Following the achievement of the Group’s net debt target, and in line with its previous statements, the Board has approved a new capital return policy

The Company expects to pay a base annual dividend. After paying this base dividend, 50% of the surplus free cash flow (i.e. free cash flow after payment of the base dividend and dividend to minorities) can be allocated to a share buyback program to be completed over the subsequent 12-month period. Should the ratio of net debt to EBITDA be greater than 1.5x then only the base dividend would be paid. According to this policy, the Board of Directors recommends a $0.30/share base dividend to be paid on 15 June 2021, subject to the approval at the next general meeting of shareholders.

Detailed dividend schedule 2021
Announcement date	06 May 2021
FX Exchange rate*	31 May 2021
Ex-Dividend	10 June 2021
Record Date	11 June 2021
Payment Date	15 June 2021

In order to benefit from exemption of Luxembourg dividend withholding tax at source, an “Informative Memorandum” describing the procedure to obtain an exemption at source of the Luxembourg dividend withholding tax is available here.

*Exchange rate ECB: 1€ = 1.2201$. Gross dividend/share € 0.24588149. Net dividend/share 0.20899926.