Vetoquinol Universal Registration Document 2019

Vetoquinol  Universal Registration Document 2019  Financial report   89 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 6 6.5.28 Capital stock and additional paid-in capital €000 Number of shares Capital stock Additional paid-in capital Total At December 31, 2017 11,881,902 29,705 41,126 70,831 At December 31, 2018 11,881,902 29,705 41,126 70,831 At December 31, 2019 11,881,902 29,705 41,126 70,831 At December 31, 2019, the capital stock amounted to €29,704,755 (2018: €29,704,755) divided into 11,881,902 shares (2018: 11,881,902 shares), each with a par value of €2.50. 6.5.28.1 Bonus shares The Combined Ordinary and Extraordinary General Meeting of May 24, 2016 authorized the Board of Direc- tors, for a maximum period of 38 months, to grant existing or future bonus shares of the Company, on one or more occasions, to employees of the Company and those of related companies, as defined in Article L. 225- 197-2 of the French Commercial Code, or to certain categories among them as well as to company officers as defined by law. The Board of Directors did not grant any further bonus shares during the last two years. At December 31, 2019, as in the previous year, there were no outstanding bonus shares granted. 6.5.28.2 Stock options None. 6.5.28.3 Treasury stock excluding liquidity contract As of December 31, 2019, Vetoquinol held 47,994 trea- sury shares (2018: 37,994). 6.5.28.4 Dividend distribution Dividends distributed to Group shareholders are reco- gnized as a liability in the period in which they are approved by the shareholders. The shareholders’ general meeting of May 21, 2019 approved the distribution of dividends attributable to FY 2018 amounting to €5,703,312.96, i.e. €0.48 per share (2018: €5,465,674.92 attributable to FY 2017, i.e. €0.46 per share). At the time the dividend was paid, Vetoquinol held a number of these shares as treasury shares. The dividends attributable to these shares were not paid but were allocated to retained earnings. The total divi- dend paid in 2019 amounted to €5,679,270.24 (2018: €5,453,756.32). The Group dividend distribution policy complies with a minimum payout of 15%. The Board has proposed a 2019 dividend payout of €0.38 per share payable on June 4, 2020.