14.8.2. Equity management policy

Equity management conducted across the Group is performed to protect the Group’s financial security in the process of continuing operations while maximizing the profitability to shareholders, in particular by:

• providing access to liquidity for the Group entities and development of effective liquidity distribution structures within the Group;
• diversification of sources of external financing and maintaining their long-term maturity, taking into account banking and non-banking sources.

The above actions are performed based on the constant monitoring of:

• covenant value included in the loan agreements of PKN ORLEN and ENERGA Group (note 14.7.1);
• PKN ORLEN and ENERGA ratings.

Within the framework of the ORLEN Group Strategy for 2021-2030 adopted in November 2020, PKN ORLEN also implemented a dividend policy assuming annual dividend payments at the level of at least PLN 3.50 per share starting from 2021. The dividend for previous years paid in 2021 and in 2020 amounted to PLN 3,5 and PLN 1 per share, respectively