Shareholder's remuneration

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The shareholder remuneration is carried out through the repurchase of treasury shares for their amortization and the payment of a dividend.

According to shareholder remuneration policy for the period 2017-2020, the Company will compensate the shareholder with a maximum payout: of 35% of 2017 consolidated profit; of 40% of 2018 consolidated profit; 45% of 2019 consolidated profit; and 50% of 2020 consolidated profit.

The repurchase of shares is the preferred way to remunerate the shareholders, provided that the distribution of a dividend is foreseen of at least: 12% of 2017 consolidated profit; 14% of 2018 consolidated profit; 16% of 2019 consolidated profit; and 18% of 2020 consolidated profit.

Shareholder remuneration is conditional on (i) obtaining a minimum consolidated benefit equivalent to 0.10 euros/share and (ii) at the end of each year the following ratios are met: net financial debt/ordinary ebitda (ratio of solvency) less than or equal to 2 and net financial debt/ total equity (leverage ratio) less than or equal to 0.5.

This amount is 2.2 million euros higher than the amount paid by the Company to the shareholders in 2016, which entailed a disbursement of 30% of the profit for that year. The goal of Ercros is to achieve 50% of the benefit by 2020.

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