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2010 closed with consolidated sales of Euro 850 mn - Geox
22 Apr '11
2 min read
The Shareholders' meeting of Geox S.p.A, approved the Financial Statement for the year ended December 31, 2010 as deliberated by the Board of Directors held on March 3, 2011 and already communicated to the market via press release in the same date.
The Shareholders' meeting has approved a dividend distribution of Euro 0.18 per share, equal to a pay ratio of 80%. Geox will distribute 47 million dividend. The shares will go ex-coupon on 23 May 2011 and dividends will be paid on 26 May 2011.
Mario Moretti Polegato, Chairman and founder of Geox, commented: "2010 closed with consolidated sales of Euro 850 million, substantially in line with 2009, thanks to a satisfactory second half that showed growth of 9%. This positive trend in the second half of the year involved both footwear (+5%) and apparel (+29%), spread over Italy, Europe and North America, whereas emerging markets speeded up, turning in a result of + 17%.
Particular satisfaction came from our directly operated stores which reported comparable growth during the Fall/Winter 2010 season of +14%, further confirmation of the strength of the Geox brand, our technology and the Group's ability to create collections that are appreciated by consumers. Furthermore the Group solid cash position, of over 90 million euro at the end of 2010, allowed us to approve a sizeable dividend of 0.18 euro per share.”
Other Resolutions
The Shareholders' meeting of Geox S.p.A., has approved a new stock option plan aimed at directors and employees with roles that are key for the achievement of the Group's strategic objectives. The details of this plan have been reported in the document filed on March 22, 2011.
By implementing this plan, the company intends to promote and pursue the following objectives: (i) to link the compensation of key resources to the company's effective performance and to the creation of value for the Geox Group; (ii) to orient key resources towards strategies designed to pursue results in the medium/long term; (iii) to align the interests of top and middle management to those of the shareholders and investors; (iv) and to introduce retention policies to raise the fidelity of key resources.
The aforementioned Shareholders' Meeting appointed the Board of Directors to manage the stock option plan with wideranging powers to identify the participants, establish performance objectives, allocate option rights and to implement the plan in all its details.
The Shareholders' meeting has approved a dividend distribution of Euro 0.18 per share, equal to a pay ratio of 80%. Geox will distribute 47 million dividend. The shares will go ex-coupon on 23 May 2011 and dividends will be paid on 26 May 2011.
Mario Moretti Polegato, Chairman and founder of Geox, commented: "2010 closed with consolidated sales of Euro 850 million, substantially in line with 2009, thanks to a satisfactory second half that showed growth of 9%. This positive trend in the second half of the year involved both footwear (+5%) and apparel (+29%), spread over Italy, Europe and North America, whereas emerging markets speeded up, turning in a result of + 17%.
Particular satisfaction came from our directly operated stores which reported comparable growth during the Fall/Winter 2010 season of +14%, further confirmation of the strength of the Geox brand, our technology and the Group's ability to create collections that are appreciated by consumers. Furthermore the Group solid cash position, of over 90 million euro at the end of 2010, allowed us to approve a sizeable dividend of 0.18 euro per share.”
Other Resolutions
The Shareholders' meeting of Geox S.p.A., has approved a new stock option plan aimed at directors and employees with roles that are key for the achievement of the Group's strategic objectives. The details of this plan have been reported in the document filed on March 22, 2011.
By implementing this plan, the company intends to promote and pursue the following objectives: (i) to link the compensation of key resources to the company's effective performance and to the creation of value for the Geox Group; (ii) to orient key resources towards strategies designed to pursue results in the medium/long term; (iii) to align the interests of top and middle management to those of the shareholders and investors; (iv) and to introduce retention policies to raise the fidelity of key resources.
The aforementioned Shareholders' Meeting appointed the Board of Directors to manage the stock option plan with wideranging powers to identify the participants, establish performance objectives, allocate option rights and to implement the plan in all its details.
Geox S.p.A.
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