Dividend

In 2013, Michelin raised its dividend policy with a payout ratio increase to 35% of consolidated net incomes before non recurring items.

In 2016, a dividend of €3.25 per share is proposed, reflecting the Group’s commitment to shareholders and representing a payout ration of 36.5%. The proposed dividend will be submitted to shareholders at the Annual Meeting on May 19, 2017.

CHANGE IN DIVIDEND PER SHARE FOR THE PERIOD

1 2016 dividend to be submitted to shareholder approval at the Annual Meeting on May 19, 2017

Pay-out ratio of consolidated net incomes before non recurring items

Dividend policy: to pay-out at least 37% of consolidated net incomes before non recurring items
In % 2016 2015 2014 2013 2012 2011 2010 2009
Pay-out ratio 1 36.5% 37% 41% 35% 30% 30% 30% NS

1 2016 dividend to be submitted to shareholder approval at the Annual Meeting on May 19, 2017

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