As announced on November 5, 2015 Aperam declared its financial policy to maximize the long term growth and sustainability of the company as well as the value accretion for its shareholders while maintaining a strong balance sheet. Subject to shareholder approval at the 2016 annual general meeting of shareholders, Aperam restates a base dividend of $1.25 per share, as the company continues to improve its sustainable profitability benefiting from its strategic actions. The company targets a Net Financial Debt/EBITDA ratio of <1x (through the cycle). In the (unlikely) event that Net Financial Debt/EBITDA exceeds 1x, the Company will suspend the cash dividend. The dividend will be paid in four equal quarterly installments of $0.3125 (gross) per share.
The dividend payments would occur on a quarterly basis in 2016 on 30 March 2016, 14 June 2016, 9 September 2016 and 12 December 2016, taking into account that the first quarterly dividend payment to be paid on March 30, 2016 shall be an interim dividend.
Dividends are announced in US dollars. They are paid in US dollars for shares traded in the United States on the over-the-counter market in the form of New York registry shares and paid in Euros for shares listed on the European Stock Exchanges (Netherlands, France, Luxembourg). Dividends to be paid in Euros are converted from US dollars to Euros based on the European Central Bank exchange rate at the date mentioned in the table below.
A Luxembourg withholding tax of 15% is applied on the gross dividend amounts.
Table: Detailed dividend schedule 2016
|2nd Quarterly Payment||3rd Quarterly Payment||4th Quarterly Payment|
|Announcement date||07 March 2016||17 May 2016||16 August 2016||15 November 2016|
|Ex-Dividend||10 March 2016||20 May 2016||19 August 2016||18 November 2016|
|Record Date||11 March 2016||23 May 2016||22 August 2016||21 November 2016|
|Payment Date||30 March 2016||14 June 2016||9 September 2016||12 December 2016|
|FX Exchange rate||
9 March 2016
1 € = 1.0973$
19 May 2016
1 € = 1.1197$
18 August 2016
1 € = 1.1321$
17 November 2016
1 € = 1.0717$
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.