Ströer SE: Ströer resolves conversion into partnership limited by shares and confirms planned dividend increase for 2015
Sep 25, 2015 3:31 PM
DGAP-News: Ströer SE / Key word(s): AGM/EGM
Ströer resolves conversion into partnership limited by shares and confirms planned dividend increase for 2015
- Planned dividend increase of 50% to EUR 0.60 consistent with existing dividend policy
- Guidance for 2015 and 2016 confirmed
- Three to four small digital acquisitions anticipated in 2015
Cologne, September 25, 2015 At today's Extraordinary General Meeting of Ströer SE in Cologne, all resolutions proposed by the Supervisory Board and the Board of Management were clearly adopted with an approval rating of 68%. The proposed resolution to convert Ströer SE into a partnership limited by shares (KGaA) was approved by a broad majority of 84,21% of the votes of shareholders present.
"We view the huge support we have received for our proposal to convert Ströer SE into a partnership limited by shares as confirmation and a token of trust from our shareholders for our sustainable strategy based on shareholder value and the successful development of our company, particularly in recent years. We believe that the model of a founder and family-managed and listed corporation is a pioneering and successful model from which all our shareholders will continue to benefit," commented Udo Müller, CEO of Ströer.
38.498.522 shares of Ströer SE's share capital were represented at the General Meeting, which corresponds to around 79% of the share capital.
Ströer continues to pursue its profitable growth strategy, and indicated positive prospects in terms of the third quarter and the full fiscal year 2015. Based on sustained positive trading momentum in all major business segments, the company forecasts organic growth in the mid to upper single-digit range for fiscal year 2015 as previously announced. The third quarter 2015, which ends in a few days, confirms this outlook with organic growth at the upper end of this range. Based on advance bookings for the fourth quarter of 2015, Ströer also reiterates its full-year guidance for operational EBITDA of at least EUR 180 million - excluding the earnings contribution of t-online.de and InteractiveMedia.
"With defining acquisitions such as t-online.de, InteractiveMedia or the acquisition of OMS which still needs to be approved by the Bundeskartellamt competition authority, 2015 marks the beginning of a new era for us. All key financial figures are developing well and the share price has improved significantly," commented Udo Müller, CEO of Ströer. "We are currently registering ongoing strong momentum in revenue and are therefore able to confirm our full-year guidance for 2015 and 2016. We also anticipate three to four smaller acquisitions this year which should roughly contribute a combined EUR 25 million to revenue in 2016."
The closing of the acquisitions of t-online.de and InteractiveMedia is scheduled for November 2, 2015. A mid-range single-digit million contribution is expected in the current fiscal year and Ströer expects to see a boost for the Christmas business. Consolidated revenue in the portal business of t-online.de and the online marketer InteractiveMedia will total more than EUR 100 million in 2015. The expected consolidated contribution of both companies to Ströer SE's operational EBITDA in fiscal year 2016 amounts to around EUR 35 million before synergies, which are expected to be considerable. After the capital increase, earnings per share will already increase by more than 5% before synergies in 2016. This creates additional financial scope for higher dividends and value-generating investments.
In July 2015, Ströer paid out an increased dividend of EUR 0.40 per dividend-bearing share for fiscal year 2014. Through this four-fold dividend increase compared to fiscal year 2013, the company enabled shareholders to perceivably participate in the company's success. As announced in spring Ströer plans to continue its sustainable dividend policy of paying out 25% to 50% of adjusted operating profit in fiscal year 2015. Udo Müller, CEO of Ströer SE, announced at today's Extraordinary General Meeting in Cologne that the Supervisory Board and Board of Management plan to implement this dividend policy based on the current business development, by proposing a 50% increase in the dividend to EUR 0.60 per dividend-bearing share to the shareholders at next year's Ordinary General Meeting.
In the full year 2014, Ströer SE generated consolidated revenue of EUR 721m.
The Ströer SE is listed on the SDAX of the German Stock Exchange.
For more information on the Company, please visit www.stroeer.com.
This press release contains "forward looking statements" regarding Ströer SE ("Ströer") or the Ströer Group, including opinions, estimates and projections regarding Ströer's or the Ströer Group's financial position, business strategy, plans and objectives of management and future operations. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Ströer or the Ströer Group to be materially different from future results, performance or achievements expressed or implied by such forward looking statements. These forward looking statements speak only as of the date of this press release and are based on numerous assumptions which may or may not prove to be correct. No representation or warranty, express or implied, is made by Ströer with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The information in this press release is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning Ströer or the Ströer Group. Ströer undertakes no obligation to publicly update or revise any forward looking statements or other information stated herein, whether as a result of new information, future events or otherwise
Director Corporate Communications
Ströer-Allee 1 | D-50999 Cologne
Telephone: +49 (0)2236 - 96 45-246
Fax: +49 (0)2236 - 96 45-6246
Manager Investor Relations
Ströer-Allee 1 | D-50999 Cologne
Phone: +49 (0)2236 / 96 45-356
Fax: +49 (0)2236 / 96 45-6356
2015-09-25 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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|Ströer Allee 1|
|Phone:||+49 (0)2236.96 45 0|
|Fax:||+49 (0)2236.96 45 299|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart|
|End of News||DGAP News Service|