According to our Bylaws, Gafisa is committed to paying to shareholders at least 25% of its annual net income as dividends or interest on shareholder´s equity, as calculated and adjusted under Brazilian corporate law.
This net income may be used to absorb losses or for the payment of statutory profit sharing for debenture holders, employees or and members of our management, which would effectively reduce the amount available to be paid as dividends or interest on shareholder’s equity. Additionally, Brazilian corporate law allows a publicly listed company like ours to suspend the mandatory distribution of dividends in any given year if our board of directors informs our shareholders that such distributions would be inadvisable, in view of our financial condition or cash availability.
Such factors could include our financial condition, prospects, macroeconomic conditions, tariff adjustments, regulatory changes, growth strategies and other factors that our board of directors and shareholders may consider relevant.
History of paid dividends / accrued:
| YEAR | DIVIDENDS (R$) | DPS (R$/SHARE) | PAYMENT DATE |
|---|---|---|---|
| 2007 | 26,980,694.36 | 0.2084 | April 29th, 2008 |
| 2008 | 26,106,142.88 | 0.2009 | December 28th, 2009 |
| 2009 | 50,717,399.76 | 0.12112 | December 15th, 2010 |
| 2010 | 98,811,840.46 | 0.2291 | December 28th, 2011 |
| 2013 | 130,192,095.57 | 0.3111 | February 12th, 2014 |
| 2013 | 32,919,915.46 | 0.0817 | December 11th, 2014 |
| 2015 | 17,681,776,72 | 0.0481 | December 22?nd?, 2016 |