Shareholder's remuneration

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The shareholder's remuneration policy charged to the benefits of the 2017 through 2020 considers a maximum pay-out of: 35% of the 2017 profit; 40% of the 2018 profit; 45% of the 2019 profit; and 50% of the 2020 profit.

The shareholder's remuneration is carried out through the repurchase of treasury shares for its amortization and a payment of a dividend, and is conditional on obtaining a minimum profit equivalent to 0.10 euros/share and, that at the close of each fiscal year, the following ratios are met: net financial debt/ordinary ebitda equals to or less than 2 and net financial debt/equity equals to or less than 0.5.

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