Siemens 2014 Annual Report Download - page 129

247 D. Consolidated Financial Statements 337 E. Additional Information
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A.. Dividend proposal
At the Annual Shareholders’ Meeting, the Managing Board and
the Supervisory Board will propose a dividend payment of
€ ., which represents a dividend yield of . % and a payout
ratio of  %. This proposal continues our tradition of paying
attractive dividends to our investors.
A.. Share buyback program
In May , Siemens began to improve its capital structure
and repurchase its shares. The share buyback program has a
total value of up to €  billion for the repurchase of shares by
the end of October . By September , , the Company
had acquired about . million shares at an average price of
€ . per share, for a total value of around € . billion.
A.. Delisting from stock exchanges
in New York, London and Zürich
On May , , the listing of Siemens’ American Depository
Receipts (ADRs) on the New York Stock Exchange (NYSE) was
terminated. On the same date, the Company applied for dereg-
istration at the U.S. stock exchange regulatory authority, the
United States Securities and Exchange Commission (SEC). The
deregistration became effective on August , .
The goal of the delisting and deregistration was to address
the change in the behavior of investors. The trading of Siemens
shares is now conducted predominantly in Germany and
via electronic trading platforms (over-the-counter, OTC). The
trading volume of Siemens shares in the U.S. was low, amount-
ing to significantly less than  % of their global trading volume
over the last  months. The deregistration has enabled us to
simplify our financial reporting processes and increase their
efficiency.
On October , , the listing of the Siemens share on the
London Stock Exchange (LSE) was terminated. On the same
date, SIX Swiss Exchange AG in Zürich (SIX) approved the
request of Siemens AG to terminate the Siemens share’s listing
on the SIX stock exchange as of January , .
Like the delisting in New York, these two delistings were the
result of a change in investor behavior. In , trading volume
on both exchanges accounted for considerably less than  % of
our global trading volume.
Independently of the delistings, high standards of transparency
in financial reporting and first-class corporate governance will
continue to be a top priority at Siemens. The Company will, of
course, continue to foster open and direct dialogue with its
German and international investors. The termination of the
stock exchange listings will have no impact on Siemens’ stra-
tegic orientation or its presence.
Dividend
Fiscal year FY  FY  FY  FY  FY 
Dividend per share in € 3.3013.00 3.00 3.00 2.70
Dividend yield in % 3.5 3.0 3.6 3.9 2.9
Ex-dividend date Jan. 28, 2015 Jan. 29, 2014 Jan. 24, 2013 Jan. 25, 2012 Jan. 26, 2011
Net income (as reported) in millions of € 5,507 4,409 4,590 6,321 4,068
Total dividend payout in millions of € 2,70632,533 2,528 2,629 2,356
Payout ratio in % 49 57 48 42 46
1 To be proposed to the Annual Shareholders’ Meeting.
2 Dividend payout / Siemens share price on day of
Annual Shareholders’ Meeting; for fiscal :
dividend payout / Siemens share price at fiscal year-end.
3 Based on estimated number of shares entitled to
a dividend payment on day of Annual Shareholders’
Meeting for fiscal .
4 To calculate the payout ratio, net income was adjusted
for non-cash items in  (DX impairment charges)
and  (impairment charges for Solar and NSN
restructuring).