The General Meeting decides on the appropriation of the amounts available for distribution, on the basis of a proposal by the Board of Directors.

The basic principles for the dividend pay-out have been clearly defined. The Group’s dividend policy aims to increase the dividend whenever possible. As regards profit appropriation, the Board of Directors will try to achieve the right balance between guaranteeing a stable dividend and maintaining sufficient possibilities for investment to secure the growth of the company and the balance sheet structure in the longer term.

In spite of the significant investments and acquisitions undertaken in recent years involving substantial financial resources, the Group has nevertheless been in a position to pay a gross dividend which between 1999 (the year when the preference and ordinary shares were placed on an equal footing) and 2003 rose by an average of 10.8% each year. Between 2004 and 2007, in spite of the losses of 2003, 2005 and 2006, a dividend was nevertheless paid of EUR 0.17 per share. For 2007, the dividend is increased to EUR 0.25 per share.