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 extraordinary repayments of capital.
ASMI aims to pay a sustainable annual dividend. Annually, the Supervisory Board, upon proposal of the Management Board, will assess the amount of dividend that will be proposed to the Annual General Meeting of Shareholders (AGM). The decision that a dividend be proposed to the AGM will be subject to the availability of distributable profits as well as retained earnings and may be affected by our potential future funding requirements. Accordingly, dividend payments may fluctuate and could decline or be omitted in any year.
The proposed dividend for 2019 will mark the ninth 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, in 2016 and 2017 we paid a dividend of €0.70 and in 2018 we paid a dividend of €0.80 per common share.
ASMI will propose to the forthcoming 2019 AGM, which will be held on May 20, 2019, to declare a dividend of €1.00 per common share.
Ex-dividend date shares Euronext and OTC US: May 22, 2019
Record date: May 23, 2019
Payment date: May 29, 2019
In addition to the regular dividend, on August 10, 2018, ASMI distributed €4.00 per common share to its shareholders through a tax efficient repayment of capital. The ex-date of the distribution was August 7, 2018.
The proposal for this capital repayment was initially announced on February 28, 2018, and approved by the 2018 AGM.
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 June 5, 2018, ASMI announced the start of a share buyback program of ASMI’s common shares up to €250 million. This program followed on ASMI’s announcement on February 28, 2018, that it intended to use €250 million of the proceeds of the partial sale of a stake of approximately 9% in ASMPT for a new share buyback program.
The 2018 program started on June 6, 2018, and ended on October 11, 2018. In total, we repurchased 5,443,888 shares at an average price of €45.92, including expenses, under the 2018 program.
This share buyback program was executed by a third party. ASMI has the intention to reduce its capital by withdrawing the shares repurchased as part of the 2018 share buyback program, save for such number of treasury shares as maybe necessary to fund ongoing share and option programs for employees and board members. This withdrawal of shares is intended to be proposed to the Annual General Meeting in 2019. The 2018 repurchase program is part of ASMI's commitment to use excess cash for the benefit of its shareholders.
In 2018, we also completed the €250 million share buyback program 2017-2018. This program was funded with the proceeds of approximately €248 million of the partial secondary placement of shares of ASMPT that was executed on April 24, 2017. The 2017-2018 share buyback program started on September 22, 2017, and ended on March 29, 2018. In total, we repurchased 4,353,292 shares at an average price of €57.43, including expenses, under this program.
During the whole of 2018, we bought back a total of approximately 7.2 million shares at an average share price of €49.01 and for a total value of approximately €355 million. This compares with a total of approximately 4.4 million bought back in 2017 at an average price of €54.19 and for a total value of €240 million.
The 2018 program is the fifth consecutive share buyback program. Next to the 2018 program the earlier programs included:
During 2018, we returned approximately €607 million to shareholders in the form of dividends, share buybacks and the capital return. This was up from €281 million in 2017 and €140 million in 2016. Over the 2010-2018 period, we returned more than €1.6 billion to the financial markets through dividends, share buybacks, return of capital, and buyback of convertible bonds.
Over the past 50 years we have grown to become a leading global supplier
of semiconductor wafer processing equipment. A company that develops
innovative process solutions for our customers, and manages itself in the best
interests of our investors, our employees, society, and other stakeholders.
Yet now is the time to enter a new era of innovation, to embark on the next
phase of growth. We understand that this requires commitment and strength
across many areas. From innovation in R&D, to advancing new technologies
and addressing new applications. From developing our people, to creating
even stronger relationships with key customers.
This is how we will take the next leap forward.
ROADMAP TO THE FUTURE
Our roadmap to the future will enable us to not only
achieve our next phase of growth, it will ensure we
can continue to help our customers achieve their
technology roadmaps for next-generation devices.
Our technology helps drive innovation, increasing the number of scientific breakthroughs, many of which are achieved from our advanced process equipment that deposits new materials with precision and productivity, positively benefiting society in sectors from healthcare and education, to transport and energy.
For semiconductor manufacturers, scaling chips
to smaller dimensions is an ongoing challenge.
Our innovations and equipment are vital in helping make many of these transitions happen.
Striving for efﬁciency ensures that our
customers get the products, services,
and results they expect. Intensifying
our focus on efﬁciency will make us a
stronger company, ready to take the
next leap forward.
We are a multinational company that
embraces diversity in every sense
of the word. With 29 different
nationalities working across the
company, we combine our talents
to drive innovation.
Achieving our ambitions takes intelligence, knowledge, skill,
determination, and dedication. And it is this combination of
qualities that we nurture in our people.
Our goal is to impact tomorrow’s generation
as positively as we’ve impacted today’s.
Making this happen takes the xtraordinary
talent of our people, who work together
to drive innovation and deliver excellence.
Collaboration is fundamental to our
continued success; from working
with our customers to optimize our
equipment and processes to enable
their technology roadmaps, to
creating partnerships on cutting-edge
research and development.
Operational excellence is one of the essential
pillars of our strategy, which enables us to provide
our customers with the high-quality, leading-edge
products and services they demand.
R&D is central to our development,
leading to new device architectures,
new materials, and new processes
that strengthen our competitive
positioning and enable our customers
to deliver the next-generation chips.
By extending our technological scope with a
more diverse product portfolio, we can help our
customers continue to advance their business
while growing our own in new market segments.
We create long-term value for our
stakeholders in a variety of ways.
From working with our customers
to develop innovative solutions, to
ensuring value creation growth
and positive investor returns.
We are committed to positively
contributing to society and
reducing our impact on the
environment. Only then can
we truly say we are helping
create more with less.
We believe sustainability takes many forms.
From developing sustainable technology
roadmaps for our customers, to creating
a sustainable living environment for all.
Safety is a front-line requirement,
which is why our ZERO HARM!
policy outlines our vision on product
safety, and our CR policy lays out
our commitment and expectations
towards health and safety.