This should, however, be seen in conjunction with TOMRA’s capital structure policy. In order to provide a platform for the company’s high growth expectations, TOMRA has decided to maintain a high equity ratio. Surplus cash will be paid out to TOMRA shareholders through a combination of dividend and share buy-back programs.
Dividends
Our ambition is to distribute 40-60% of earnings per share. When deciding the annual dividend level, the Board of Directors will take into consideration expected cash flow, capital expenditure plans, acquisitions, financing requirements and appropriate financial flexibility.
The dividend pertaining to a fiscal year will be declared at the annual general meeting in the following year. Please see the table below for further details:
|
2019 |
2018 |
2017 |
2016 |
2015 |
2014 |
2013 |
2012 |
2011 |
2010 |
| Proposal date |
20.02.20 |
21.02.19 |
21.02.18 |
23.02.17 |
18.02.16 |
25.03.15 |
31.03.14 |
22.03.13 |
29.03.12 |
05.04.11 |
| Approval date |
21.10.20 |
06.05.19 |
24.04.18 |
27.04.17 |
25.04.16 |
23.04.15 |
29.04.14 |
22.04.13 |
26.04.12 |
28.04.11 |
| Exclusion date |
26.10.20 |
07.05.19 |
25.04.18 |
28.04.17 |
26.04.16 |
24.04.15 |
02.05.14 |
23.04.13 |
27.04.12 |
29.04.11 |
| Payout date |
05.11.20 |
20.05.19 |
08.05.18 |
11.05.17 |
09.05.16 |
05.05.15 |
13.05.14 |
03.05.13 |
09.05.12 |
11.05.11 |
Dividend per
share (NOK) |
2.75 |
4.50 |
2.35 |
2.10 |
1.75 |
1.45 |
1.35 |
1.25 |
1.05 |
0.60 |
For questions related to dividend payments, please see the Registrars & Auditor page.
For questions related to RISK (relative to Norwegian tax law).
Share buy-back programs
In periods where the company has a significant net cash position in excess of what is required to finance future growth and fulfill the company’s objectives related to dividend payments, TOMRA may buy back shares as a part of its total distribution of capital to shareholders. Share buy-backs are often more flexible than dividends, and provide tax advantages compared to dividends for private shareholders.
Below is an overview of the treasury share transactions completed by TOMRA as part of its share buy-back programs since 2005:
| |
|
Shares purchased/(sold) |
Avg. share price NOK |
Payment NOK |
Shares cancelled |
| 2005 |
Shares purchased |
4,498,000 |
46.92 |
211,043,393 |
--- |
|
Shares sold |
--- |
--- |
--- |
--- |
| 2006 |
Shares purchased |
9,765,000 |
43.18 |
421,605,318 |
--- |
|
Shares sold |
(196,758) |
39.51 |
(7,774,504) |
--- |
|
Shares cancelled |
--- |
--- |
--- |
(13,796,342) |
| 2007 |
Shares purchased |
9,233,000 |
44.21 |
408,175,793 |
--- |
|
Shares sold |
(223,085) |
46.11 |
(10,287,182) |
--- |
| 2008 |
Shares purchased |
5,700,042 |
35.44 |
201,999,610 |
--- |
|
Shares sold |
(313,472) |
36.73 |
(11,513,876) |
--- |
|
Shares cancelled |
--- |
--- |
--- |
(9,670,139) |
| 2009 |
Shares purchased |
1,995,450 |
24.86 |
49,613,014 |
--- |
|
Shares sold |
(110,717) |
24.02 |
(2,659,186) |
--- |
|
Shares cancelled |
--- |
--- |
--- |
(5,000,000) |
| 2010 |
Shares purchased |
239,000 |
28.12 |
6,721,728 |
--- |
|
Shares sold |
(87,096) |
28.00 |
(2,438,688) |
--- |
|
Shares cancelled |
--- |
--- |
--- |
(2,000,000) |
| 2011 |
Shares purchased |
251,634 |
40.14 |
10,100,823 |
--- |
|
Shares sold |
(151,208) |
40.97 |
(6,194,908) |
--- |
|
Shares cancelled |
--- |
--- |
--- |
--- |
| 2012 |
Shares purchased |
262,328 |
46.06 |
12,082,598 |
--- |
|
Shares sold |
(146,480) |
45.90 |
(6,723,432) |
--- |
|
Shares cancelled |
--- |
--- |
--- |
--- |
| 2013 |
Shares purchased |
200,000 |
54.10 |
10,819,751
|
--- |
|
Shares sold |
(181,368) |
56.25 |
(10,201,950) |
--- |
|
Shares cancelled |
--- |
--- |
--- |
--- |
| 2014 |
Shares purchased |
100,000 |
50.16 |
5,010,109
|
--- |
|
Shares sold |
(123,104) |
56.50 |
(6,955,376) |
--- |
|
Shares cancelled |
--- |
--- |
--- |
--- |
| 2015 |
Shares purchased |
250,000 |
91.16 |
22,791,189 |
--- |
|
Shares sold |
(103,603) |
68.59 |
(7,106,150) |
--- |
|
Shares cancelled |
--- |
--- |
--- |
--- |
| 2016 |
Shares purchased |
350,000 |
89.16 |
31,204,254 |
--- |
|
Shares sold |
(242,136) |
84.23 |
(20,394,413) |
--- |
|
Shares cancelled |
--- |
--- |
--- |
--- |
| 2017 |
Shares purchased |
200,000 |
122.76 |
24,552,774 |
--- |
|
Shares sold |
(242,606) |
98.67 |
(23,937,958) |
--- |
|
Shares cancelled |
--- |
--- |
--- |
--- |
| 2018 |
Shares purchased |
--- |
--- |
--- |
--- |
|
Shares sold |
(171,712) |
187.04 |
(32,116,900) |
--- |
|
Shares cancelled |
--- |
--- |
--- |
--- |
| 2019 |
Shares purchased |
370,667 |
245.67 |
91,061,819
|
--- |
|
Shares sold |
(155,295) |
265.60 |
(41,246,352) |
--- |
|
Shares cancelled |
--- |
--- |
--- |
--- |
| 2020 |
Shares purchased |
--- |
--- |
--- |
---
|
| |
Shares sold |
(99,822) |
368.30 |
(36,764,443) |
---
|
| |
Shares cancelled |
---
|
--- |
--- |
--- |
|
Net total |
30,866,659 |
41.48 |
1,280,466,855 |
(30,466,481) |
The current buy-back program was established 6 May 2019, where the Board was granted a proxy to buy back up to 500,000 shares at the stock exchange within normal spread against a compensation of minimum NOK 50 and maximum NOK 400 per share. Disposal of shares should only occur in order to fulfill the company’s share purchase program for the Group’s employees. The table below provides the details for the transactions completed so far under the current program:
| Date of purchase/(disposal) |
Number of shares |
Price per
share (NOK) |
Accumulated
share balance |
| Balance transferred from previous program: |
284,628 |
| 20.05.19 |
(155,295) |
265.60 |
129,333 |
| 28.10.19 |
75,000 |
243.11 |
204,333 |
| 29.10.19 |
75,000 |
244.66 |
279,333 |
| 30.10.19 |
77,000 |
246.41 |
356,333 |
| 31.10.19 |
75,000 |
245.54 |
431,333 |
| 04.11.19 |
43,000 |
247.62 |
474,333 |
| 05.11.19 |
25,667 |
251.01 |
500,000 |
| 25.05.20 |
(99,822) |
368.30 |
400,178 |