In 2017, the Board of Directors changed the former dividend policy by introducing distribution of dividends in continuation of the Company’s restructuring process and the related improvement in cash flow generation. Following the change of the Company’s name and objects resolved at the Extraordinary General Meeting in December 2017, the intention is to maintain the current dividend policy. However, the yearly distribution of dividends will always be decided with due consideration for the Company’s plans, requirements or priorities. Hence, the dividend framework expresses stability, with a floor, growth perspective, through the Pay-out Ratio (PR), and flexibility, based on sound expectations:

• Maximum PR 40%, net of equity for selected accretive opportunities and stable cash-free buffer of EUR 10M.
• Minimum dividend of EUR 2M per year.

Considering the extraordinary dividend distributed in November 2019, the Board of Directors proposes to the General Meeting that no ordinary dividend be distributed for the financial year 2019.