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ePaper created 2012-04-27, 18:36:07 | version 1.23.1
Tax free dividend Dividends paid to shareholders domiciled in Germany are gener- ally subject to income or corporation tax. Private investors are charged with the definitive withholding tax at a flat rate of 25% plus the solidarity surcharge as from 2009. Exceptions may be made under certain circumstances for dividend payments that are regarded as equity repayments for tax purposes (distribu- tions from EK04 – equity class 04 – or, since 2001, from the tax-recognised contribution account). Deutsche EuroShop’s divi- dend fulfils this requirement. The dividend payment constitutes untaxable (i.e. tax-free) income for shareholders in accordance with section 20 (1) clause 1 sentence 3 of the Einkommensteuer gesetz (German Income Tax Act). However since 2009 these distributions are taxable due to the new legal status, as capital gains from securities are subject to tax if they are bought after 31 December 2008. In this case the acquisition costs are reduced by the dividends and lead to higher capital gains at the time of the disposal. GOOD DIVIDENDS – A GOOD SIGN! The Executive and Supervisory Boards will once again propose payment of a dividend of € 1.10 per share for financial year 2011 to the Annual General Meet- ing in Hamburg on 21 June 2012. With our long-term strategy of a dividend policy based on continuity and a yield of 4.4% (based on the 2011 year-end clos- ing price of € 24.80), we hope to cement further the confidence of our existing shareholders and attract new investors. We also intend to distribute a dividend of at least € 1.10 per share in future. 30 25 20 15 Would you likefurther information? Then please visit our website or call us: Patrick Kiss and Nicolas LissnerTel.: +49 (0)40 - 41 35 79 20/-22Fax: +49 (0)40 - 41 35 79 29E-Mail: ir@deutsche-euroshop.comWeb: www.deutsche-euroshop.com/ir Dividend Dividend (paid for the previous year) Year-end closing price * proposal ** as of 31 March 2012 0,6 0,7 0,8 0,9 1,0 1,1 1,2 15 20 25 30 1.2 1.1 1.0 0.9 0.8 0.7 0.6 Share price in€Dividend in€ 15.50 24.30 0.960.96 16.88 0.96 19.26 0.96 23.73 1.00 28.08 1.05 23.50 1.051.05 23.67 1.05 28.98 1.10 1.10* 24.80 26.45** 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 dend fulfils this requirement. The dividend payment constitutes untaxable (i.e. tax-free) income for shareholders in accordance with section 20 (1) clause 1 sentence 3 of the Einkommensteuer However since 2009 these distributions are taxable due to the new legal status, as capital gains from securities are subject to tax if they are bought after 31 December 2008. In this case the acquisition costs are reduced by the dividends and lead to Web: www.deutsche-euroshop.com/ir Patrick Kiss and Nicolas Lissner 102 DES Annual Report 2011 INVESTOR RELATIONS the shopping center share