We are committed to achieving the highest standards of Corporate Governance
We will continue to exercise strict financial discipline in the generation and use of cash. We have consistently demonstrated our ability to generate significant operating cash flow from growth in our operating activities, tight working capital management and a disciplined approach to capital expenditure.
Following our combination with Anheuser-Busch in 2008, we focused on deleveraging the company and reached our optimal capital structure by the end of 2012, in line with our commitment.
While organic growth is the focus for our management, we will continue to drive external growth as and when appropriate opportunities arise.
Our management has repeatedly demonstrated its ability to successfully integrate acquisitions and generate significant cost synergies and revenue growth opportunities. External growth is a core competency and will remain an opportunity in the future.
In the absence of appropriate external growth opportunities, surplus cash flow should be returned to shareholders with dividends being a more predictable growing flow, balanced with share buyback programs. Our goal is to reach a dividend yield in line with other large capitalization consumer goods companies, and with low volatility consistent with the noncyclical nature of our business.
|EUR||EUR||EUR||EUR (interim)||EUR (final)||EUR (interim)||EUR (final)|
|Weighted average # of shares||1,592||1,595||1,600||1,617||1,617||1,632||1,634|
|Payout in million EUR||1274||1914||2720||3284||3284||1,636||3,279|
|Ex coupon date||27-apr-11||27-apr-12||26-apr-13||13-nov-13||05-may-14||12-may-14||04-may-15|
|Dividend payable as of||02-may-11||03-may-12||02-may-13||18-nov-13||08-may-14||14-nov-14||06-may-15|
|Weighted average # of shares||600||608||610||999||1,584|
|Payout in million EUR||288||438||1488||280||602|
|Ex coupon date||26-apr-06||25-apr-07||30-apr-08||29-apr-09||28-apr-10|
|Dividend payable as of||26-apr-06||25-apr-07||30-apr-08||05-may-09||03-may-10|
|Weighted average # of shares||335||429||431||432||480|
|Payout in million EUR||70||124||142||156||187|
|Ex coupon date||25-apr-01||02-may-02||30-apr-03||28-apr-04||27-apr-05|
|Dividend payable as of||25-apr-01||02-may-02||30-apr-03||28-apr-04||27-apr-05|
Share Buyback Program
Download the Share Buyback Program amount of one billion US dollars, which was announced on 26 February and was completed on 22 June 2015. Our current intention is to use the shares acquired to fulfil our various share delivery commitments under the stock ownership plan. The program was executed under the powers granted at the General Meeting of Shareholders on 30 April 2014.