AGM Information • May 23, 2013
AGM Information
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Corporate | 23 May 2013 14:26
freenet AG approves dividend payment of EUR 172.8 million
freenet AG / Key word(s): AGM/EGM/Dividend
23.05.2013 / 14:26
– Annual General Meeting approves dividend of EUR 1.35 per eligible share
– Payout ratio rises to 66% of free cash flow*
– Creation of new authorized capital in the amount of 12.8 million euros
Büdelsdorf, 23 May 2013 – freenet AG today approved, with around 37 percent of its outstanding share capital in attendance and by a large majority, all of the agenda items proposed by its boards.
Following a constructive shareholder debate, freenet Group’s strategic development from Germany’s largest independent provider of mobile communications services into a strong-selling digital lifestyle provider centring on the core business of mobile communications was confirmed.
‘Thanks to our strategic focus on growth areas in the digital lifestyle sector, we are very well positioned in a mobile communications market that is increasingly dominated by smartphones,’ says freenet AG CEO Christoph Vilanek. ‘Given our existing range of services, we have a good basis for developing additional potential for value creation here.’
Due to the sustainable business model with continued high cash inflows, the Executive Board had adjusted its dividend policy retroactively from the 2012 fiscal year at the beginning of the year, and increased the payout corridor to between 50 and 75 percent of free cash flow. The now-approved dividend payment for the past fiscal year in the amount of 1.35 euros per eligible share represents a payout ratio of around 66 percent of free cash flow. The remaining balance sheet profit of 227.3 million euros will be carried forward.
‘We are pleased to have our shareholders participate in the freenet Group’s profitable business performance in fiscal 2012,’ says freenet AG CFO Joachim Preisig. ‘At the same time, we have reduced our net debt by nearly 15 percent, to further improve our risk profile for lenders.’
Apart from the regular agenda items, the creation of new authorized capital in the amount of 12.8 million euros and the adaptation of existing intercompany agreements with freenet AG subsidiaries to reflect current legislation were put to the vote.
Further information about freenet AG’s 2013 Annual General Meeting is posted at http://www.freenet-group.de/investor.
* Free cash flow is defined as cash flow from operating activities, minus investments in property, plant and equipment and intangible assets, plus proceeds from the disposal of property, plant and equipment and intangible assets.
End of Corporate News
23.05.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
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| Language: | English |
| Company: | freenet AG |
| Hollerstraße 126 | |
| 24782 Büdelsdorf | |
| Germany | |
| Phone: | +49 (0)40 51306-778 |
| Fax: | +49 (0)40 51306-970 |
| E-mail: | [email protected] |
| Internet: | www.freenet-group.de |
| ISIN: | DE000A0Z2ZZ5, DE000A1KQXU0 |
| WKN: | A0Z2ZZ , A1KQXU |
| Indices: | TecDAX |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart |
| End of News | DGAP News-Service |
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| 212742 23.05.2013 |
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