SHAREHOLDER DISTRIBUTION
To distribute annually a minimum of 40% of the Adjusted Free Cash from Operations ⓘ generated during the previous year, subject to the conditions set forth by Luxembourg law. The Distribution Policy consists of a cash dividend distribution in a minimum amount of USD30 million per year, and share repurchases under the existing program from time to time as deemed appropriate.
ⓘ We define Adjusted Free Cash Flow from Operations as the aggregate of (i) net cash generated from operating activities net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, (ii) net cash used in investing activities net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations -excluding the net of the combined effect in other financial income-, less (iii) interest paid net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, plus (iv) proceeds from the sale of noncontrolling interest in subsidiaries; less (v) lease payments; less (vi) dividends paid to noncontrolling interest, plus (vii) the net acquisition/disposal of short-term investment net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, plus (viii) expansion capital expenditures, less (ix) other financial income derived from gains on bond arbitrage transactions.
Dividends
Year
Record Date
Payment Date
Amount (US$’000)
Dividend per Share (US$)
2025
3/11/2025
19/11/2025
$17,500
$0.1749
2025
2/5/2025
16/5/2025
$17,500
$0.1750
2024
12/11/2024
27/11/2024
$17,500
$0.1740
2024
14/5/2024
29/5/2024
$17,500
$0.1682
2023
9/11/2023
24/11/2023
$17,500
$0.1649
2023
9/5/2023
24/5/2023
$17,500
$0.1626
2022
2/11/2022
17/11/2022
$17,500
$0.1603
2022
2/5/2022
17/5/2022
$17,500
$0.1571
Buyback
Year
Shares (#)
Total repurchase (US$’000)
Average Share Price (US$)
Equity Repurchased (%)
2025(*)
1,057,858
$10,210
$9.65
1.1%
2024
6,547,520
$66,887
$10.22
6.2%
2023
2,745,698
$26,199
$9.54
2.5%
2022
4,582,627
$36,752
$8.02
4.1%
2021
7,409,002
$66,314
$8.95
6.3%
2020
829,331
$4,270
$5.15
0.7%
2019
696,198
$4,249
$6.10
0.6%
2018
1,679,366
$15,691
$9.34
1.4%
2017
3,851,358
$37,730
$9.80
3.2%
2016
456,732
$4,763
$10.43
0.4%
2015
40,247
$319
$7.93
0.0%
2014
1,689,392
$12,958
$7.67
1.4%
2013
654,454
$5,089
$7.78
0.5%
(*) As of August 18th, 2025.
