The dividend policy has the ambition to annually pay out a stable to gradually increasing absolute cash dividend amount per share (progressive regular dividend policy), subject to annual review of the outlook of the net debt/EBITDA ratio development. This review will be based on multiple criteria such as major investments, timing of M&A, or divestment initiatives.
The Board of Management, with the approval of the Supervisory Board, will propose to the General Meeting of Shareholders at 17 May 2023, to determine the dividend on ordinary shares over 2022 at € 0.56 per share in the form of a cash dividend. Payment of the dividend will take place from 30 May 2023.
Dividends will be all-cash and will in principle be subject to Dutch dividend withholding tax of 15%.
The ex-dividend date will be 19 May 2023, the record date will be 22 May 2023 and the payment day will be 30 May 2023.
Corbion's reservation policy is aimed at creating and retaining sufficient financial capacity and flexibility to realize our strategic objectives while maintaining healthy balance sheet ratios. Corbion intends to add the profit (or charge the loss) to the company reserves 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 reservation amount and the reservation policy.
As regards Corbion's dividend policy, the amount and structure of dividend on ordinary shares that Corbion will pay to its shareholders depend on the financial results of Corbion, the market environment, the outlook, and other relevant factors.
The current dividend policy is the ambition to pay out annually a stable to gradually increasing absolute dividend amount per share in cash (progressive regular dividend policy). Annually, Corbion will review this policy in terms of capital expenditures (e.g. additional lactic acid and/or PLA capacity) and mergers & acquisitions and divestments.
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.