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Third resolution

 Third resolution

(Appropriation of 2002 net income and dividend)

The Annual meeting resolves, in accordance with Article 18 of the Articles of Association, to appropriate net income as follows :

In Euros
Net income for the year2,830,067,502.98
Retained earnings brought forward from prior years4,695,079,910.57
Total to be appropriated7,525,147,413.55
To the special long-term capital gains reserve346,277,902.00
To the special Investment Reserve17,089,913.00
To dividends1,075,055,788.80
To unappropriated retained earnings6,086,723,809.75
Total7,525,147,413.55

The total dividend of EUR 1,075,055,788.80 to be paid to BNP Paribas SA shareholders, corresponds to a dividend of EUR 1.20 per share with a par value of EUR 2.00. The total amount paid to individual shareholders and corporate shareholders qualifying for the affiliation privilege will be EUR 1.80, including the EUR 0.60 avoir fiscal tax credit corresponding to tax already paid to the Treasury. Full powers are given to the Board of Directors to credit dividends payable on shares held in treasury stock to unappropriated retained earnings.

The 2002 dividend will be payable as from 12 June 2003, in cash.

As required under Section 47 of the Act of 12 July 1995 (Act 65-566), the Board of Directors informs the Annual Meeting that dividends paid for the last three years were as follows :
Par value of sharesNumber of sharesTotal dividendNet dividend per share"Avoir fiscal" tax creditTotal payout
1999    4,00450,129,494787,726,614.50 1.75 0.8752.625
2000    4,00448,206,0551,008,463,623.75 2.251.1253.375
2001    2,00886,622,9941.063,947,592.80 1.200.601.80

The Annual Meeting authorises the Board of Directors to deduct from unappropriated retained earnings, the amounts necessary to pay the above dividend on shares issued on exercise of stock options prior to the ex-dividend date.

tiret.jpgPresentation of the resolution

The third resolution deals with the appropriation of net income for the year and the 2002 dividend. The total amount to be appropriated is EUR 7,525.148 million, made up of BNP Paribas SA's net income for the year of EUR 2,830.068 million plus EUR 4,695.080 million in retained earnings brought forward from prior years. The total dividend of EUR 1,075.056 million to be paid to BNP Paribas SA shareholders corresponds to a dividend of EUR 1.20 per share. The total amount paid to individual shareholders and corporate shareholders qualifying for the affiliation privilege will be EUR 1.80, including the EUR 0.60 avoir fiscal tax credit. The 2002 dividend will be paid as from 12 June 2003 in cash only. The Board of Directors is also recommending that EUR 346.278 million should be appropriated to the special long-term capital gains reserve, EUR 17.090 million to the special Investment Reserve and the balance of EUR 6,086.724 million to unappropriated net earnings.

The 2002 dividend is therefore the same as for 2001, but the payout rate has increased to 32.6% from 26.5% a year earlier.

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