The Annual General Meeting on 16 April 2014 resolved a dividend of €1 per share for fiscal 2013. This means a dividend payment of 27 % of recurrent net income. Our previous dividend policy envisaged a payout ratio of 50 % to 60 %. We adjusted our payout ratio in reaction to the deterioration in earnings prospects in the conventional power generation business. RWE’s dividend proposal for fiscal years from 2014 onwards will be within the range of 40 % to 50 % of recurrent net income. Nevertheless, RWE is still among the DAX companies with an attractive dividend yield. Based on the year-end closingprices of our common and preferred shares, the dividend yields for the 2013 financial year stood at 3.8 % and 4.3 %, respectively.

The recurrent net income is calculated by subtracting from net income the non-operating result which is affected by one-off effects and major non-recurrent effects on the financial result, taxes, and income from discontinued operations.

Dividend/dividend payment

1 Based on the annual average number of shares outstanding.

2 Ratio of the dividend payment to recurrent net income.

3 Ratio of the dividend per share to the share price at the end of the fiscal year.

Earnings per share1-4.492.133.356.206.70
Recurrent net income per share13.764.004.607.036.63
Dividend per share1.
Dividend payment€ million6151,2291,2291,8671,867
Payout ratio2%2750505053
Dividend yield common share3%
Dividend yield preference share3%