Magyar Telekom's Board of Directors approves shareholder remuneration policy for 2022-2024
Budapest, February 23, 2022 17:30
Magyar Telekom announces that following a review of financial statements for 2021, its Board of Directors has proposed a total shareholder remuneration, constituting a dividend payment and share buybacks, of up to HUF 29.6 billion to be paid in 2022.
The Board of Directors decided on setting a new shareholder remuneration policy for the 2022-2024 period. The policy envisages growth in annual shareholder remuneration as a combination of dividend payments and share buybacks in line with improvements in the Company's financial performance. Going forward, the total value of annual shareholder remuneration is expected to be between 60% and 80% of the Companys annual adjusted profit attributable to the owners of the parent (adjusted net income) generated during the preceding financial year.
Magyar Telekom will hold its Annual General Meeting ( AGM ) on April 12, 2022. The Board of Directors has also reviewed and proposes for approval to the AGM the separate financial statements of Magyar Telekom Plc. for 2021 and the consolidated financial statements of Magyar Telekom Group prepared in accordance with IFRS. Given the improving profitability and free cash flow generation, the Board of Directors believes that a year-on-year increase in total shareholder remuneration to up to HUF 29.6 billion is justified. Consequently, it proposes for approval to the AGM a total dividend payment of HUF 15.0 billion for the 2021 financial year. Furthermore, the Board envisages the value of the buyback to be up to HUF 14.6 billion. The execution of the buyback is subject to the necessary authorization of the AGM.
The Company will publish the detailed announcement on the dividend disbursement following its AGM on April 25, 2022. Based on the number of outstanding shares (excluding treasury shares) as of today, the cash dividend amounts to an equivalent of HUF 15.05 per share. The dividend paid to shareholders entitled to receive a dividend on the record date will be calculated and paid based on the Company's Articles of Association, so the Company distributes the dividends for its treasury shares among the shareholders who are entitled for dividends on the record date. The total number of issued shares and the number of treasury shares as of January 31, 2022 can be viewed here.
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Magyar Telekom's Board of Directors approves shareholder remuneration policy for 2022-2024 
