The Company’s Board of Directors has maintained a policy of dividend distribution based on the following rules:
| 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| Dividend per share (before tax) | 0.29 € | 0.35 € | 0.33 € | 0.61 € | 0.61 € | 0.27 € |
| Payout ratio (in accordance with ordinary consolidated net earnings excluded from the effects of the IFRS16)* | 45.6% | 49.0% | 50.3% | 97.9% | 96.8% | 47.8% |
| Dividend yield (Dividend per share / share price close at the end of previous year) | 2.1% | 2.4% | 3.1% | 3.8% | 4.1% | 2.2% |
| Resolution of AGM | 8-apr-21 | (1) | 11-apr-19 | 12-apr-18 | 6-apr-17 | 14-apr-16 |
| Payment Date | 6-may-21 | (1) | 9-may-19 | 10-may-18 | 4-may-17 | 12-may-16 |
(1) 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.
* In 2017 and 2018, taking into account the financial situation of the Group as well as its cash generation capacity, and because it would not affect either the strength of its balance sheet or its future expansion opportunities, the dividends’ proposal for 2016 and 2017 (paid in 2017 and 2018), corresponded to nearly 100% payout which, exceptionally, was the double of that would normally result from the Company’s dividend policy.