Dividend

Dividend distribution policy

The Company’s Board of Directors maintained a policy of dividend distribution based on the following rules:

The value of the dividend distributed must be between 40% and 50% of ordinary consolidated net earnings;

If, as a result of applying the criteria mentioned above, there is a drop in the dividend in a certain year compared to that of the previous year, and the Board of Directors considers that this decrease is a result of abnormal and merely circumstantial situations, it may propose that the value from the previous year should be maintained. It may even resort to free existing reserves, providing that the use of these reserves does not jeopardise the principles adopted for balance sheet management.

	2017	2016	2015	2014	2013
Dividend per share (before tax)	0.61 €	0.27 €	0.62 € ⁽¹⁾	0.31 €	0.30 €
Payout ratio	96.9%	50.0%	125.8%	50.0%	50.0%
Dividend yield	4.1%	2.2%	5.7%	2.0%	2.2%
Resolution of AGM	6-Apr-17	14-Apr-16	⁽¹⁾	10-Apr-14	10-Apr-13
Payment Date	4-May-17	12-May-16	⁽¹⁾	8-May-14	8-May-13

(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.

Dividend

Dividend distribution policy

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