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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
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  "authorName": "Muddy Waters Capital",
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  "presentationDate": "2016-08-10 00:00:00",
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      "text": "The out-of-home international segment earned sales totaling 142.8 million euros in 2015. As a result, it had to take slight decreases compared to 2014, which were due primarily to geopolitical uncertainties and associated foreign currency effects. By comparison, sales in local currency eased only marginally. Taking additional overheads savings into account resulted in a generally better operational EBITDA of 25 million euros. The operational EBITDA margin also rose to 17.5%.",
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      "text": "Further to Paragraph 5, Subpara. 1 of the Articles of Association of the former Steuer SE and with the approval of the supervisory board, the board of management was authorized to increase the company's equity capital once or several times by up to 18,938,495 euros against cash contributions and/or contributions in kind. Also with the approval of the supervisory board, the board of management was authorized to exclude shareholders' subscription rights in the eventuality of any increase in capital against contributions in kind, in particular to acquire companies, company divisions or holdings in companies.",
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      "text": "On the basis of this authorization, the board of management decided on September 28, 2015 with the same-day approval of the supervisory board to increase the company's equity capital from 48,869,784 euros by 6,412,715 euros to 55,282,499 euros by issuing 6,412,715 new no-par value bearer shares with dividend rights from the 2015 business year. In the process, the shareholders' statutory subscription rights were barred as the increase in capital was carried out in the form of contributions in kind.",
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      "text": "Let me take a brief look at the increase in capital from authorized capital of last business year which was carried out in order to acquire Germany's furthest-reaching online portal, T-Online, and Germany's biggest digital marketer Interactive Media belonging to Deutsche Telekom AG.",
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      "text": "Our business is based on three segments: digital, out-of-home Germany and out-of-home international. The Ströer digital segment once again recorded strong increases, thereby continuing its upwards trend unabated. Annual revenue for 2015 in this segment rose by almost 50% to 243.5 million euros. The operational EBITDA also developed considerably positively and doubled to 79.5 million euros. The EBITDA margin also improved considerably in the 2015 business year, rising to 32.7%.",
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      "text": "The contribution was carried out with commercial effect from November 2, 2015. The capital increase and the entry of the company in the Commercial Register also became effective on November 2, 2015. The shares issued must be held for at least 12 months.",
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      "text": "For Ströer, this acquisition was very important and a clear game-changer in Germany's digital market. The increases in capital against contributions in kind enabled the company to carry out the transaction in such a way as not to impair liquidity and, in view of the advantages connected with the",
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      "text": "Going by a company valuation carried out in the group according to the IDW standard, the newly-acquired Digital Media Products GmbH and its holdings in Interactive Media GmbH is worth some 300 million euros. The exchange ratio between the holdings in the companies acquired and the Ströer shares granted in return was calculated on the basis of the company value of the companies acquired and the price of Ströer's shares.",
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      "text": "The 6,412,715 new shares were issued at the lowest issue price within the meaning of Section 9, Subsection 1, of the German Public Companies Act, in other words, at one euro per share. They correspond to an 11.6% share of share capital in Ströer and were taken over by Deutsche Telekom AG, which contributed to Ströer SE all shares held by it in Digital Media Products GmbH in return. Digital Media Products GmbH operates the T-Online internet portal and itself holds 100% of the shares in the digital marketing company Interactive Media.",
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      "text": "In the out-of-home Germany segment, we can report considerable increases in sales revenue, with both the national and the regional business contributing considerably to growth. Annual revenue for 2015 in the out-of-home Germany segment rose organically by over 8% to 464 million euros, and the operational EBITDA developed considerably positively, rising by 27% to 124.5 million euros. The EBITDA margin also improved in the 2015 business year, rising to 26.8%.",
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      "text": "In the past business year, Ströer has simultaneously continued, apart from its online business, to selectively invest in organic growth projects in Germany and abroad. In all, investments excluding acquisitions increased by almost 70% to 76 million euros.",
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