Dividend policy

Policy on profit appropriation

It is the policy of the Board of Directors to propose a profit appropriation to the General Meeting of Shareholders which, insofar as the profit permits, provides a stable or growing dividend while maintaining an adequate level of cash flow in the company for investment and self-financing in order to support growth. In practice, this means that the company seeks to maintain a pay-out ratio of around 40% of the result for the period attributable to the Group over the longer term.

Profit appropriation 

The Board of Directors will propose that the General Meeting of Shareholders to be held on 10 May 2017 approve the distribution of a gross dividend of € 1,10 per share. 

Payment will be made at the offices of the following financial institutions:

-   BNP Paribas Fortis (Principal Paying Agent), ING Belgium, Bank Degroof, KBC Bank, Dexia Bank in Belgium;
-   Société Générale in France;
-   ABN AMRO Bank in The Netherlands;
-   UBS in Switzerland.

Ex date:           11 May 2017
Record date:    12 May 2017
Payment date:  15 May 2017

Per share*

in €   2012 2013  2014  2015  2016   
 Gross dividend 0.850   0.850 0.850  0.900  1.100   
 Net dividend** 0.638   0.638 0.638  0.657  0.770   
 Coupon number                              

*  The dividend is subject to approval by the General Meeting of Shareholders 2017.
** Subject to the applicable tax legislatuion.


in %  2012  2013  2014  2015   2016
 Dividend yield 3.9  3.3  3.2  3.2  2.9 
 Dividend yield (average)                       3.8  3.4  3.1  3.4  3.0 
 Dividend pay-out ratio N.A.  202  54.4  49.5  59.0 
 Dividend growth -27.4  5.9  22.2 


For previous years see: 

Presentations and downloads 
For total shareholder return see IR tools

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