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.

Gross Dividend per share evolution, in EUR:

Dividend policy

Dividend technicalities 

The Company increased its base dividend by about 15% from EUR 1.53/share to EUR 1.75/share (approved at the next Annual General Meeting on 7 May 2019), as the Company continues to improve its sustainable profitability benefiting from its strategic actions.

The dividend payments occur in four equal quarterly installments of EUR 0.4375 (gross) per share in 2019 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 2019

 1st Quarterly
Payment (interim)
2nd Quarterly Payment3rd Quarterly Payment4th Quarterly Payment
Announcement Date26 February 201913 May 201913 August 201912 November 2019
Ex-Dividend01 March 201916 May 201916 August 201915 November 2019
Record Date04 March 201917 May 201919 August 201918 November 2019
Payment Date26 March 201913 June 201913 September 201911 December 2019

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.