Dividend policy

It is the policy of the Board to propose a profit appropriation to the Annual general Meeting 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 future growth.

In practice, this means that Bekaert seeks to maintain a pay-out ratio of around 40% of the result for the period attributable to the Group over the longer term.