Dividend policy

So far, the dividend policy decided by the Board of Directors has given priority to increasing the Company’s value by reinvesting into profitable growth any profit generated. However, in continuation of the Company’s restructuring process and the related improvement in cash flow generation, the Board of Directors intends to recommend to the Annual General Meeting a dividend policy starting from this year.
The framework will be based on two main indicators:

  • Dividend yeld (DY), which is equal to dividend per share/price share
  • Pay-out ratio (PR), which is equal to dividend/net profit (consolidated)


Ideally, the dividend/share should grow over time following a profile somehow symmetric to the growth of the price/share and vice-versa and an increase in the PR gives stability to the share price and vice-versa.

However, the yearly distribution of dividends will always be decided with due consideration for the Company’s plans, requirements or priorities. Hence, the proposed framework should express stability, with a floor, growth perspective, with the PR, and flexibility, with sound expectations:

  • Maximum PR 40%, net of equity for selected accretive oppurtunities and stable cash-free buffer of EUR 10M
  • Minimum dividend of EUR 2M/year


The Board of Directors will propose to the shareholders at the Annual General Meeting that a dividend of DKK 0.162 (EUR 0.022) per share to be distributed for the financial year 2016.