We are committed to paying a sustainable dividend. Additionally, in recent years we have returned excess cash to the financial markets in the form of share buyback programs and an extraordinary return of capital.
DIVIDENDS AND CAPITAL REPAYMENT
ASMI aims to pay a sustainable annual dividend. The proposed dividend for 2017 will mark the seventh consecutive year that we have paid a dividend. In 2012, 2013 and 2014, we paid a dividend of €0.50 per common share. In 2015 we paid a dividend of €0.60 per common share and in 2016 we paid a dividend of €0.70 per common share.
ASMI will propose to the forthcoming 2017 Annual General Meeting of Shareholders, which will be held on May 22, 2017, to declare a dividend of €0.70 per common share.
- Ex-dividend date shares OTC US: May 23, 2017
- Ex-dividend date shares Euronext: May 24, 2017
- Record date: May 25, 2017
- Payment date: June 1, 2017
In July 2013, ASMI distributed €4.25 per ordinary share to its shareholders. This followed on the sale of 12% of the total shares in ASMPT in March 2013. The extraordinary return of capital in 2013 was in addition to the dividend paid that year.
On October 26, 2016, ASMI announced a new €50 million share buyback. This program started on December 13, 2016, and is to be executed within the 2016-2017 time frame. This share buyback program is part of ASMI’s commitment to use excess cash for the benefit of its shareholders. As part of this program, we will purchase shares that we intend to cancel upon repurchase, as well as shares to cover employee stock and stock option plans. The share buyback will be realized through a program executed by intermediaries, and will end as soon as the aggregate purchase price of the common shares acquired has reached €50 million, but ultimately by November 24, 2017. The share buyback program will be executed in accordance with the conditions of the mandate given by the Annual General Meeting of Shareholders.
By December 31, 2016, 153,022 shares had been repurchased under the 2016-2017 program at an average price of €42.31, totaling €6.5 million. We update the markets on the progress of the share buyback program on a weekly basis. This information can be found on our website (www.asm.com).
The program announced in October 2016 is the third consecutive share buyback program:
- It followed on the 2015-2016 €100 million share buyback program that was announced in October 2015. This program started on November 28, 2015 and was completed on November 11, 2016. Under the 2015-2016 share buyback program 2,772,729 shares were repurchased at an average price of €35.98.
- In October 2014, we also announced a €100 million share buyback program for the 2014-2015 period. This program started on November 24, 2014 and was completed on May 20, 2015. In total, 2,594,420 shares were repurchased at an average price of €38.55, for an amount of €100 million, under this program.
On March 2, 2017, ASMI announced an increase in the current share buyback program to €100 million.
During 2016 we returned approximately €140 million in total to shareholders in the form of dividends and share buybacks. This was up from €116 million in 2015 and €61 million in 2014. Over the 2010-2016 period, we returned €765 million to the financial markets through dividends, share repurchases, return of capital, and buyback of convertible bonds.