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To enable its shareholders to take part in the Company's success, SAP has paid a dividend every year since the stock was floated in 1988. In recent years, the payout has always been greater than 35% of profit after tax. We aim to continue our policy to pay a dividend totaling more than 35% of profit after tax in the future. Dividends are remitted without delay after the resolution on the appropriation of retained earnings, usually on the third business day after the Annual General Meeting. All shareholders possessing SAP certificates at the time of the resolution on the appropriation of retained earnings are entitled to receive payment of the dividend.
Next to paying a regular annual dividend, SAP has employed share repurchases for several years to continuously return excess cash to shareholders. Accordingly, SAP repurchases shares primarily for purposes of redemption and - to a lower extent - meeting its obligations arising from stock-based compensation programs.
As at December 31, 2016, SAP SE had issued 1,228,504,232 no-par shares with a calculated nominal value of 1€ per share.
The shareholder structure of SAP is characterized by a wide distribution of share ownership. Applying the definition accepted on the Frankfurt Stock Exchange - which excludes treasury stock from the free float - the free float stood at 85% at the end of June 2017. Institutional investors account for approx. 56% of all holdings.
More information on the SAP shareholder structure can be found in the "Investor Relations" chapter of our SAP Integrated Report.
In the United States, SAP shares are listed on the New York Stock Exchange (NYSE) in the form of American depositary receipts (ADRs). They have been traded there since August 3, 1998.
An ADR is a receipt representing ordinary or common shares of a non-U.S. company. ADRs are priced in U.S. dollars and traded on U.S. exchanges, allowing investors to buy and sell shares of non-U.S. companies in exactly the same way as they purchase or sell shares of U.S. companies.
