Pursuant to Article 31 of the Articles of Association, the profit shall be distributed as follows:
-
The Executive Board shall reserve as much of the profit as it deems necessary, subject to the approval of the Supervisory Board.
-
Insofar as the profit is not added to the reserves, it is at the disposal of the General Meeting of Shareholders, which may resolve to allocate it in whole or in part to the reserves or to distribute it in whole or in part to holders of ordinary shares in proportion to their holdings.
Subject to the approval of the Supervisory Board, it has been resolved to distribute 50% of the realised result after tax of €130.2 million as dividend on the ordinary shares and depositary receipts for ordinary shares, and to add the remainder to the reserves.
Dividend policy
Royal Heijmans N.V. pursues a dividend policy, whereby, except in special circumstances, the aim is to achieve a pay-out ratio of 50% of the profit after taxes from ordinary business operations and whereby the dividend is paid exclusively in cash. The part of the profit that is not distributed as a dividend is to be added to the reserves pursuant to Article 31(5) of Royal Heijmans N.V.'s Articles of Association.