XXL will target a dividend pay-out ratio of 40-50 per cent of the Groups annual, normalized net income.
When proposing a dividend the Board of Directors will take into account legal restrictions (as set out in the Norwegian Public Limited Companies Act of 13 June 1997 no. 45 (the “Norwegian Public Limited Companies Act”) see Section 6.2 “Legal constraints on the distribution of dividends”), capital requirements and the overall financial position of the company. The Board of Directors will make an overall assessment in order to secure the company a healthy capital base both for daily operations and for future growth.
The proposal to pay a dividend in any year is, in addition to the legal restrictions, further subject to any restrictions under the Groups borrowing arrangements or other contractual arrangements in place at the time.
There can be no assurance that a dividend will be proposed or declared in any given half year. If a dividend is proposed or declared, there can be no assurance that the dividend amount or yield will be as contemplated above.
Historical dividend distribution
Dividends distributed to the shareholders of the Company for the years 2013, 2012 and 2011 were nil in each year.
For the year 2014 the Annual General Meeting on 27 May 2015 approved a dividend of NOK 2.00 per share.
For the year 2015 the Annual General Meeting on 3 June 2016 approved a dividend of NOK 2.00 per share.
For the year 2016 the Annual General Meeting on 7 June 2017 approved a dividend of NOK 2.00 per share.
For the year 2017 the Annual General Meeting on 6 June 2018 approved a dividend of NOK 2.00 per share.