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According to our dividend policy, future dividend payouts of Henkel AG & Co. KGaA shall, depending on the company’s asset and profit positions as well as its financial requirements, amount to 25 percent to 35 percent of net income after non-controlling interests, and adjusted for exceptional items. Accordingly, for 2014 we will propose to the Annual General Meeting an increased dividend compared to the previous year: 1.31 euros per preferred share and 1.29 euros per ordinary share. The payout ratio would then be 30.0 percent.

Abbreviation for “Kommanditgesellschaft auf Aktien.” A KGaA is a company with a legal identity (legal entity) in which at least one partner has unlimited liability with respect to the company’s creditors (personally liable partner), while the liability for such debts of the other partners participating in the share-based capital stock is limited to their share capital (limited shareholders). 


Proportion of equity attributable to third parties in subsidiaries included within the scope of consolidation. Previously termed “minority interests.” Valued on a proportional net asset basis. A pro-rata portion of the net earnings of a corporation is due to shareholders owning non-controlling interests.

Non-controlling interests

Indicates what percentage of annual net income (adjusted for exceptional items) is paid out in dividends to shareholders, including non-controlling interests.

Payout ratio

Taxation of dividends

The dividends on both ordinary shares and preferred shares are paid net of taxes, i.e. with capital gains tax at 25% and the solidarity surcharge at 5.5% of the capital gains tax amount (total 26.375%), and also church tax where applicable, having already been deducted (withheld). Dividends are taxed in the case of residents of Germany in accordance with the provisions of German income tax law and German corporation tax law.

The tax withheld covers in full the German income tax payable on relevant private capital gains (and is hence known in German as “Abgeltungssteuer” or flat-rate tax). Irrespective of this, shareholders can apply to have the dividends included with all other capital gains made in the calendar year in their personal income tax declaration where this leads to a lower overall level of income tax payable (known in German as the “Günstigerprüfung” or more favorable tax treatment).

The circumstances of the individual shareholder (e.g. if in possession of a “Nicht-Veranlagungsbescheinigung” (non-assessment certificate) or "Freistellungsauftrag" (exemption order for capital gains)) may allow application for a payment to be made without deduction. The circumstances could furthermore allow an application for repayment of the withheld capital gains tax, the solidarity surcharge and - if applicable - church tax.

In the case of shareholders resident outside Germany, the withheld capital gains tax and solidarity surcharge may be reduced, depending on the terms of any conventions for the avoidance of double taxation that exist between the Federal Republic of Germany and the country of residence concerned. Shareholders resident outside Germany are recommended to seek professional advice on the tax treatment of dividends.

If more detailed advice is required regarding the tax treatment of dividends in Germany, shareholders should obtain this individually from their local tax office (“Finanzamt”) or seek professional advice from a certified German tax consultant (“Steuerberater”).

Additional Information