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On January 21, 2014 the Management Board of Henkel AG & Co. KGaA has decided to propose to the Annual General Meeting, depending on Henkel's asset and profit positions as well as its financial requirements, a future dividend payout ratio between 25 percent and 35 percent of net income after non-controlling interests and adjusted for exceptional items instead of currently about 25 percent. For the financial year 2013, a dividend payout ratio of about 30 percent will be proposed. This Management Board resolution is subject to approval from the Supervisory Board and the Shareholders' Commitee.

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

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” or non-assessment certificate) may allow application for repayment of the withheld capital gains tax and the solidarity surcharge.

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