The Corbion Shareholders' Meeting held on 12 May 2016 approved the proposed regular dividend on common shares of € 0.43 per share in the form of a cash dividend to be charged to the reserves.
The Shareholders' Meeting also approved an additional cash dividend of
€ 0.42 per share to be charged to the reserves.
Timetable for payment of the regular and additional dividend:
16 May 2016 Ex-date, 17 May 2016 Record date, 19 May 2016 pay out cash dividend.
As announced on 21 March 2016 Corbion will return € 50 million to shareholders in 2016 next to the regular and additional cash dividend. This capital return will take place by way of a share buyback program.
Corbion’s reservation policy is aimed at creating and retaining sufficient financial capacity and flexibility to realize its strategic objectives while maintaining healthy balance sheet ratios. Corbion intends to add or charge the profit or loss to the company reserves after payment of the statutory dividend on financing preference shares and after deduction of the proposed dividend on common shares. Events such as financing requirements, acquisitions, divestments, reorganizations, or other strategic considerations can lead to adjustments in the reserves and the reservation policy.
As regards Corbion’s dividend policy, the amount of dividend on common shares and the type of dividend that the company will pay to its shareholders depend on the financial results of the company, the market environment, the outlook, and other relevant factors. The current dividend policy is to pay out 35% of net profit adjusted for one-off items. As already announced in the Strategy Update, issued on 30 October 2014, as a result of lower estimated cash outlays in the coming years Corbion plans to raise its regular dividend to 35-45% of net profit adjusted for one-off items.
The proposed dividend for a financial year will be presented to and determined by the General Shareholder's Meeting. In addition, the Articles of Association allow for the payment of an interim dividend.