GFT Technologies AG / Key word(s): Dividend
23.05.2014 21:22
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc disclosure pursuant to Section 15 German Securities Trading Act
23 May 2014
GFT Technologies AG: Executive Board recommends an increase in the dividend
for fiscal year 2013 from EUR 0.20 to EUR 0.25
The Executive Board of GFT Technologies AG (GFT) has decided today to
modify its recommendation, which had been previously made to the Annual
General Meeting of Shareholders to declare a dividend of EUR 0.20 per share
for fiscal year 2013, and to recommend instead to the Annual General
Meeting of Shareholders a dividend of EUR 0.25 per share (prior year: EUR
0.15) for fiscal year 2013. This dividend corresponds to a total dividend
distribution of approximately EUR 6.58 million (prior year: EUR 3.95
million) and therefore represents a dividend rate (Dividendensatz) - total
dividend as a percentage of the consolidated annual net income - of
approximately 48%. The Supervisory Board of GFT will decide on Monday
whether it will concur with this modified Executive Board resolution
proposal.
The reason for the recommended increase is the following: the Company's
local German tax office (Finanzamt) informed GFT that the dividend for
fiscal year 2012 (2012 Dividend) had not been paid from the tax reserve
account (steuerliches Einlagekonto) and that therefore the investment
income tax, solidarity surcharge and any church tax should have been
reported, withheld and remitted for payment.
GFT is therefore under an obligation to arrange for the 2012 Dividend to be
corrected and taxes to be paid. In order to ensure that the shareholders do
not suffer any liquidity problems due to the correction of the 2012
Dividend, the Executive Board of GFT has decided to recommend to the Annual
General Meeting of Shareholders that the 2013 Dividend be increased to EUR
0.25 per share. The increase corresponds almost exactly to the amount which
must be paid as taxes in connection with the correction of the dividend. Of
the non-appropriated profit shown on the balance sheet in the amount of
approximately EUR 11.42 million, approximately EUR 6.58 million (instead of
the approx. EUR 5.27 million originally recommended) would be paid out as a
dividend and approximately EUR 4.84 million (instead of the approx. EUR
6.15 million originally recommended) would be carried forward to a new
account.
Contact:
Christian Kleff
Head of Corporate Communications & IR
GFT Technologies AG
Filderhauptstr. 142
70599 Stuttgart
T +49 711 62042-125
F +49 711 62042-101
christian.kleff@gft.com
www.gft.com
23.05.2014 DGAP's Distribution Services include Regulatory Announcements,
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Language: English
Company: GFT Technologies AG
Filderhauptstr. 142
70599 Stuttgart
Germany
Phone: +49 (0)711/62042-0
Fax: +49 (0)711/62042-301
E-mail: Investor-Relations@gft.com
Internet: www.gft.com
ISIN: DE0005800601
WKN: 580060
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: GFT Technologies AG: Executive Board recommends an increase in the dividend for fiscal year 2013 from EUR 0.20 to EUR 0.25
| Source: EQS Group AG