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United Internet AG is a Germany-based Internet service provider (ISP) and holding company of the United Internet Group. The Company's products and technical services are divided into two key segments. The Access segment comprises narrowband, broadband and mobile access subscriptions, including the corresponding applications. The Applications segment includes such applications as home pages, e-shops, Personal Information Management applications, group work, online storage and office software. The Application segment also includes the operations of the Company's brands Sedo and affilinet, which serve customers performance-based advertising and sales possibilities. The Company's brand portfolio also includes GMX, WEB.DE, 1&1, united-domains, Fasthosts and InterNetX. In addition, the Company develops Internet based applications, such as cloud applications. The Company acts primarily via its wholly owned subsidiary 1&1 Internet AG, and Sedo Holding AG, in which it holds a majority stake.
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>Record bids, the incumbents do well - After a record 497 rounds, 5G auctions in Germany concluded on Wednesday evening with total bids of € 6.55bn, close to our estimate of € 6.7bn.From round 187, bids for the 2.1 GHz spectrum were generally frozen: DTE and VOD ended with 40 MHz each, while TEFD and DRI secured 20 Mhz. In the case of 1&1 Drillisch, the blocks will be made available in 2026, which implies that: 1/ payment will be due on 30 June 2024 at the latest...
>Des enchères record, les acteurs historiques s’en sortent bien - Après une durée record de 497 rounds, les enchères 5G en Allemagne se sont conclues mercredi soir avec une dépense globale de 6.55 Md€, proche de notre estimation de 6.7 Md€.Dès le round 187, les enchères sur le spectre 2.1 Ghz étaient globalement figées : DTE et VOD terminent avec 40 Mhz chacun, tandis que TEFD et DRI repartent avec 20 Mhz. Dans le cas de 1&1 Drillisch, ces blocs seront mis à disp...
Item 3: Approve the Remuneration ReportThe remuneration structure is satisfactory, though accelerated vesting is possible. Potential and actual total variable remuneration exceed guidelines, but not very much. They are moderate in comparison with UK market practice. Overall, the quantum during the year was not excessive. We recommend shareholders vote in favor.
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
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