In accordance with article 31 of the Articles of Association, profit is distributed as follows:
Subject to the approval of the Supervisory Board, the Executive Board transfers as much of the profit to the reserves as it deems necessary.
In so far as the profit is not transferred to the reserves, it is available to the General Meeting of Shareholders in whole or in part for transfer to the reserves or in whole or in part for distribution to the holders of ordinary shares in proportion to the number of ordinary shares held.
Subject to approval by the Supervisory Board, the Executive Board has decided to pay out 40% of the result after tax of € 60 million as dividend on the (depository receipts for) ordinary shares and to add the remainder to the reserves.
Heijmans N.V. maintains a dividend policy whereby, barring exceptional circumstances, the pay-out ratio amounts to 40% of the profit from ordinary business operations after tax.