Dividend policy

Dividend policy
When the Accell Group share was listed on Euronext Amsterdam in 1998, it was announced that a stable dividend policy would be pursued, aimed at paying out at least 40% of net profits. In 2009, the company paid out an optional dividend of € 1.42 on each outstanding ordinary share for 2008. The payout ratio was 48% of net profit, and the dividend yield was 7.7% (based on the 2008 closing price). 32% of Accell Group’s shareholders opted once again for a stock dividend, despite a specific need for cash at the beginning of 2009 in connection with economic circumstances.This percentage confirms shareholder confidence in Accell Group and contributed to strengthening the shareholder’s equipment, which is important to securing the company’s continued growth.

Dividend for 2009
A dividend for 2009, optionally payable in cash or shares, of € 1.58 per share has been proposed to the shareholders.  During the General Meeting of Shareholders held on 22 April 2010 the dividend proposal was approved. The dividend yield based on the closing price at the end of 2009 was 5.4%. The pay-out ratio for 2009 is 48% and is therefore in line with the dividend policy and unchanged when compared with previous years.

An optional dividend makes it possible to operate a higher payout ratio while retaining a strong balance sheet for future acquisitions. Accell Group takes the view that this matches up perfectly with its growth strategy. As well as a high dividend yield for the shareholders, the optional dividend enhances the company’s solvency. The Board of Directors believes that this dividend yield and type of dividend compares favorably with other listed companies.