2007 Reference document (PDF) - Valeo

2. Dividends
Dividends per share over the past three years were as follows:
Information on the Company and its capital
Market for the Company’s securities
Year Dividend per share (in euros) Tax allowance (in euros) Total (in millions of euros)
2004 1.10
2005 1.10
2006 1.10
In view of the Group’s results in 2007, at the General Shareholders’
Meeting to be held to approve the financial statements for the year,
the Board of Directors will recommend a net dividend of 1.20 euro
per share.
For individual shareholders domiciled in France for tax purposes,
dividends are included in personal taxable income. However, subject
to certain conditions these shareholders are eligible for a 40% tax
allowance, irrespective of the amount of the dividend, plus a fixed
annual tax allowance. All of the Company’s dividends are eligible
for this tax regime.
In accordance with Article 117 quater of the French General Tax Code,
individual shareholders domiciled in France for tax purposes can elect
to pay an 18% flat-rate withholding tax on their dividends. Where
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Eligible for the 50% tax allowance provided for
in Article 158-3-2 of the French General Tax Code 91
Eligible for the 40% tax allowance provided for
in Article 158-3-2 of the French General Tax Code 84
Eligible for the 40% tax allowance provided for
in Article 158-3-2 of the French General Tax Code 85
shareholders take up this option they must inform the Company or its
representative at each dividend payout date. If a shareholder elects
to be subject to this flat-rate withholding tax in a particular year, said
tax will apply to all dividends received by the shareholder during that
year and he or she will not be able to claim the above-mentioned
allowances. Consequently, whether or not this flat-rate withholding
tax option is advantageous will depend on the shareholder’s tax
position and it is the responsibility of each shareholder to examine
with their tax advisors whether it is in their interests to take it up.
As the dividend payout rate is not fixed, future dividend payments
will depend on the Group’s results as well as the financing required
to drive future growth. The Company cannot guarantee the amount
of dividends to be paid for any particular year.
2007 Reference document - VALEO
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