Orion prepares to leaping forward with substantial growth.
Alongside our shareholders, we will create greater corporate value.
Dividend Distribution Policy


Dear Orion shareholders,
I would like to express my sincere gratitude to you for your keen interest in and unsparing support for the Orion Group as we chart our future course.
Since our split-off, we have vigorously overhauled our management practices for the sustainable development of our group by strengthening our key competitiveness, while seeking ways to enhance shareholder value.
The basic principle of our shareholder dividend policy is to enhance shareholder value from a long-term perspective based on continued growth, accompanied by stable cash dividends generated from the company’s strong performance.
According to our principle of securing a balance between investments aimed at spurring growth and shareholder returns by improving our performance under reliable corporate management and accounting for our financial capabilities, we plan to provide stable dividends by determining the dividend payout ratio using 20% to 60% of surplus cash flow generated annually in the next three years.
We will continue to re-examine our dividend payout ratio by considering changes in the business landscape, investment plans for growth, corporate management performance, and the cash flow status, so it can be determined with flexibility. Through this, we will manage to achieve growth and enhance shareholder value.
We hope the disclosure of our dividend distribution policy will allow for more accurate predictions on dividends. If our dividend policy changes, we will inform you of this news and communicate with our stakeholders, so we can collect more variety of opinions and present improved shareholder return plans.
I look forward to your continued interest and unsparing support as we make strides in our business growth.
CEO Seung-woo Lee
Dividend Policy Guidelines
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FCF Calculation Method and Standards for Separate Profit & Loss
구분 | Category | 2021 | 2020 | 2019 | 2018 | 2017 | |
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Operating Profits 1) | 1,309 | 1,142 | 1,078 | 922 | 450 | ||
+ Depreciation 2) | (Depreciation of tangible & intangible assets) | 458 | 452 | 430 | 390 | 218 | |
EBITDA | 1,768 | 1,594 | 1,508 | 1,312 | 668 | ||
- Corporate tax 1) | (corporate income tax paid) | 284 | 245 | 202 | 161 | 0 | |
- Increase/ decrease in working capital 2) | (Increase/ decrease in accounts receivable + Increase/ decrease in inventories - Increase/ decrease in accounts payable) | 79 | -54 | 8 | -2 | 59 | |
Operating cash flow | 1,563 | 1,295 | 1,314 | 1,149 | 727 | ||
- Facility investment (CAPEX) 2) | (Acquisition of tangible & intangible assets) | 396 | 356 | 434 | 619 | 484 | |
Free Cash Flow | 1,167 | 939 | 880 | 530 | 243 | ||
Cash dividend | (Dividend/ FCF) | 296 | 296 | 237 | 237 | 237 | |
Dividend payout ratio | (%, compared to FCF) | 25.4% | 31.6% | 26.9% | 44.7% | 97.7% | |
Face value/ share | (KRW) | 500 | 500 | 500 | 500 | 500 | |
Cash dividend/ share | (KRW) | 750 | 750 | 600 | 600 | 600 |
1) Based on separate profit & loss 2) Based on separate cash flow
Dividend Information
Item | Unit | 2021 | 2020 | 2019 | 2018 | 2017 |
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Face value/ share | KRW | 500 | 500 | 500 | 500 | 500 |
(Separate) Net income | 1 million KRW | 92,263 | 75,659 | 76,478 | 70,765 | 34,264 |
(Separate) Earnings per share | KRW | 2,334 | 1,914 | 1,935 | 1,790 | 867 |
(Separate) Free Cash Flow (FCF) | 1 million KRW | 116,729 | 93,894 | 88,026 | 53,024 | 24,343 |
Total cash dividend | 1 million KRW | 29,647 | 29,647 | 23,716 | 23,716 | 23,716 |
Dividend payout ratio | %, compared to FCF | 25.4% | 31.6% | 26.9% | 44.7% | 97.4% |
Dividend yield | % | 0.7 | 0.6 | 0.6 | 0.5 | 0.6 |
Cash dividend per share | KRW | 750 | 750 | 600 | 600 | 600 |