Dividend Policy

In coherence with Aperam’s Financial Policy (Link), Aperam’s dividend policy consists of a base dividend, anticipated to progressively increase over time. 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, then the Company will review the dividend policy.

 

Dividend technicalities 

The Company proposes to maintain its base dividend at EUR 1.75/share, subject to shareholders approval at the next Annual General Meeting to be held on 5 May 2020.

The dividend payments would occur in four equal quarterly installments of EUR 0.4375 (gross) per share in 2020 as described below in the detailed dividend schedule.

A Luxembourg withholding tax of 15% is applied on the gross dividend amounts.

Table: Detailed dividend schedule 2020

 1st Quarterly
Payment (interim)
2nd Quarterly Payment3rd Quarterly Payment4th Quarterly Payment
Announcement Date26 February 202012 May 202011 August 20209 November 2020
Ex-Dividend02 March 202015 May 202014 August 202012 November 2020
Record Date03 March 202018 May 202017 August 202013 November 2020
Payment Date26 March 202012 June 202011 September 20209 December 2020
FX Exchange rate27 February 202013 May 202012 August 202010 November 2020

For shares traded in the United States on the OTC market in the form of New York registry shares, dividends are paid in US dollars and converted from Euros to US dollars based on the EURUSD ECB fixing exchange rate of the date, which is not a Target closing day, immediately following the announcement.

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.