Dividend policy

In continuation of Athena’s restructuring process and the related improvement in cash flow generation, the Board of Directors has implemented a dividend policy starting from the financial year 2016 incorporating a framework based on two main indicators:

  • Dividend yield (DY), which is equal to dividend per share/price share
  • Pay-out ratio (PR), which is equal to dividend/net profit (consolidated)


Ideally, the dividend/share should grow over time following a profile somehow symmetric to the growth of the price/share and vice-versa and an increase in the PR gives stability to the share price and vice-versa.

However, the yearly distribution of dividends will always be decided with due consideration of the Company’s plans, requirements or priorities. Hence, the proposed framework should express stability, with a floor, growth perspective, with the PR, and flexibility, with sound expectations:

  • Maximum PR 40%, net of equity for selected accretive opportunities and stable cash-free buffer of EUR 10M
  • Minimum dividend of EUR 2M/year


For the financial year 2016, a dividend of DKK 0.162 (EUR 0.022) per share has been distributed.