Annual Report 2016

Dividend policy

Beter Bed Holding N.V.’s dividend policy focuses on maximising shareholder returns whilst maintaining a healthy capital position. Subject to conditions, the company’s objective is to pay out at least 50% of the realised net profit to the shareholders. This payment will be made in the form of an interim dividend following publication of the third-quarter figures and a final dividend following the approval of the dividend proposal by the Annual General Meeting. This system makes it possible to spread out payment of the dividend evenly over the year. The payment of the dividend may never result in the company’s solvency falling below 30% on any publication date. Furthermore, the net interest-bearing debt/EBITDA ratio may not exceed two.

Dividend and earnings per share

Each year the Management Board determines, subject to the approval of the Supervisory Board, the percentage of profit that will be reserved. The decision to pay out an interim dividend is likewise subject to the approval of the Supervisory Board.

2016

2015

2014

Number of outstanding shares

21,955,562

21,955,562

21,905,562

Repurchased but not cancelled shares

-

-

2,723

Closing price (€)

16.90

22.48

17.20

Highest closing price (€)

22.50

23.74

18.88

Lowest closing price (€)

14.86

15.91

15.20

Earnings per share (€)

0.87

1.03

0.77

Dividend per share (€)

0.74

0.87

0.65

Payout ratio

85%

85%

85%

Market capitalisation (in € million)

371

494

377