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Dividends and buy-back program

TOMRA's overall ambition for creating shareholder value is to ensure a high return on investment for its shareholders over time through a combination of capital gains, dividends and share buy-back programs.

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:

2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Proposal date 21.02.18 23.02.17 18.02.16 25.03.15 31.03.14 22.03.13 29.03.12 05.04.11 25.03.10 03.04.09
Approval date 24.04.18 27.04.17 25.04.16 23.04.15 29.04.14 22.04.13 26.04.12 28.04.11 21.04.10 21.04.09
Exclusion date 25.04.18 28.04.17 26.04.16 24.04.15 02.05.14 23.04.13 27.04.12 29.04.11 22.04.10 22.04.09
Payout date 08.05.18 11.05.17 09.05.16 05.05.15 13.05.14 03.05.13 09.05.12 11.05.11 04.05.10 05.05.09
Ord. dividend per
share (NOK)
2.35 2.10 1.75 1.45 1.35 1.25 1.05 0.60 0.55 0.50

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) 187.03 (32,116,900) ---

Shares cancelled  --- --- --- ---

Net total 30,751,109 41.23 1,267,415,830 (30,466,481)

The current buy-back program was established 24 April 2018, 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 300 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: 456,340
31.05.18 (169,725) 187.00 286,615
07.06.18 (1,987) 190.00 284,628