The 2020 AGM approved the board’s proposal that no dividend be paid and that the amount at the disposal of the meeting be carried forward.

Capital Structure

The H&M group advocates a conservative leverage ratio, aiming for a strong capital structure with strong liquidity and financial flexibility. It is essential that, as in the past, expansion and investments can proceed with continued freedom of action.

The capital structure is defined as net debt in relation to EBITDA. Over time, this should not exceed 1.0 x EBITDA. Net debt / EBITDA was 0.2 (0.3) as of 30 November 2019.