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Stocks with Profit Transfer Agreement


Domination and Profit Transfer Agreement:

In a domination agreement the administration of the company is assigned to another (dominating) company. In a profit transfer agreement a company binds itself to transfer it's whole earnings to another company, whereby this includes also an obligation for the other company to compensate eventual losses.


Guarantee Dividend:

In case of a domination agreement without profit transfer being contracted or the profit transfer becoming first operative for the next business year, the dominating company guarantees a specific dividend amount (guarantee dividend) so long. If the dividend of the distributing company remains behind the guaranteed dividend, the dominating raises it on the guarantee dividend. The guarantee dividend equals the annual compensatory payment in case of a profit transfer agreement.


Annual Compensatory Payment:

For the business years, in which the company has to transfer it's earnings to the dominating company due to the profit transfer agreement, the dominating company has to pay the left shareholders a compensatory payment. This is about the amount of earnings, which the company could distribute to it's shareholders in average regarding it's previous and expected future earnings.


Financial Settlement:

In case of a domination or profit transfer agreement being contracted, the dominating company has to take the shares of the left shareholders on demand for an appropriate cash settlement or in some circumstances in exchange for own shares. The settlement has to be granted for at least 2 months and is often also limited to this period.


Gross/Net Values:

Compensatory payments and financial settlements are often stated as gross and net values. That does not mean the shareholder's income tax, but the corporate tax due on these proceeds. Because of the taxable amount of the payment varying from company to company, the ratio of gross to net values is not always equal. The shareholder finally receives the net values and has to tax them regularily.



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Contract Cancellation:

Domination and profit transfer agreements can only be cancelled at the end of an accounting year. Ordinarily they are concluded indefinitely. Often there is a cancellation period designated in the contract, e.g. the contract can be terminated earliest after 5 years with a period of 6 months to the end of an accounting year.



Company Since Transfer To Compensation Return Settlement Ratio
ADM Hamburg AG 1996 ADM Beteiligungsgesellschaft mbH €13.58 4.3 % €219.36 143 %
ALBA SE 2011 ALBA Group plc & Co. KG €3.25 4.5 % €46.38 156 %
Audi AG 1971 Volkswagen AG dividend of the Volkswagen common stock
BBI Bürgerliches Brauhaus Immobilien AG 2008 VIB Vermögen AG €0.63 2.4 % 1.45 shares of VIB Vermögen AG
Diebold Nixdorf AG 2017 Diebold Holding Germany Inc. & Co. KGaA €2.82 4.7 % €55.02 110 %
DMG MORI AG 2016 DMG MORI GmbH €1.03 2.4 % €37.35 114 %
GELSENWASSER AG 2004 Wasser und Gas Westfalen GmbH €21.16 2.4 % €399.27 219 %
GSW Immobilien AG 2014 Deutsche Wohnen SE €1.40 1.8 % 7 shares of Deutsche Wohnen AG for 3 shares of GSW Immobilien AG
Homag Group AG 2015 Dürr Technologies GmbH €1.01 2.8 % €31.56 116 %
Kabel Deutschland Holding AG 2014 Vodafone Vierte Verwaltungs AG €3.17 3.0 % €84.53 123 %
Mainova AG 2001 Stadtwerke Frankfurt am Main Holding GmbH €10.84 2.9 % €172.00 221 %
MAN SE 2013 Volkswagen Truck & Bus GmbH €3.07 6.4 % €80.89 59 %
McKesson Europe AG 2014 McKesson Deutschland GmbH & Co. KGaA €0.83 3.2 % €22.99 111 %
Medion AG 2012 Lenovo Germany Holding GmbH €0.69 4.6 % €13.00 115 %
MeVis Medical Solutions AG 2015 Varex Imaging Deutschland AG €0.95 3.2 % €19.77 148 %
Pilkington Deutschland AG 1989 Pilkington Holding GmbH €19.30 4.6 % €344.00 122 %
PULSION Medical Systems SE 2014 MAQUET Medical Systems AG €0.86 3.9 % €17.03 129 %
SinnerSchrader AG 2018 Accenture Digital Holdings GmbH €0.23 1.7 % €10.21 132 %
STADA Arzneimittel AG 2018 Nidda Healthcare GmbH €3.53 4.2 % €74.40 112 %
ÜSTRA Hannoversche Verkehrsbetriebe AG 1970 Versorgungs- und Verkehrsgesellschaft Hannover mbH €0.05 1.2 %
Verallia Deutschland AG 2016 Horizon Holdings Germany GmbH €17.06 3.3 % €433.02 119 %
Vereinigte Filzfabriken AG 1990 Wirth Fulda GmbH €15.66 2.4 % €254.05 252 %
Ratio = Price/Settlement


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