The Company’s Board of Directors maintained a policy of dividend distribution based on the following rules:
| 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
| Dividend per share (before tax) | 0.21 € | 0.33 € | 0.61 € | 0.61 € | 0.27 € | 0.62 € |
| Payout ratio (in accordance with ordinary consolidated net earnings) (2) | 29.4% | 50.3% | 97.9% | 96.8% | 47.8% | 127.0% |
| Dividend yield (Dividend per share / share price close at the end of previous year) | 1.4% | 3.1% | 3.8% | 4.1% | 2.2% | 7.4% |
| Resolution of AGM | 25-jun-20 | 11-apr-19 | 12-apr-18 | 6-apr-17 | 14-apr-16 | (1) |
| Payment Date | 15-jul-20 | 9-may-19 | 10-may-18 | 4-may-17 | 12-may-16 | (1) |
(1) The value includes the payment of a gross dividend of 0.245 euros per share, approved by the General Meeting held on April 9, 2015 and paid on May 07, 2015, regarding the distribution of 2014 results and the distribution of free reserves corresponding to a gross dividend of 0.375 euros per share, approved by the Extraordinary General Meeting held on December 16, 2015 and paid on December 22, 2015.
(2) In May 2020, in the context of the COVID-19 pandemic situation, the Board of Directors recognized that there was not enough information to identify and rigorously assess all factors with a potential impact on the Group’s activity in the near future. Therefore, in line with the conservative balance sheet management that has characterised the company, it decided to adopt a prudent approach and proposed the dividend distribution regarding 2019 results to follow a payout of c.30% to be applied to the 2019 net consolidated results (excluding IFRS16), instead of the 40%-50% payout stipulated on the dividend policy.