2.9Other relevant information
9.1. Stock market information
During 2015, DIA’s share fell by 3.3%, versus the 4% appreciation recorded in the Bloomberg Food Retail Index and outperforming the 7.2% drop recorded by the Ibex 35, the Spanish stock market”s main index reference. Deflation in the European food market, especially in the first half of the year, was reflected in a poor stock market performance of all companies in the sector. During 2015, the company set a minimum price of EUR5.095 per share on 24 September and a maximum of EUR7.657 per share on 13 April, closing the year at a price of EUR5.444 per share. During 2015, the liquidity of DIA’s shares remained high and with the upward trend maintained since listing, it accumulated a total of 1,594 million shares traded in the year with a total traded value of EUR9.957bn euros.
9.2. Dividend Policy
DIA has defined a Dividend Distribution Policy which consists of the distribution to its shareholders of between 40% and 50% of the underlying net profit.
Since Distribuidora Internacional de Alimentación S.A. was listed on the stock market on 5 July 2011, it has distributed four sole ordinary dividends between 2011 and 2014. The cumulated gross amount of these dividends was EUR0.58 per share, at the top of the range of the dividend policy communicated by the Company.
At the AGM in April 2016, the Board of Directors will table a dividend proposal of EUR0.20 per share, 11.1% higher than the EUR0.18 per share paid on 16 July 2015. This amount represents a 49% payout ratio over underlying net profit and will imply the distribution of a maximum amount of EUR124.5m in dividends to shareholders.
This 2015 dividend means that DIA’s total shareholder remuneration since listing has now reached EUR808m, of which EUR497m in dividends and EUR311m in share buyback programs committed to capital reduction. This accumulated shareholder remuneration represents 23.8% of the company’s market capitalisation at the end of 2015.
9.3. Management of credit rating
Credit rating agencies Standard and Poor’s (S&P) and Moody’s attributed to DIA a long-term rating of BBB- with stable outlook and Baa3 with positive outlook respectively. The Company aims to keep its corporate rating within “investment grade” range and not achieve financial leverage above 2.0x net debt on adjusted EBITDA.
9.4. Other information
DIA’s Corporate Governance Report is part of the Director’s Report and is available at www.diacorporate.com and published as price-sensitive information on the CNMV (Spanish National Securities Market Commission) website.