Dividend policy

We aim to distribute about 35% of the net result as dividend, provided the profit permits. We distribute an interim dividend equal to one-third (rounded) of the total dividend of the previous year, also provided that the profit reasonably permits this. The intention is that fluctuations in the profit from year to year should not have a dominant effect on the dividend.

The dividend for 2011 was € 0.46, in line with the 2010 dividend. This represents a pay-out of 37%.

Since 2010 shareholders can choose between cash and shares. This gives our shareholders greater flexibility and supports the financing of our growth strategy. The stock dividend is (virtually) the same as the dividend in cash (ie no premium).

Schedule payment 2011 final dividend.

 

Dividend

Historic overview of dividend and pay out

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