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Corporate Governance – portrayed in the individual cultural and legal framework, from the standpoint of equity capital.

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VIPsight International

Article Index

VIPsight - November 2014




Shareholders approve the merger plan between TUI and its subsidiary company

Photo: BrauchitschTUI merges with TUI Travel to create one of the most important tourist companies on the international market. The vast majority of shareholders of this FTSE 100 European major and its subsidiary approved the merger between the two companies at the extraordinary shareholders’ meeting in London and Hannover on October 28. This also solved the issue of the complicated double structure that was besetting the two. The “dilemma holding” was solved by obtaining full access to the high cash flow of TUI Travel. In future, all kinds of flight tickets and travel arrangements will be sold by one body alone instead of separately in Hannover and London. By uniting their resources, the new TUI should very soon begin to reap much higher profits by making use of its own hotels, cruise ships and relationships with tour operators. The headquarters will be located in Germany and the main bourse listing in London. The shareholders of the MDax listed company based in Hannover with its 54.5% stake in its self-governing British subsidiary also gave a 99% approval to a further three capital measures and the increase of the Supervisory Board from 16 to 20. 79.8 percent of the minority shareholders of TUI Travel voted for a merger based on shares and excluding premiums. The quorum needed was 75%. The shareholders are calling the merger “the most decisive battle in the company’s history”.


Deutz: engine seizure

SDax-listed engine manufacturer Deutz AG is facing a multi-million Euro bill for faulty product. The contingency fund of some 20 million Euros being set up to offset the problem will also impact the first quarter results. Ebit growth is a mere 0.6% of turnover against the 4% or more that; Deutz had originally budgeted. According to the company, many of the engines produced in 2011 are failing to stand up to conditions of normal usage.

Furthermore, the bleak outlook in orders has convinced the company of the need to issue a profit alert slashing the forecast growth in turnover from 10 to 1.5 per cento


KWSSaat: sow no seed, reap no harvest

Seed producer KWS Saat AG, is hoping to increase its R&D expenditure this fiscal year 2014-15, focusing especially on new business areas. This, however, is expected to have an adverse effect on profit. Last year, 2013-14 (ending September 30) company investment initiatives cut 9% off EBIT that bottomed out at 138 million Euros. The SDax-listed concern points out that turnover is up 3% and stands at 1.2 thousand million Euros while EBIT fell just short of 12%.

KWS Saat explains that these investments are aimed at expanding its research centres .in its German headquarters and in the United States, as well as broadening its distribution potential in Eastern Europe, China and Brazil, creating 300 jobs worldwide, some 100 of which in Germany. Company investment in fixed assets last year amounted to more than 82 million Euros – almost 27% more than the previous year.


zooplus: Success breeds success

The third quarter results of online distributor of products for household pets, Zooplus AG, confirmed the company’s ongoing success. Indeed, total output rose by 36% to 146 million Euros. The second quarter results of the SDax-listed concern were in themselves an increase of 28% over the previous quarter. Total output for the last nine months is up 31% to some 403 million Euros. The first quarter results for 2014 induced Zooplus management to increase this year’s forecast from 500 to 530 million Euros. One of the most significant factors in growth has been the company’s success on the international stage, above all in the European markets of France, United Kingdom, Italy, Spain and Poland.