subjected to the availability of retained earnings on the separate financial statements. In all cases, dividend payment shall depend on cash flow, investment plan including any other future obligations of the
to income ratio at 37% of total revenues. Considering the Company’s separate financial statement, the operating and administrative expenses as a percentage of revenues represented 35% in the third
availability of retained earnings on the separate financial statements . In all cases, dividend payment shall depend on cash flow and investment plan including any other future obligations of the Company and /or
still be made twice a year and is based on consolidated earnings and subjected to the availability of retained earnings on the separate financial statements. In all cases, dividend payment shall depend on
the availability of retained earnings on the separate financial statements. In all cases, dividend payment shall depend on cash flow and investment plan including any other future obligations of the
prospects in any changing circumstances. The dividend payment shall still be made twice a year and is based on consolidated earnings and subjected to the availability of retained earnings on the separate
consolidated earnings and subjected to the availability of retained earnings on the separate financial statements. In all cases, dividend payment shall depend on cash flow and investment plan including any other
payment shall still be made twice a year and is based on consolidated earnings and subjected to the availability of retained earnings on the separate financial statements. In all cases, dividend payment