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) | 0.35 € | 0.33 € | 0.61 € | 0.61 € | 0.27 € | 0.62 € |
| Payout ratio (in accordance with ordinary consolidated net earnings) | 49.0% | 50.3% | 97.9% | 96.8% | 47.8% | 127.0% |
| Dividend yield (Dividend per share / share price close at the end of previous year) | 2.4% | 3.1% | 3.8% | 4.1% | 2.2% | 7.4% |
| Resolution of AGM | (2) | 11-apr-19 | 12-apr-18 | 6-apr-17 | 14-apr-16 | (1) |
| Payment Date | (2) | 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 the initial phase of the COVID-19 pandemic, when uncertainty was extreme, the Board of Directors decided to follow a prudent approach and to reduce the 2019 payout ratio from 50% to 30%. The Board of Directors reserved, at the time of this decision, the possibility of proposing the distribution of the remaining part of the 50% payout if conditions allowed it. Therefore, taking into account the Group’s performance, the Board decided to distribute free reserves. The value includes the payment of a gross dividend of 0.207 euros per share, approved by the General Meeting held on June 25, 2020 and paid on July 15, 2020, regarding the distribution of 2019 results and the distribution of free reserves corresponding to a gross dividend of 0.138 euros per share, approved by the Extraordinary General Meeting held on November 26, 2020 and with payment at December 16, 2020.