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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
1.5 1.2 0.9 0.6 0.3 0 35 30 25 20 15 Dividend in € Share price in € 2002 0.96 2003 0.96 2004 0.96 2005 0.96 2006 1.00 2007 1.05 2008 1.05 2009 1.05 2010 1.05 2011 1.05 2012 1.10 2013 1.20 2014 1.25* 15.50 16.88 19.26 23.73 28.08 23.50 24.30 23.67 28.98 24.80 31.64 31.56 33.73** New distribution strategy The Executive and Supervisory Boards will propose payment of a dividend of €1.25 per share for financial year 2013 to the Annual General Meeting in Hamburg on 21 June 2014; this represents an increase of €0.05 per share. With our long-term strategy of a dividend policy based on continuity and a yield of 3.9% (based on the 2013 year-end closing price of €31.83), we hope to cement the confidence of our existing sharehold- ers and attract new investors. Our intention to further increase the dividend by €0.05 per share each year up to a total of €1.40 per share by financial year 2016 should also help to achieve this. This would correspond to an absolute increase of 16.6% by 2016 and an average annual increase of 3.9%. By taking this measure, we are responding to frequent requests for a dividend policy that can be planned for over the long term. *Proposal **Price on 11 April 2014 Year-end closing priceDividend (paid for the previous year) Dividends paid to shareholders domiciled in Germany are sub- ject to income or corporation tax. From 2009 onward, the uni- form flat-rate withholding tax of 25% plus a solidarity surcharge applies to private investors. Under certain conditions, excep- tions apply to dividend payments that are regarded as equity repayments from a tax perspective (dividend from EK04 or, since 2001, from a contribution account for tax purposes). The Deutsche EuroShop dividend meets these conditions in part. Pursuant to Section 20 (1) no. 1 sentence 5 of the Einkommen- steuergesetz (German Income Tax Act), the dividend payment represents non-taxable income (i.e. not subject to tax) in part. However in accordance with revised legislation in place since 2009, dividend payments are tax relevant since gains from the sale of shares purchased after 31 December 2008 are subject to tax. In this case, the payments reduce the cost of the invest- ment in Deutsche EuroShop and thus lead to higher capital gains at the time of sale. DividendO O Tax situation regarding the dividend DEUTSCHEEUROSHOPGESCHÄFTSBERICHT2013/INVESTORRELATIONS 102