Ad-hoc: Befesa S.A.: Befesa proposes modified dividend resolution
Zeit: 04.05.20 14:35
AD HOC ANNOUNCEMENT
Befesa proposes modified dividend resolution
The board of Befesa today resolved to propose a modified dividend resolution to the AGM which is scheduled to take place on 18 June 2020.
In light of the current developments of the Covid-19 pandemic, the board resolved to propose a dividend of EUR 0.44 per share equal to EUR 15 million for distribution in July and to allocate the remainder of the distributable profit to available reserves. Furthermore, the board will review an additional dividend distribution in November once the company has better visibility on the impact of Covid-19 on the earnings and cash flow development over the first three quarters of 2020. The overall aim of the board proposal is to conservatively balance dividend stability and cash flow. Befesa's policy of distributing as a dividend approximately 40 to 50% of the previous year's net reported profit remains unchanged.
Befesa will present the results for Q1 2020 as well as a guidance for the FY 2020 and hold an analyst conference call as scheduled on Thursday, 30 April 2020, at 9:00 CEST.
Director of Investor Relations and Strategy
Phone: +49 2102 1001 0
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