11. Equity and reserves

Changes in equity are presented in the statement of changes in equity.

The share capital is €51,631,400 and is composed of 51,631,400 no-par-value registered shares.

The notional value of each share is €1.00.

Deutsche EuroShop carried out a rights issue at a ratio of 6:1 in February, thereby increasing the share capital from 37,812,496 to 44,114,578 shares. The new shares were acquired in full by existing shareholders exercising their subscription right and an oversubscription right granted by the Company. A total of 6.3 million new shares were issued at a subscription price of €19.50 per share. Around €123 million flowed into the company as a result. The corresponding entry in the commercial register was made on 2 February 2010.

In July 2010, the Company’s increased its share capital by €1,780,000 to a total of €45,894,578 by issuing 1,780,000 additional shares against non-cash contributions. The corresponding entry in the commercial register was made on 13 August 2010.

The Company carried out a rights issue at a ratio of 8:1 in November, thereby increasing the share capital by 5,736,822 shares to €51,631,400. The new shares were acquired in full by existing shareholders exercising their subscription right and an oversubscription right granted by the Company. A total of 5.7 million new shares were issued at a subscription price of €23.00 per share. Around €132 million flowed into the company as a result. The corresponding entry in the commercial register was made on 24 November 2010 According to Article 5 of the Articles of Association, the Executive Board is authorised, subject to the approval of the Supervisory Board, to increase the Company’s share capital by up to a total of €14,540,467 on one or multiple occasions until 16 June 2015 by issuing no-par-value registered shares against cash and/or non-cash contributions (approved capital 2010).

The Executive Board is authorised, subject to the approval of the Supervisory Board and until 21 June 2011, to issue convertible bonds with a total notional value of up to €150,000,000 and maturities of up to seven years and to grant bondholders or creditors conversion rights 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.

The parent company of the Group, Deutsche EuroShop AG, is reporting an unappropriated surplus of €56,795 thousand. The Executive Board and the Supervisory Board will propose to distribute this amount as a dividend of €1.10 per share at the Annual General meeting on 16 June 2011. The previous year’s unappropriated surplus was distributed in full to the shareholders. The dividend paid was €1.05 per share.

The capital reserves contain amounts in accordance with section 272 (2) nos. 1 and 4 of the Handelsgesetzbuch (HGB – German Commercial Code).

Retained earnings consists primarily of the remeasurement reserves and currency items recognised at the time of transition to IFRS.

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