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The shareholders at the Annual General Meeting held on 22 April 2015 adopted a resolution
authorising the Company to acquire treasury shares provided that they did not exceed the
maximum legal limit permitted by law at any given time. This limit is set at 10% of the subscribed
share capital by Article 509 of the Spanish Limited Liability Companies Law, approved by
Legislative Royal Decree 1/2012, of 2 July. This authorisation is in force until 2020 and rendered
null and void the authorisation granted by the Annual General Meeting on 24 March 2010.
12.4 Dividends
At the Annual General Meeting held on 22 April 2015, the shareholders of the Company ratified,
among other resolutions, the distribution of 2014 profit, allocating the maximum amount of EUR
44,878 thousand to the payment of dividends, of which EUR 22,341 thousand related to the
interim dividend paid on 18 December 2014.
Once the dividend rights of the treasury shares had been attributed, a final dividend amounting to
EUR 22,423 thousand was paid on 18 June 2015, as per the following detail:
-
final dividend of EUR 0.10 per share relating to 223,405,910 ordinary shares identified by
the Spanish National Securities Coding Agency with ISIN 019427734, paid in full out of the
Parent's profit for 2014, amounting to EUR 22,340 thousand and representing 13% of the par
value.
-
dividend of EUR 0.07 per share relating to 1,181,296 ordinary shares identified by the
Spanish National Securities Coding Agency with ISIN 019427015 which, as established when they
were issued, represented the share of profits generated by the Company subsequent to 31 October
2014, amounting to EUR 83 thousand and representing 9% of the par value.
At the Company's Board of Directors meeting held on 18 November 2015, it was resolved to
distribute out of the Company's profit for 2015, the gross amount of eighteen euro cents (EUR
0.18) for each of the 225,732,800 shares with a par value of EUR 0.75 representing the share
capital, of which 789,738 are treasury shares. Accordingly, the dividend rights inherent to treasury
shares were attributed proportionately to the other shares in accordance with Article 148 of the
Spanish Limited Liability Companies Law.
This dividend, which was paid to the shareholders as an interim dividend on 17 December 2015,
totalled EUR 40,490 thousand.
13.- Provisions and contingencies
The detail of short- and long-term provisions in 2015 and 2014 were as follows (in thousands of
euros):
Provisions
Balance at
01/01/15
Charge for
the year
Transfers
Amounts
used
Excessive
provisions
Balance at
31/12/15
Litigation and other provisions
28,556
11,242
(8,763)
(1,527)
(6,602)
22,906
Total
28,556
11,242
(8,763)
(1,527)
(6,602)
22,906
Provisions
Balance at
01/01/14
Charge for
the year
Transfers
Amounts
used
Excessive
provisions
Balance at
31/12/14
Litigation and other provisions
34,304
2,301
1,446
(5,126) (4,369)
28,556
Total
34,304
2,301
1,446
(5,126) (4,369)
28,556
The charge for the year is reflected under "Outside Services" and the excessive provisions are
recognised under "Excessive Provisions” in the accompanying statement of profit or loss.