Dividends: Shareholders can expect windfall – SPIEGEL ONLINE

Shareholders can rejoice: The 616 listed companies in Germany have their shareholders this year with the most luxuriant windfall of history to share in their success. Overall, they pour According to the German Association for the Protection Securities (DSW) from the record dividend of 41.7 billion euros.

However: Only a small minority of German savers strongly disagrees fundamentally with an investment in equities and therefore benefits from the multi-billion dollar transfers, such as DSW expert Roland Klose complained: “Only about 19 percent of their assets to invest the Germans in shares or mutual funds. ” On the other hand were above 80 percent of at least about five trillion euros severe financial wealth of households in life and annuity insurers in interest loans or investments would be hoarded as cash. Klose is convinced: “Would a further distinction here in asset size of individual households, is an outcome with certainty that it is primarily the large fortune, which invest their money in the stock market and thus disproportionately benefit from any increase and of course paying dividends.” And: Approximately 64 percent of the shares in the stock market heavyweights in the leading Dax include foreign investors.

Distributions surpass record

Prudent savers go empty-handed, however – many have to cope with even real losses because of the Mini-interest. Even more: Last year alone, separated according to the German Aktieninstitut around half a million German citizens of shares or units of equity funds.

For many of the 8.4 million shares owner has her investment worth it. Thanks to the good fiscal year exceed the distributions of the companies previous record from 2008 of 38.2 billion euros to 9.2 percent. The previous value is increased by 13.4 percent. “The dividend payments deposited for the fifth time in a row to. The last fall, there had been in the crisis year 2010,” says DSW chief executive Marc Tüngler.

With an increase of 33 per cent of the medium-sized companies in the MDax increased their dividends particularly strong. Shareholders holding securities of DAX companies get, on average one tenth more than 2014: 29.9 billion euros together.

DSW calls for higher payout ratio

Nevertheless, the Aktionaersschuetzer DSW are not completely satisfied: “The distribution ratios despite the high total even many of the Index companies continue to be the expectations of the DSW back, “says Klose.

The DSW calls that usually at least 50 percent of the profit will be distributed to the shareholders. Finally, the shareholders deceive capital risk. You would have to be adequately involved in company profits: “But many of them are companies are again quite a bit away 54.5 percent of the index companies remain below the 50 percent payout ratio A quarter of the ratio is even lower than 33 percent…”

It therefore remains room for improvement. DZ Bank analyst Michael Bissinger warns of high expectations: “The payout ratio must be based on the business model: If a company invests in the long run and adds value, it should not throw out more.”