Hyundai Elevator : to Implement Shareholder Return Policy

- (Planned) Dividend amount at 1,500 won per share… Proactively executing the 'corporate governance policy' announced at the year-end

Hyundai Elevator will implement in earnest its shareholder return policy announced at the end of last year.

The company made a public notice on Jun 21 that it plans to pay an interim dividend of 1,500 won per share. The interim dividend record date is June 30, and the decision on whether to pay the interim dividend and the dividend amount will be made at the board of directors meeting afterward.

Hyundai Elevator has been proactively carrying out its shareholder return policy since it disclosed the 『Corporate Governance Policy for Enhancing Shareholder Value』 in November last year. The interim dividend is part of this effort to improve shareholder value and increase the predictability of dividends for shareholders.

The policy includes △ Cash dividend or acquisition/retirement of treasury stocks of 50% or more of net income (ordinary profit excluding one-time gains), △ Cash dividend or acquisition/retirement of treasury stocks of a certain percentage of one-time gains, △ Setting of a minimum dividend of 500 won per share.

According to the policy, Hyundai Elevator decided to pay out part of the balance of 54.2 billion won (1,500 won per share) after paying dividends for one-time gains of the previous period. The decision brings the company closer to its commitment to paying out a certain percentage of its one-time gains in cash dividends. Last year, it paid out the largest-ever final dividend of 4,000 won per share.

Hyundai Elevator's dividend expansion is in line with the value-up program actively encouraged by the government recently and has significant implications for the increase in corporations' dividend distribution practices.

"We decided on an interim dividend to keep our promise to work to increase shareholder value. We will continue to do our best to share profits with shareholders based on sustainable growth and management performance," said an official from Hyundai Elevator.