Dividend Policy
Dividend payment is subject to the recommendation of the Executive Board of Directors and subsequent approval in the General Shareholders Meeting.
In the Investor Day that took place on May 23th 2012, with national and international investors and analysts, the Executive Board of Directors considered appropriate due to market environment as annual proposal to the General Meeting a payout between 55%-65% of recurrent net income, with dividend per share from 2011 as a floor (0.185/share).
Dividend History
|
Year
|
Payment Date
|
Ex-Dividend
Date
|
Gross Dividend
|
Net Dividend
|
Payout Ratio*
|
|
|
|
|
|
Resident
|
Non
Resident
|
|
|
1997 (1)
|
18-May-98
|
12-May-98
|
0.648
|
0.534
|
0.534
|
84%
|
|
1998 (1)
|
28-May-99
|
24-May-99
|
0.698
|
0.620
|
0.620
|
80%
|
|
1999 (1)
|
31-May-00
|
26-May-00
|
0.698
|
0.611
|
0.611
|
82%
|
|
2000 (2)
|
31-May-01
|
28-May-01
|
0.140
|
0.119
|
0.119
|
76%
|
|
2001
|
06-Jun-02
|
03-Jun-02
|
0.113
|
0.099
|
0.093
|
75%
|
|
2002
|
18-Jun-03
|
13-Jun-03
|
0.090
|
0.079
|
0.074
|
81%
|
|
2003
|
30-Apr-04
|
27-Apr-04
|
0.090
|
0.083
|
0.079
|
71%
|
|
2004
|
29-Apr-05
|
26-Apr-05
|
0.09243
|
0.085
|
0.080
|
77%
|
|
2005
|
28-Apr-06
|
25-Apr-06
|
0.100
|
0.090
|
0.090
|
34%
|
|
2006
|
04-May-07
|
30-Apr-07
|
0.11
|
0.099
|
0.099
|
42%
|
|
2007
|
08-May-08
|
05-May-08
|
0.125
|
0.10 |
0.10 |
50% |
|
2008
|
14-May-09
|
11-May-09
|
0.14 |
0.112 |
0.112 |
47% |
| 2009 |
13-May-10 |
10-May-10 |
0.155 |
0.124 |
0.124 |
55% |
| 2010 |
13-May-11 |
10-May-11 |
0.170 |
0.133 |
0.133 |
58% |
| 2011 |
16-May-12 |
11-May-12 |
0.185 |
0.139 |
0.139 |
60% |
| 2012 |
23-May-13 |
20-May-13 |
0.185 |
|
|
67% |
(1) Figures converted from escudos to euros, rounded to three decimal places.
Gross dividend per share, in escudos, was 129$87 in 1997, and 140$00 in 1998 and 1999.
(2) After the stock-split, in 20 July 2000, each share was converted into five.
* Payout Ratio = Gross Dividend per share / Net Income per share