The Supervisory Board and the Executive Board of RWE AG will propose a dividend of €1 per share for fiscal 2013 to the Annual General Meeting on 16 April 2014. If the proposal is accepted, we will pay 27 % of recurrent net income to our shareholders. 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.
1 Based on the annual average number of shares outstanding.
2 Dividend proposal for RWE AG's 2013 fiscal year, subject to the passing of a resolution by the 16 April 2014 Annual General Meeting.
3 Ratio of the dividend payment to recurrent net income.
4 Ratio of the dividend per share to the share price at the end of the fiscal year.
|Earnings per share1||€||-4.49||2.13||3.35||6.20||6.70|
|Recurrent net income per share1||€||3.76||4.00||4.60||7.03||6.63|
|Dividend per share||€||1.00||2.00||2.00||3.50||3.50|
|Dividend payment||€ million||6152||1,229||1,229||1,867||1,867|
|Dividend yield common share4||%||3.8||6.4||7.4||7.0||5.2|
|Dividend yield preference share4||%||4.3||7.0||7.9||7.3||5.6|