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Altadis Sees Lower Dividend Payout Under IFRS; Keeps Policy 

Spanish-French tobacco company Altadis SA (ALT.MC) said Tuesday it will see a significant reduction in its dividend payout as a percentage of net profit under the new International Financial Reporting Standards.

Under IFRS, the 2004 dividend payout ratio stands at 47.3%, compared with 61.4% under Spanish accounting standards.

But Altadis said it won't change its dividend policy, stressing, however, that it remains committed to raising its dividend payment by at least 10% a year.

Altadis paid a EUR0.90 a share dividend on 2004 earnings, an increase of 12.5% on the year.

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