Our finance strategy calls for a payout of 40 % to 60 % of net profits as dividends as a general rule. The Annual General Meeting on 28 April 2017 decided to pay a dividend of €1.05 per share for financial year 2016 (previous year: €0.85. The distribution ratio based upon net profit, which is defined as consolidated net profit for the period after deduction of non-controlling interests, amounts to 48.2 %. The net dividend yield based upon the year-end closing price of our shares is 3.4 %. The dividend was distributed on 4 May 2017 and is tax-free for shareholders resident in Germany. It does not entitle recipients to a tax refund or a tax credit.