Dividend policy
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Dividend History
Gross dividend per ordinary share (or ADS) (1) (2)
| Year | DPS Euro(3) | Payout(3) € million | Net Income (3) € million | Payout ratio |
|---|---|---|---|---|
| 1990 | 0.025 | 11,052 | 25,604 | 43% |
| 1991 | 0.028 | 12,797 | 31,034 | 41% |
| 1992 | 0.031 | 13,960 | 34,608 | 40% |
| 1993 | 0.037 | 16,579 | 47,469 | 35% |
| 1994 | 0.041 | 18,564 | 64,518 | 29% |
| 1995 | 0.045 | 20,419 | 83,496 | 24% |
| 1996 | 0.052 | 23,204 | 106,241 | 22% |
| 1997 | 0.063 | 28,309 | 129,457 | 22% |
| 1998 | 0.074 | 33,182 | 133,064 | 25% |
| 1999 | 0.085 | 38,345 | 152,463 | 25% |
| 2000 | 0.14 | 63,326 | 255,277 | 25% |
| 2001 | 0.17 | 77,211 | 316,373 | 24% |
| 2002 | 0.21 | 95,405 | 372,077 | 26% |
| 2003 | 0.21 | 94,113 | 267,343 | 35% |
| 2004 | 0.23 | 103,484 | 286,874 | 36% |
| 2005 | 0.29 | 131,369 | 342,294 | 38% |
| 2006 | 0.42 | 191,077 | 424,286 | 45% |
| 2007 | 0.49 | 223,617 | 492,204 | 45% |
| 2008 | 0.22 | 102,000 | 379,722 | 27% |
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(1) 1 ADS = 1 ordinary share
(2) Figures until 1999 have been retroactively adjusted to reflect the 5-for-1 stock split effective April 16, 1998, and the 2-for-1 stock split effective June 26, 2000.
(3) Figures through 1999 have been calculated converting the dividend in Italian Lira by the fixed rate of Lire 1,936.27 = Euro 1.00. Beginning with the 2000 financial statements the dividend is declared in Euro.
