For investors

Dividends

Regular dividend payments are one of the key elements of our strategy. Our business model features high operating cash flows and low capital expenditures. We do not own hotels, aircraft or coaches and we do not intend to buy these because we believe that we can generate higher rates of return focusing on our core business rather than investing in fixed assets. This allows us to pay out a significant part of our earnings to our shareholders.

The Management Board expects to pay out an interim dividend of approx. EUR 6 million based on audited financial results for the first half of 2018. In the long term, the Management Board expects to recommend annual dividend payments corresponding to 70-80% of net profit.

Dividend payments require general meeting approval adopted by a qualified majority of 2/3 of shareholders present at the general meeting. The Company has received statements from the existing shareholders stating that they will vote in favour of an interim dividend payment for 2018 amounting to approx. EUR 6 million, if the legal conditions for such a payment are met.

The dividend policy will be reviewed periodically by the Management Board, and all recommendations concerning dividend payments will take into account forecasts regarding the Company’s perspectives, future earnings, cash needs, financial standing, liquidity ratios and growth plans.

Dividends paid out to shareholders in 2014-2017: 

Dividend for year

Total amount of dividend paid out (in EUR 000s)

Dividend per share 1) (in EUR)

2017

4 500

0.58

2016

5 000

0.64

2015

4 000

0.51

2014

20 000

2.56

1) The dividend per share value was calculated using the number of shares after the split conducted based on a general meeting resolution of 16 January 2018.