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Dividend policy

Dividend policy

Accell Group strives for a stable dividend policy, with the aim of distributing at least 40% of net profit. Historically, the dividend payment percentage has been around the 50% level.


An optional dividend enables Accell Group to realise a higher pay-out while maintaining a strong balance sheet for the roll-out of our strategy and possible acquisitions. This is an excellent fit with our growth strategy. In addition to a high dividend return for the shareholders, the optional dividend also enables Accell Group to improve its solvency ratio. Our dividend return and the type of dividend we payout are competitive compared to other listed companies. In the previous four years (2015 to 2018), an average of around 49% of our shareholders opted for stock dividend.


Over book year 2019, in light of the unforeseen and unprecedented impact of COVID-19 at that time the Accell Group Board of Management decided in March 2020 to withdraw the 2019 dividend proposal of € 0.30 per ordinary share.


In 2020, Accell Group arranged a two-year amortizing bank facility of € 115 million with our bank consortium under the Dutch GO-C scheme which mainly serves as an extra financial buffer. According to the amended group financing agreement dividend limitations apply. The most important one being that no cash dividend distributions shall be made, unless the GO-C facility is repaid and cancelled. In this light there will be no dividend payment over book year 2020.