Braas Monier Building Group S.A.: Change of Dividend Policy and Dividend for 2016
Braas Monier Building Group S.A. / Key word(s): Dividend
Disclosure of an inside information according to Article 17 MAR,
transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Change of Dividend Policy and Dividend for 2016
Luxembourg, 28 October 2016. The Board of Directors of Braas Monier has
previously stated its commitment to focus on generating high sustainable
free cash flows and allocating them wisely. In this context the Board of
Directors of Braas Monier has undertaken a review of its dividend policy
with the aim of paying a dividend which appropriately reflects the
Company's financial condition, results of operations, capital requirements
and investment opportunities.
Accordingly the Board of Directors of Braas Monier has decided today to
adjust Braas Monier's progressive dividend policy and link it more directly
to the Company's adjusted free cash flow which the Board of Directors of
Braas Monier deems to be more appropriate for a well-balanced capital
allocation. Therefore the Board of Directors of Braas Monier has adopted a
dividend policy with a total annual dividend payout ratio in the range of
30% - 50% of Braas Monier's adjusted free cash flow. Adjusted free cash
flow is defined as net cash from operating and investing activities
excluding growth capital expenditure (such as M&A) and significant one-off
items incurred in the relevant period. Braas Monier retains its commitment
to a net debt / Operating EBITDA ratio of no greater than 2.0x.
As a consequence of the Company's current operating and financial position
and future prospects, the Board of Directors of Braas Monier will propose
to shareholders a total dividend of EUR 0.70 per ordinary share in respect
of the financial year ending 31 December 2016 at the Annual General Meeting
to be held on 10 May 2017.
About Braas Monier
Braas Monier Building Group is a leading manufacturer and supplier of
pitched roof products in Europe, parts of Asia and South Africa. The Group
covers all steps of the manufacturing process, offering a comprehensive
range of concrete and clay tiles for pitched roofs and is one of the few
suppliers to also manufacture and sell complementary roofing components
designed to cover various functional aspects of pitched roof construction.
The portfolio also includes ceramic and steel chimneys and energy system
solutions. Braas Monier had operations in 36 countries and 120 production
facilities and employed 7,911 people as at 30 September 2016. The Company
is headquartered in Luxembourg.
Director Group Communications / Investor Relations
Braas Monier Building Group
Tel: +49 6171 61 28 59
28.10.2016 The DGAP Distribution Services include Regulatory Announcements,
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Company: Braas Monier Building Group S.A.
4, rue Lou Hemmer
Grand Duchy of Luxembourg
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart,
End of Announcement DGAP News-Service