Dividend policy and dividend history
NN Group intends to pay an ordinary dividend in line with its medium term financial performance and envisages an ordinary dividend pay-out ratio of 40-50% of the net operating result from ongoing business. NN Group intends to pay interim dividends calculated at approximately 40% of the prior year’s full year dividend. Barring unforeseen circumstances, NN Group intends to declare an interim dividend with the disclosure of its second quarter results and to propose a final dividend at the annual general meeting of shareholders. NN Group intends to pay dividends either in cash, after deduction of withholding tax if applicable, or in ordinary shares from the share premium reserve at the election of the shareholder and intends to neutralise the dilutive effect of the stock dividend through repurchase of ordinary shares. In addition, capital generated in excess of NN Group’s capital ambition (which may change over time) is expected to be returned to shareholders unless it can be used for any other appropriate corporate purposes, including investments in value creating corporate opportunities. NN Group is committed to distributing excess capital in a form which is most appropriate and efficient for shareholders at that specific point in time, such as special dividends or share buybacks.
When proposing a dividend, NN Group will take into account, among other things, its capital position, leverage and liquidity position, regulatory requirements and strategic considerations as well as the expected developments thereof. There is no requirement or assurance that NN Group will declare and pay any dividends. On the basis of Solvency II regulatory capital requirements, dividend can only be paid out if NN Group is compliant with the group Solvency Capital Requirement within the meaning of the Solvency II legislation.
NN Group will pay a 2018 interim dividend of EUR 0.66 per ordinary share, or approximately EUR 222 million in total, calculated as 40% of the 2017 full year dividend per ordinary share. The 2018 interim dividend will be paid either in cash, after deduction of withholding tax if applicable, or ordinary shares from the share premium reserve at the election of the shareholder. To neutralise the dilutive effect of the stock dividend, NN Group will repurchase ordinary shares for an amount equivalent to the stock dividend. The NN Group ordinary shares will be quoted ex-dividend on 20 August 2018. The record date for the dividend will be 21 August 2018. The election period will run from 20 August up to and including 3 September 2018. The stock fraction for the stock dividend will be based on the volume weighted average price of NN Group ordinary shares on Euronext Amsterdam for the five trading days from 28 August through 3 September 2018. The dividend will be paid on 10 September 2018.
The new ordinary shares that will be issued as stock dividend will be entitled to the same rights as the ordinary shares already admitted to trading. For further information regarding the rights connected to and the characteristics of the ordinary shares, reference is made to the articles of association of NN Group and the relevant parts of the annual report which are both available on this website. Reference is also made to the press release published on 16 August 2018.
Pursuant to Sections
5:3 paragraph 2 sub d and 5:4 paragraph 1 sub e of the Dutch Financial
Supervision Act, dividend payments in shares may occur without a prospectus,
provided that a document is made available giving the required information. The
above mentioned information together with the press release referred to above
constitute that document. Please note that neither this information nor the
press release is a prospectus within the meaning of the Prospectus Directive.
|Financial year||Dividend||Amount (EUR)||Record date||Payment date|
|2017||Final||1.04||5 June 2018||25 June 2018|
|2017||Interim||0.62||22 Aug 2017||11 Sept 2017|
|2016||Final||0.95||6 June 2017||26 June 2017|
|2016||Interim||0.60||23 Aug 2016||9 Sept 2016|
|2015||Final||1.05||8 June 2016||28 June 2016|
|2015||Interim||0.46||11 Aug 2015||7 Sept 2015|
|2014||Final||0.57||3 June 2015||30 June 2015|