Beter Bed Holding

Annual Report 2014

Dividend policy

Beter Bed Holding N.V.’s dividend policy focuses on maximising shareholder returns whilst maintaining a healthy capital position. Subject to conditions, the company’s objective is to pay out at least 50% of the realised net profit to the shareholders. This payment will be executed in the form of an interim dividend following publication of the third-quarter figures and a final dividend following the approval of the dividend proposal by the Annual General Meeting of Shareholders. This system makes it possible to spread out payment of the dividend evenly over the year. The payment of the dividend may never result in the company’s solvency falling below 30% on any publication date. Furthermore, the net interest-bearing debt/EBITDA ratio may not exceed two.

Dividend and earnings per share

Subject to the approval of the Supervisory Board, the Management Board determines annually what portion of the profit is to be reserved. The decision to pay an interim dividend is also subject to the approval of the Supervisory Board.

2014

2013

2012

Number of outstanding shares

21,905,562

21,805,117

21,805,117

Repurchased but not cancelled shares

2,723

23,805

75,805

Closing price (€)

17.20

17.61

13.20

Highest closing price (€)

18.88

17.74

17.84

Lowest closing price (€)

15.20

13.00

13.20

Earnings per share (€)

0.77

0.38

0.67

Dividend per share (€)

0.65

0.27

0.47

Payout ratio

85%

72%

70%

Market capitalisation (in € million)

377

384

288