7.1.2 Share and dividend performance
Dividend policy
The Group’s dividend policy is aimed at securing long-term shareholder loyalty by regularly increasing the dividend, a dividend payout ratio of around 50% and a dividend premium for shareholders who have held their shares in registered form for an unbroken period of at least four years. Below is a chart showing the dividend and pay-out ratio (Dividend/Underlying EPS) over the last 10 years.
Fiscal 2010 : DIVIDEND (in €) : €1.35 , PAYOUT RATIO (in %) : 51%.
Fiscal 2011 : DIVIDEND (in €): €1.46 , PAYOUT RATIO (in %) : 49%.
Fiscal 2012 : DIVIDEND (in €): €1.59 , PAYOUT RATIO (in %) : 46%.
Fiscal 2013 : DIVIDEND (in €): €1.62 , PAYOUT RATIO (in %) : 56%.
Fiscal 2014 : DIVIDEND (in €): €1.80 , PAYOUT RATIO (in %) : 56%.
Fiscal 2015 : DIVIDEND (in €) : €2.20 , PAYOUT RATIO (in %) : 48%.
Fiscal 2016 : DIVIDEND (in €): €2.40 , PAYOUT RATIO (in %) : 57%.
Fiscal 2017 : DIVIDEND (in €): €2.75 , PAYOUT RATIO (in %) : 57%.
Fiscal 2018 : DIVIDEND (in €): €2.75 , PAYOUT RATIO (in %) : 63%.
Fiscal 2019 : DIVIDEND (in €): €2.90 , PAYOUT RATIO (in %) : 64%.
Fiscal 2020 : DIVIDEND (in €): €0 , PAYOUT RATIO (in %) : 0%.
2020 - 2021 : DIVIDEND (in €): €2.00 , PAYOUT RATIO (in %) : 50%.
Recurring pay-out : 50%.
€0.8 non-recurring, €1.20 recurring.
This year, the Board has decided to propose a dividend of 2.00 euro, including a recurring part of 1.20 euro reflecting the return to a dividend policy of a pay-out of 50% of Underlying net profit, plus an exceptional non-recurring part of 0.80 euro reflecting the distribution of the cash related to the disposals program of about 120 million euro. For those shareholders who have held their shares in registered form from more than four years consecutively, the dividend premium will amount to 0.20 euro per share, for up to 0.5% of the shares of the Company. For Fiscal 2020, given the severity of the Covid-19 downturn in activity, and the uncertainty as to the timing of recovery, and in solidarity with the teams, the Board decided not to propose a dividend distribution.