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DES - Online Annual Report 2007

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10. Issued capital and capital reserves

On 6 August 2007, Deutsche EuroShop AG implemented a capital increase from own funds with subsequent two-for-one share split. The share capital is thus divided into 34,374,998 no-par value registered shares and amounts to €34,374,998 following the changeover.

The notional value of each share is €1.00.

According to section 5 of the Articles of Association dated 31 August 2007, the Executive Board is authorised, with the approval of the Supervisory Board, to increase the Company’s share capital by up to a total of €17,187,499 on one or several occasions until 20 June 2012 by issuing up to 17,187,499 no-par value registered shares against cash or non-cash contributions.

The Executive Board is authorised, with the approval of the Supervisory Board, until 21 June 2011 to issue convertible bonds with a nominal value of up to a total of €150,000 thousand and maturities of up to seven years and to grant bond holders or creditors conversion rights to up to 7,500,000 new no-par-value registered shares in the Company with a proportionate amount of share capital of up to €7,500,000 as detailed in the terms and conditions for convertible bonds to be published by the Executive Board, with the approval of the Supervisory Board.

As the parent company of the Group, Deutsche EuroShop AG has reported an unappropriated surplus of €36,094 thousand. The Executive Board and Supervisory Board will propose to distribute this amount as a dividend of €1.05 per share at the Annual General Meeting on 19 June 2008. From unappropriated surplus of the previous financial year of €45,092 thousand, a dividend of €36,094 thousand will be distributed to the shareholders and an amount of €8,998 thousand will be carried forward on new account.

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