,200 12/17/2015 12/18/2015
12/31/2015 1,713,851 0.283191904 500,000 04/29/2016 1,765,587,200 03/15/2016 03/16/2016
12/31/2016 1,713,851 0.424787855 750,000 11/18/2016 1,765,587,200 11/09/2016 11/10/2016
12/31/2016 1,713,851 0.198019802 400,000 04/28/2017 2,020,000,000 04/11/2017 04/12/2017
12/31/2017 0.438613861 886,000 10/31/2017 2,020,000,000 10/19/2017 10/20/2017

Click here to download the dividends spreadsheet