For the prior fiscal years, the dividend distribution policy consisted in increasing the dividend each year in the same proportions as the profit (loss) for the period. The Group paid no dividends with respect to 2013, 2014 and 2015.
The Group does not plan to pay regular cash dividends. Any decision to distribute and pay dividends in the future will be made at the discretion of Cegedim Board and will depend on, among other things, the Group results of operations, financial position, cash requirements, contractual restrictions and any other factors that the Board may deem relevant.
In addition, the Group’s ability to pay dividends is, and may be, limited by covenants of existing and any future outstanding indebtedness the Group or its subsidiaries incur. If, when the dividend is paid, the Company holds some of its own shares, the distributable earnings corresponding to the dividend not paid because the Company holds these shares will be allocated to the retained earnings item.
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