Dividend policy (since February 2015)
In line with the objective of strong EPS growth, a progressive dividend policy is set with no year-on-year decline of dividend, showing the Group’s confidence on its future growth prospects. The dividend payout ratio will remain c.50% of Net income. The base of calculation will exclude one offs such as capital gains or losses or asset impairments.
The 2018 fiscal year dividend of 2.35 Euros per share will be submitted to shareholders’ vote on April 25 2019. The dividend is up +7% compared to previous year and represents a pay-out ratio of more than 50% of adjusted net income.