Cloetta’s dividend policy states that the long-term intention is a dividend pay-out of 40-60 per cent of profit after tax.
Tuesday 3 November 2020, Cloetta held its Extraordinary General Meeting. The Extraordinary General Meeting resolved in accordance with the Board of Director’s proposal, to pay a dividend for the 2019 financial year of SEK 0.50 per share.
Cloetta’s long-term target is a net debt/EBITDA ratio of around 2,5x which was fulfilled in 2019. The ambition is to continue using future cash flows for payment of share dividends and to provide financial flexibility for complementary acquisitions. The long-term target to distribute 40-60 per cent of profit after tax continues to apply.
The dividend is resolved on by the Annual General Meeting (AGM) and disbursement is handled by Euroclear Sweden AB. The right to dividends is granted to those persons who are listed as shareholders in the share register maintained by Euroclear Sweden AB on the record date established by the AGM.
Neither the Swedish Companies Act nor Cloetta’s Articles of Association contain any restrictions regarding the right to dividends for shareholders outside Sweden. Aside from any limitations related to banking or clearing activities in the affected jurisdictions, payments to foreign shareholders will be carried out in the same manner as to shareholders in Sweden.
Cloetta has no share buy back program.