ANNUAL REPORT 2008 | 2009 - SinnerSchrader AG

SinnerSchrader 2008 | 2009Report of the Supervisory Board15The BoardsThe members of the Management Board and SupervisoryBoard remained unchanged in the 2008/2009financial year. At the Annual General Meeting on18 December 2008, the Management Board andSupervisory Board were discharged for the 2007/2008financial year, and the Supervisory Board was re-electedfor the period to the end of the Annual General Meetingwhich will decide on the discharge of the SupervisoryBoard for the 2012/2013 financial year. Since the SupervisoryBoard again consisted of only three membersin the 2008/2009 financial year, it did not form anycommittees.examination and discussion, the Supervisory Boarddid not have any objections and endorsed the auditor’sresults. The Board approved both the ConsolidatedFinancial Statements and Annual Financial Statementson 3 November 2009. The Annual Financial Statementsare thereby adopted. At the same time, the SupervisoryBoard approved the Management Board’s suggestionto propose to the Annual General Meeting that a dividendin the amount of € 0.08 per individual share be paidfrom the accumulated income as of 31 August 2009and that any accumulated income remaining after thepayment be carried forward to new accounts.Business DevelopmentCorporate GovernanceOn 18 December 2008, the Supervisory Boardtogether with the Management Board submitted thedeclaration of conformity with the Corporate GovernanceCode, in its version from 6 June 2008, which isrequired by Article 161 of the German Stock CorporationAct and which documents general compliancewith the courses of action recommended by the Code.Consolidated and Annual Financial StatementsThough Germany’s GDP experienced its sharpestdecline in over 50 years, SinnerSchrader was able toexpand its business in the 2008/2009 financial year.On the one hand, this emphasizes that the importanceof the Internet for marketing and sales continued togrow and enabled the market for interactive servicesto develop positively, independent of the economy.On the other hand, it demonstrates the strength thatSinnerSchrader has developed in this market in theten years since its share was first listed on the stockmarket in November 1999.The accounts and Annual Financial Statements of Sinner-Schrader AG as well as the Consolidated FinancialStatements including the Joint Status Report of theGroup and SinnerSchrader AG which were drawn upin accordance with International Financial ReportingStandards as required under Article 315a para. 1 ofthe German Commercial Code for the 2008/2009financial year as of 31 August 2009 were audited byBDO Deutsche Warentreuhand AktiengesellschaftWirtschaftsprüfungsgesellschaft, Hamburg, at therequest of the Supervisory Board and received anunqualified auditor’s opinion. Following a preliminarymeeting between the auditor and the Chairman of theSupervisory Board on 16 October 2009, the SupervisoryBoard discussed the Annual Financial Statements,Consolidated Financial Statements, and Joint Statusreport in detail at its meeting on 3 November 2009in the presence of the auditor and the ManagementBoard. These documents and the auditor’s reportshad been made available to the members of theSupervisory Board before the meeting. After thoroughThe company used this strength to expand its portfolioof services judiciously during the crisis and supplementit with ad serving services and an e-commerce outsourcingoffer. The Supervisory Board will support theManagement Board in making these investments successfulin the coming financial years without neglectingthe positive development of the core business in theInteractive Marketing segment.ThanksThe Supervisory Board would like to thank the ManagementBoard and all employees of the SinnerSchraderGroup for their dedication in the 2008/2009 financialyear, which laid the foundation for the successfuldevelopment of the Company.Hamburg, 3 November 2009Prof. Dr Reinhard PöllathChairman of the Supervisory Board