Dividend policy


Subject to approval by the annual general shareholders meeting, the Group intends to distribute annual dividends representing approximately 25% of its consolidated net income, to the extent compatible with the implementation of the Group’s external growth strategy. There is no guarantee of dividends, however. Future dividends will depend on general business conditions and any other factor deemed relevant by the Company’s Board of Directors.


The following table sets forth the total dividend amount and net dividend per share distributed by the Company over the last three years:

Year of distribution 2014 2013 2012
Total dividend (in millions of euros) 45.1 0 23.2
Net dividend per share (in euros) 3.88 0 2.00


During its meeting held on February 17, 2015 and considering the strategic priority given in 2015 to the development of the Company, the Board of Directors decided to propose at the May 28, 2015 Annual General Meeting of Shareholders not to distribute any dividend on the 2014 results.

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