Page 51 - Hoftex Annual Report 2018 EN

(37) Corporate group
Letter to Shareholders Supervisory Board Report Group Management Report Consolidated Financial Statements Annexes
HOFTEX GROUP AG, Hof, is a small corporation as defined in Section 267 HGB, the parent company of the Group and also a subsidiary of ERWO Holding AG, Schwaig. The two companies both prepare consolidated financial statements as the parent company of their respective groups that include each of their subsidiaries; they did not avail of the exemption provisions of Section 291 HGB. In the notes to the annual financial statements, HOFTEX GROUP AG reports that it is included in the consolidated financial statements of ERWO Holding AG. Further, the Company confirms that ERWO Holding AG prepares the consolidated financial statements for the largest group of companies (Section 285 no. 14 HGB) and that HOFTEX GROUP AG prepares the consolidated financial statements for the smallest group of companies (Section 285 no. 14a HGB). Both consolidated financial statements are available in the Electronic Federal Gazette.
(38) Group parent company’s proposal for the appropriation of net income
With the consent of the Supervisory Board, a proposal will be made to the Annual General Meeting to allocate the net retained profits of HOFTEX GROUP AG as follows:
Distribution of a dividend of EUR 0.25 per share
on the subscribed capital of EUR 13,919,988.69 (= 5,444,800 no-par value shares) ¤ 1,361,200.00
Allocation to the revenue reserves pursuant to Section 58(3) AktG ¤ 1,500,000.00 Carry forward to new account ¤ 107,008.05 Net retained profits ¤ 2,968,208.05
Hof, 29 March 2019
HOFTEX GROUP AG
The Management Board
Steger Seibold
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