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GfK Upbeat at AGM
A buoyant GfK has announced a 43% increase in its dividend, the fifth successive rise since its IPO. 479 shareholders and shareholder representatives attended yesterday's AGM and approved a dividend of EUR 0.30 per share for financial year 2004.
Since 1999, the total dividend has increased by more than 170% from EUR 3.4m to EUR 9.4m.
Shareholders also resolved to extend the share buy-back programme until 23 November 2006 and approved a new authorized capital translating into almost 10.8m shares, equivalent to a current fair value of around EUR 324m.
Peter Zühlsdorff stepped down from the group's Supervisory Board after 16 years [and two previously on the Advisory Board of GfK GmbH]. He has been Chairman since 1992 and played a key role in the IPO. Stefan Pfander, VP and European Chairman of Wm. Wrigley, was elected to the Board at the meeting.
Following the 15 April acquisition of NOP World, to be finalised in a week's time pending the approval by the monopolies commissions in the USA and Germany, GfK will increase in size from 5,700 staff to more than 7,000, and expects to achieve sales of around EUR 900m in 2005, including seven months pro rata for NOP. The company expects EBITDA and adjusted earnings per share to continue to show double-digit growth in 2005, 2006 and 2007.
The group's home page is at www.gfk.com
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