DGAP-News: Gerry Weber International AG / Key word(s): AGM/EGM
General Meeting of GERRY WEBER International AG
24.05.2011 / 13:20
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PRESS RELEASE
- Record dividend of EUR 1.10 per share endorsed by Annual General Meeting
- All items on the agenda endorsed by a large majority
- Sales and earnings targets for financial year 2010/2011 confirmed
(Halle/Westphalia, 24 May 2011) Shareholders attending today's Annual
General Meeting of GERRY WEBER International AG endorsed the seven motions
on the agenda with a large majority.
The most important motions included the dividend increase to EUR 1.10 per
voting share, which is 30 percent or EUR 0.25 more than in the previous
year, making this the highest dividend ever paid in the company's history.
The total payout amounts to EUR 25.2 million. The remaining annual profit
amounting to EUR 14.5 million will be carried forward to new account. The
Group's net profit grew by 25.6 percent in the past financial year and the
first quarter of the current financial year saw a continuation of this
excellent profit trend.
Another motion on the agenda concerned a capital increase from company
funds through the conversion of a part of the retained earnings into share
capital. The capital increase will be implemented by issuing 22,952,980
no-par-value shares to existing shareholders on a 1:1 basis. This move is
designed to make the shares even more attractive investments without
diluting the equity.
In his speech to the Annual General Meeting, Managing Board Chairman
Gerhard Weber laid out the reasons for the excellent performance put in by
GERRY WEBER International AG. 'The excellent performance of our three
brands was preceded by a consistent modernisation process. We have clearly
rejuvenated our collections over the past years and now present a clear and
consistent signature and even more sophisticated designs across all three
brands. Going forward, we will further sharpen our focus on the high value
of our fashion to underline our ambition of forming a bridge to the premium
segment,' Gerhard Weber told shareholders. He also pointed out that the
company's own Retail business would remain the main growth driver. 'As a
vertically integrated systems supplier, we seize market opportunities
flexibly as they arise. We meanwhile cover the full value chain from
product development to our own stores. Building on our vertical integration
strategy, we have achieved a unique standing in the marketplace and have
clearly outdistanced our industry peers in terms of growth over the past
years,' said the Chairman of the Managing Board.
Gerhard Weber confirmed that the company anticipates sales of EUR 700
million for the current financial year, an increase by more than 10 percent
on the previous year. The EBIT margin is to increase to more than 14
percent. The company projects double-digit sales growth also for the next
two to three years, with the EBIT margin likely to rise to 15 percent. The
Chairman of the Managing Board concluded his speech to shareholders by
saying: 'In the past fiscal year, we have adapted our brand policy even
more closely to consumers' requirements. We have modernised our collections
prudently and continued to raise the level of quality. At the same time,
the streamlining of our collections has enabled a clearly faster
implementation of new fashion trends. We continue to expand the lead over
our competitors and are ideally positioned to reach our growth targets.'
Some 1,100 shareholders and shareholder representatives attended the annual
general meeting, which traditionally takes place at the GERRY WEBER Event &
Convention Center during the week before the start of the GERRY WEBER OPEN
lawn tennis tournament.
Investor Relations contact:
Jörg Stüber
Tel.: +49 (0) 52 01 185 - 0
E-Mail: j.stueber@gerryweber.de
www.gerryweber-ag.de
End of Corporate News
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Language: English
Company: Gerry Weber International AG
NeulehenstraÃe 8
33790 Halle/Westfalen
Deutschland
Phone: +49 (0)5201 185-0
Fax: +49 (0)5201 5857
E-mail: h.kley@gerryweber.de
Internet: www.gerryweber-ag.de
ISIN: DE0003304101
WKN: 330410
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime
Standard); Freiverkehr in Berlin, Stuttgart
End of News DGAP News-Service
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125955 24.05.2011
DGAP-News: General Meeting of GERRY WEBER International AG
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