Investment Proposition


Shareholder Remuneration Policy

Shareholder Remuneration Policy

Shareholder Disbursements

Date(1) Shareholder Disbursements

May 2, 2020

€1.3050 per share
(gross final dividend)

December 5, 2019

€0.57 per share
(gross intermediate dividend)

October 2, 2018

€5.30 per share
(gross extraordinary dividend)

May 3, 2013

€7.90 per share
(gross extraordinary dividend)

May 7, 2012

€1.00 per share
(gross dividend)

August 28, 2012

€3.25 per share
(net capital reduction)

July 26, 2011

€4.50 per share
(net capital reduction)

July 28, 2010

€2.23 per share
(net capital reduction)

August 27, 2009

€0.50 per share
(net capital reduction)

November 19, 2007

€6.00 per share
(net capital reduction)

1 All dates refer to ex-dividend dates

Shareholder Remuneration Policy

In December 2018, we hosted our Capital Market Day during which we outlined our strategic plan for the next three years through 2021 and detailed our capital allocation and shareholder remuneration framework. In absence of any material acquisitions and/or significant changes in our business or regulatory environment, we intend to stay around 4.0x net total leverage, representing the mid-point of the 3.5x to 4.5x range. At March 31, 2020, our net total leverage reached 4.0x.

As part of our capital allocation framework, we aim to distribute between 50% and 70% of the prior year Adjusted Free Cash Flow to shareholders through intermediate and final dividends. Within the boundaries of the aforementioned net total leverage framework and in absence of any of the above factors, the remaining part of our Adjusted Free Cash Flow may be considered for incremental share buy-backs, extraordinary dividends, deleveraging, accretive acquisitions or a combination thereof.