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20. PAYMENT TO SHAREHOLDERS
 12 Months Ended
Dec. 31, 2017
Payment To Shareholders  
PAYMENT TO SHAREHOLDERS
20.PAYMENT TO SHAREHOLDERS

 

The Company's Bylaws provide the distribution of 25% minimum dividends of adjusted net income under the law, to the shareholders. The dividends are calculated in accordance with the Company’s Bylaws and in accordance with the Brazilian Corporate Law.

 

On March 11,2015, the Board of Directors approved the proposal distribution of dividends the profit reserve account (statutory reserve of working capital), in the amount of R$275,000, corresponding to R$ 0.202633043 per share. Dividends were paid as of March 19, 2015, without monetary update.

 

The following table shows the history of deliberate and paid dividends:

               
Approval     Payment
Approval Year   Dividends     Payment Year   Dividends
2014           700,000     2014          424,939
                      -        2015          274,917
2015           275,000     2015          274,918
2016 (*)                              2016                   53
2017 (*)         2017    
Total approved             975,000     Total paid          974,827

 

(*) There is no dividend deliberation on the year of 2016 and 2017.