5.4Dividend Policy

At the Annual General Meeting (AGM) of Shareholders on 15 April 2015, the Management Board put forward a change to the dividend policy which makes future dividends dependent on the availability of sufficient free cash flow in the year of payment, with a dividend of between 25% and 35% of ‘directional net income’ payable in cash and/or shares at the discretion of shareholders.

In view of the substantial losses incurred in recent years and the need to strengthen the balance sheet no dividends have been paid since 2011. At the AGM on 6 April 2016, the Management Board will propose a dividend of US$ 0.21 per share, to be paid in cash (in euros).