In general, Klöckner & Co follows a dividend policy of distributing 30% of consolidated net income before non-recurring items. We complied with this dividend policy in 2006 and 2007 by distributing €0.80 per share each year. In fiscal year 2008, we suspended our dividend policy in view of the emerging euro crisis and dispensed with payment of a dividend. In 2009, we paid no dividend for reasons of our earnings situation. Starting in fiscal year 2010, we resumed our Company’s general dividend policy by paying a dividend of €0.30 per share. No dividend was paid in fiscal years 2011, 2012 and 2013, again for earnings-related reasons. In 2015 we distributed the balance sheet profit for fiscal year 2014 in the amount of €19,950,000 in full to the shareholders as dividend. Given 99,750,000 shares vested with dividend rights, this amount corresponds to a distribution of €0.20 per share. For fiscal year 2016 we distributed an amount of €19,950 thousand. Given 99,750,000 shares vested with dividend rights, this amount corresponds to a distribution of €0.20 per share.
For the fiscal year 2017 the Management Board and Supervisory Board will propose to the Annual General Meeting to distribute a dividend of €0.30 per share (€29,925 thousand in total) from unappropriated profits and transfer the remaining €173 million to other revenue reserves.