Dividend
Dividend Increase Recommended Again
We wish to continue our dividend policy of recent years
and believe our shareholders should benefit appropriately
from the Company’s success in achieving increased income
targets for 2007. The Executive Board and Supervisory Board will recommend to the Annual General Meeting
of Shareholders that the dividend be increased 8.7%
to €0.50 per share (2006: €0.46; 2005: €0.3625). The
dividend payout ratio (which here means total distributed
dividend as a percentage of net income) would be slightly
higher at 31% (2006: 30%; 2005: 30%).
If the shareholders approve this recommendation and treasury stock remains at the 2007 closing level, the provisional total amount distributed in dividends would be €599.1 million. The actual amount distributed is expected to be different from the provisional total because the number of repurchased shares held in treasury will probably change before the Annual General Meeting of Shareholders. Transactions related to share-based compensation could also change the amount of common stock. We distributed €556 million in dividends from our 2006 earnings (2005: €447 million). Aside from the distributed dividend, in 2007 we also returned €1,005 million to the shareholders by repurchasing SAP shares for treasury (2006: €1,149 million; 2005: €454 million).
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