During 2017 and 2018, Waberer’s intends to re-invest all available funds and any future earnings to finance the growth and development of its business in line with the stated strategy (including mergers and acquisitions) and to decrease the current leverage ratio (calculated as net debt divided by EBITDA) to approximately 2.0x-2.5x. Therefore, Waberer’s does not plan to pay dividends for the financial years 2017 and 2018.
From 2019 onwards, the Board of Directors intends to examine the possibility of adopting a dividend policy for Waberer’s with a targeted payout ratio of 30% to 50% which shall seek to maximise shareholder value and reflect Waberer’s strong earnings potential and cash flow characteristics. At the same time, such policy should allow Waberer’s to retain sufficient capital to invest in its long-term growth, considering potential opportunities for further inorganic growth, and to fund ongoing operating requirements.
Waberer’s did not pay any dividends for any of the financial years ending 31 December 2016, 2015 and 2014.