The Company has the following dividend policy:
- Target regular payout ratio is 30% of underlying net earnings (net earning adjusted for non-cash foreign gains/losses and impairment charges), provided that net debt / adjusted EBITDA is below 1.75;
- The Board has the full discretion to act flexibly with regards to shareholder dividends should the self-imposed leverage covenant listed above be exceeded;
- Interim semi-annual dividends to be paid in accordance with the same rules;
- At the end of each financial year, the Board considers a special dividend payment, based on the Company’s available free cash flow and future capital expenditure and other investment requirements;
- This practice has been started since December 2014. Link to the press release.
Sterling Currency Election Form