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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.
2016 2015 2014 2013 2012
Dividend per share (before tax) 0.27 € 0.62 € (1) 0.31 € 0.30 € 0.51 € (2)
Payout ratio 50.0% 125.8% 50.0% 50.0% 93.3%
Dividend yield 2.2% 5.7% 2.0% 2.2% 4.2%
Resolution of AGM 14-Apr-16 (1) 10-Apr-14 10-Apr-13 (2)
Payment Date 12-May-16 (1) 8-May-14 8-May-13 (2)

(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) The value includes the payment of a gross dividend of 0.275 euros per share, approved by the General Meeting held on March 30, 2012 and paid on April 30, 2012, regarding the distribution of 2011 results and the distribution of free reserves corresponding to a gross dividend of 0.239 euros per share, approved by the Extraordinary General Meeting held on April 30, 2012 and paid on December 31, 2012.

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