Assuming that sufficient distributable reserves are available at the time, the Board initially intends to target the declaration of an annual dividend of approximately 35% of the Group's Net Free Cash Flow (EBITDA excluding exceptional items less interest or debt service, taxation, capital expenditure working capital adjustments and any amounts relating to investments, acquisitions or disposals).
Dividends declared, if any, will be declared in euro, but paid in pounds sterling.
The Board intends that the Company will pay an interim dividend and a final dividend to be announced at the time of its interim and preliminary results in the approximate proportions of one-third and two-thirds, respectively, of the total annual dividend.
Final dividends will be subject to shareholder approval at the Annual General Meeting.
The Group may revise its dividend policy from time to time.