Dividends​

In 2020, no dividend was paid because of the Covid crisis and related plant stoppages.

In 2022 and 2023, no dividend was paid in order to support and accelerate the Group deleveraging in the context of: 

• The strategic acquisition of an 82% stake in HELLA, early 2022, that significantly increased the Group's indebtness
• The concurrent strong deterioration in macro-environment related to the war in Ukraine and inflation-related impacts 

• Pay shareholders a fair remuneration and increase it in line with EBITDA and cash generation growth
• Allocate 40% of net cash flow to dividends and share repurchases