Typically the dividend payout has been between 80% and 90% of the net income earned on the year.

As a result of the fair value adjustment of the French assets (€ -200.1 million) subject to disposal, the Group recorded a net loss at 31 December 2018 of € -177.1 million versus a net profit of € 30.4 million in 2017.

The Shareholders’ Meeting resolved to fully cover this loss by using a corresponding amount of reserves, in accordance with the proposal made by the Board of Directors.

YearCoupon detachmentDividends payable fromGross dividend per ordinary shareExtraordinary dividendGross dividend per saving shareEPS*Pay out**
2018 – –
2017 – –0.116
2016 – –0.086
2015 – –0.024
2014 – –0.002
2013 – –
2012 – –
2011 – –0.21
20102011-05-232011-05-260.170.180.98
2009 – –0.14
2008 – –0.41
20072008-05-192008-05-220.350.470.76
20062007-05-212007-05-240.350.450.79
20052006-05-222006-05-250.350.250.481.28
20042005-05-232005-05-260.350.460.76
20032004-05-242004-05-270.30.340.88
20022003-05-192003-05-220.250.252.11
20012002-05-202002-05-230.220.40.620.28
20002001-05-212001-05-240.210.250.270.93

* EPS: consolidate profit dividend by the total number of shares
** Pay out: calculated on consolidated net income