VEON’s dividend policy, targets paying at least 50% of prior year Equity Free Cash Flow after licenses.
Dividend payments remain subject to a review by VEON's Board of Directors of medium-term investment opportunities and the Group's capital structure. The Group’s internal target is to keep Net Debt/EBITDA at around 2.0x (2.4x post IFRS 16).
VEON’s Board of Directors has approved the distribution of a final gross dividend of US 15 cents per share for FY 2019. In calendar year 2020, VEON plans to make this single dividend payment (US 15 cents) with a record date of 27 February 2020. For ordinary shareholders at Euronext Amsterdam, the final dividend of USD 15 cents will be paid in Euros.
This final dividend of US 15 cents per share, together with the US 13 cents per share declared at the interim period brings the total dividend payment for FY 2019 to US 28 cents per share, which represents approximately 70% of 2019 equity free cash flow after licenses.