Dividends proposed and voted
|
|
Per share (in euros) |
Total
|
|---|---|---|
|
Dividends paid in 2019 (for the 2018 financial year) |
Per share (in euros) 2.12 |
Total
493(1) |
|
Dividends proposed to the General Shareholders’ Meeting (for the 2019 financial year) |
Per share (in euros) 2.30 |
Total
553(2) |
(1) Amount paid, depending on shareholder option, in cash or shares. Dividends paid in shares amounted to euro 208 million, resulting in the creation of 4,481,915 shares.
(2) Amount for all shares outstanding on December 31, 2019, including treasury shares.
Capital management and buyback of treasury shares
The Group’s policy is to maintain a solid capital base in order to maintain the confidence of investors, creditors and the market and to support future activity development. The Group’s management pays particular attention to the debt-to-equity ratio, which is defined as net debt (financial debt less cash and cash equivalents) divided by equity (including non-controlling interests) and has calculated that the ideal debt-to-equity ratio is less than 0.8.
As at December 31, 2019 the debt-to-equity ratio, taking lease liabilities into account, was 0.71. At December 31, 2018, it was 0.26. Management also monitors the dividend payout ratio, defined as the fraction of the per share dividend to diluted headline earnings per share. Given the dividend amount (euro 2.30 per share) to be put to the upcoming General Shareholders’ Meeting, the ratio will thus be 45.8% for 2019 compared with 44.9% for 2018.
| (in millions of euros) | Restructuring | Vacant property commitments | Pensions and other long-term benefits | Risks and litigation | Others provisions | Total |
|---|---|---|---|---|---|---|
(in millions of euros) January 1, 2018 |
Restructuring 38 |
Vacant property commitments 16 |
Pensions and other long-term benefits 294 |
Risks and litigation 84 |
Others provisions 81 |
Total 513 |
(in millions of euros) Reclassification(1) |
Restructuring - |
Vacant property commitments (15) |
Pensions and other long-term benefits - |
Risks and litigation - |
Others provisions - |
Total (15) |
(in millions of euros) Increases |
Restructuring 50 |
Vacant property commitments 56 |
Pensions and other long-term benefits 30 |
Risks and litigation 14 |
Others provisions 21 |
Total 171 |
(in millions of euros) Releases with usage |
Restructuring (38) |
Vacant property commitments (24) |
Pensions and other long-term benefits (28) |
Risks and litigation (14) |
Others provisions (14) |
Total (118) |
(in millions of euros) Other releases |
Restructuring (3) |
Vacant property commitments (1) |
Pensions and other long-term benefits - |
Risks and litigation (5) |
Others provisions (11) |
Total (20) |
(in millions of euros) Changes to consolidation scope |
Restructuring - |
Vacant property commitments - |
Pensions and other long-term benefits (2) |
Risks and litigation - |
Others provisions (2) |
Total (4) |
(in millions of euros) Actuarial losses (gains) |
Restructuring - |
Vacant property commitments - |
Pensions and other long-term benefits (22) |
Risks and litigation - |
Others provisions - |
Total (22) |
(in millions of euros) Translation adjustments and other |
Restructuring - |
Vacant property commitments - |
Pensions and other long-term benefits 4 |
Risks and litigation - |
Others provisions - |
Total 4 |
(in millions of euros) December 31, 2018 |
Restructuring 47 |
Vacant property commitments 32 |
Pensions and other long-term benefits 276 |
Risks and litigation 79 |
Others provisions 75 |
Total 509 |
(in millions of euros) Increases |
Restructuring 34 |
Vacant property commitments 61 |
Pensions and other long-term benefits 27 |
Risks and litigation 30 |
Others provisions 30 |
Total 182 |
(in millions of euros) Releases with usage |
Restructuring (45) |
Vacant property commitments (51) |
Pensions and other long-term benefits (23) |
Risks and litigation (9) |
Others provisions (5) |
Total (133) |
(in millions of euros) Other releases |
Restructuring (3) |
Vacant property commitments - |
Pensions and other long-term benefits - |
Risks and litigation (4) |
Others provisions (2) |
Total (9) |
(in millions of euros) Changes to consolidation scope |
Restructuring - |
Vacant property commitments 1 |
Pensions and other long-term benefits 1 |
Risks and litigation 4 |
Others provisions 1 |
Total 7 |
(in millions of euros) Actuarial losses (gains) |
Restructuring - |
Vacant property commitments - |
Pensions and other long-term benefits 29 |
Risks and litigation - |
Others provisions - |
Total 29 |
(in millions of euros) Translation adjustments and other |
Restructuring 2 |
Vacant property commitments 1 |
Pensions and other long-term benefits 1 |
Risks and litigation 3 |
Others provisions 4 |
Total 11 |
(in millions of euros) December 31, 2019 |
Restructuring 35 |
Vacant property commitments 44 |
Pensions and other long-term benefits 311 |
Risks and litigation 103 |
Others provisions 103 |
Total 596 |
(in millions of euros) Of which short-term |
Restructuring 30 |
Vacant property commitments 28 |
Pensions and other long-term benefits 34 |
Risks and litigation 44 |
Others provisions 34 |
Total 170 |
(in millions of euros) Of which long-term |
Restructuring 5 |
Vacant property commitments 16 |
Pensions and other long-term benefits 277 |
Risks and litigation 59 |
Others provisions 69 |
Total 426 |
(1) Following the first-time application of IFRS 16, provisions for real estate leases have been reclassified as a deduction from right-of-use assets.
