Oficina del accionista

Shareholder's remuneration

The shareholder remuneration is carried out through the repurchase of treasury shares for their amortization and the payment of a dividend.

According to shareholder remuneration policy for the period 2017-2020, the Company will compensate the shareholder with a maximum payout: of 35% of 2017 consolidated profit; of 40% of 2018 consolidated profit; 45% of 2019 consolidated profit; and 50% of 2020 consolidated profit.

The repurchase of shares is the preferred way to remunerate the shareholders, provided that the distribution of a dividend is foreseen of at least: 12% of 2017 consolidated profit; 14% of 2018 consolidated profit; 16% of 2019 consolidated profit; and 18% of 2020 consolidated profit.

Shareholder remuneration is conditional on (i) obtaining a minimum consolidated benefit equivalent to 0.10 euros/share and (ii) at the end of each year the following ratios are met: net financial debt/ordinary ebitda (ratio of solvency) less than or equal to 2 and net financial debt/ total equity (leverage ratio) less than or equal to 0.5.

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Annual report

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Previous years

Relevant events

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