At the shareholders meeting the proposed regular dividend of € 0.56 per ordinary share for the financial year 2016 was approved. This represents 35% of our net profit excluding one-off items.
Also the additional dividend of € 0.44 per ordinary share was approved.
Dividends will be all-cash and will in principle be subject to Dutch dividend withholding tax of 15%.
The ex-dividend date is 17 May 2017, the record date is 18 May 2017 and the payment day is 22 May 2017.
As announced on 6 March 2017 Corbion also intends to distribute € 25 million to shareholders in 2017 through a new share buyback program to be commenced in April 2017 and to be completed before the end of 2017.
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 the profit (or charge the loss) to the company reserves after payment of the statutory dividend on financing preference shares and after deduction of the proposed dividend on ordinary shares. Events potentially impacting our financing requirements such as 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 and structure of dividend on ordinary shares 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 35-45% of net profit adjusted for one-off items. Periodically Corbion will review its net debt position in relation to the investment plans, and decide upon potential additional distributions.
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.