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18.03.2024

Solvay: Full-year 2023 results

  • Solvay’s FY 2023 financial statements reflect the Partial Demerger completed on December 9, 2023, with the Specialty businesses transferred to Syensqo classified as discontinued operations for 2023.
  • New Solvay leadership team committed to drive the transformation of the company.
  • Net sales for the full year 2023 at €4,880 million were down -12.6% organically versus 2022, driven primarily by volume declines. In Q4, net sales decreased organically by -18.9% from both lower volumes and prices.
  • Underlying EBITDA of €1,246 million for the full year 2023 was stable (+0.2%) on an organic basis compared to a record 2022, with positive Net Pricing and lower fixed costs offsetting the drop in volumes. EBITDA in the fourth quarter was down -24.5% organically vs Q4 2022, fully driven by lower volumes, with variable costs reduction offsetting price erosion, while fixed costs decreased slightly.
  • Underlying net profit from continuing operations was €588 million in 2023 compared to €740 million in 2022.
  • Free Cash Flow of €561 million in 2023 (+17.3% vs.
  • Solvay’s FY 2023 financial statements reflect the Partial Demerger completed on December 9, 2023, with the Specialty businesses transferred to Syensqo classified as discontinued operations for 2023.
  • New Solvay leadership team committed to drive the transformation of the company.
  • Net sales for the full year 2023 at €4,880 million were down -12.6% organically versus 2022, driven primarily by volume declines. In Q4, net sales decreased organically by -18.9% from both lower volumes and prices.
  • Underlying EBITDA of €1,246 million for the full year 2023 was stable (+0.2%) on an organic basis compared to a record 2022, with positive Net Pricing and lower fixed costs offsetting the drop in volumes. EBITDA in the fourth quarter was down -24.5% organically vs Q4 2022, fully driven by lower volumes, with variable costs reduction offsetting price erosion, while fixed costs decreased slightly.
  • Underlying net profit from continuing operations was €588 million in 2023 compared to €740 million in 2022.
  • Free Cash Flow of €561 million in 2023 (+17.3% vs. €479 million in 2022) resulting in a record FCF conversion ratio of 45.4%, thanks to the strong EBITDA performance and to the positive impact from working capital variation.
  • ROCE was 20.4% in 2023, -2.5pp compared to 2022 as a result of lower profit.
  • Solid balance sheet at the end of December 2023, in line with the target capital structure announced in November 2023, with an underlying net debt of €1.5 billion, which translates into a leverage ratio of 1.2x.
  • Total proposed gross dividend of €2.43 per share, subject to shareholders’ approval during the next Ordinary General Meeting of May 28, 2024.
  • Solvay continues to reduce its GHG emissions (-19% vs 2021, scope 1 and 2).
  • 2024 Outlook: Organic growth of the underlying EBITDA of -10% to -20% compared to restated 2023; Free cash flow of minimum €260 million

2024 outlook
Across its product portfolio, Solvay expects current demand levels to continue over the next few months and, as such, expects H1 2024 volumes to be broadly in line with H2 2023. At this point, there is little visibility on the second half of the year, however there are signs that the trend in the second half could improve. Solvay expects Soda Ash prices over FY 2024 to be lower than FY 2023, consistent with the current market environment, which will affect the business margin in 2024. Pricing trends across Solvay’s other businesses are forecasted to be more resilient year on year.

Lower energy and raw materials prices should offset some of the negative pressure on the topline. More importantly, Solvay has started to implement cost savings initiatives that will start to deliver results in 2024.

For full year 2024, Solvay expects an organic growth of the underlying EBITDA by -10% to -20% versus a high comparison base in 2023, especially in H1. This translates into a range of €925 million to €1,040 million at a 1.10 EUR/USD exchange rate.

The organic growth of the underlying EBITDA is calculated from a 2023 restated figure of €1,154 million (vs a reported figure of €1,246 million).

Free cash flow to Solvay shareholders from continuing operations is expected to be greater than €260 million, in line with the cash usage prioritization presented during the Capital Market Day in November 2023. It is supported by Solvay’s ability to manage its capex and working capital to ensure the financing of its businesses and the payment of dividends while keeping the strength of its balance sheet intact.

Solvay remains committed to implement its strategic roadmap and reconfirms its 2028 targets as communicated at the Capital Markets Day of November 2023.

Source:

Solvay

28.02.2024

AkzoNobel: Nominations for Supervisory Board

AkzoNobel has announced that Mrs. Jaska de Bakker, Mrs. Ute Wolf and Mr. Wouter Kolk will be nominated for appointment to the company’s Supervisory Board, while Mr. Byron Grote – currently Deputy Chair and Chair of the Audit Committee – will be nominated for a fourth term of one year.

Mrs. De Bakker is a financial leader with experience in strategy, governance and ESG. Currently a board member at various companies, she was previously CFO at Royal FrieslandCampina and at Royal HaskoningDHV.
 
Mrs. Wolf is a seasoned finance professional with more than 25 years of experience in financial management and corporate planning. She served as CFO of Evonik Industries AG for ten years and, prior to that, she held several senior positions within various industries and companies.
 
Mr. Kolk is the current CEO of Ahold Delhaize Europe and Indonesia. With more than 32 years of experience in commercial, operational, supply chain, strategic and general management roles, he brings a wealth of knowledge in different geographies and businesses.

AkzoNobel has announced that Mrs. Jaska de Bakker, Mrs. Ute Wolf and Mr. Wouter Kolk will be nominated for appointment to the company’s Supervisory Board, while Mr. Byron Grote – currently Deputy Chair and Chair of the Audit Committee – will be nominated for a fourth term of one year.

Mrs. De Bakker is a financial leader with experience in strategy, governance and ESG. Currently a board member at various companies, she was previously CFO at Royal FrieslandCampina and at Royal HaskoningDHV.
 
Mrs. Wolf is a seasoned finance professional with more than 25 years of experience in financial management and corporate planning. She served as CFO of Evonik Industries AG for ten years and, prior to that, she held several senior positions within various industries and companies.
 
Mr. Kolk is the current CEO of Ahold Delhaize Europe and Indonesia. With more than 32 years of experience in commercial, operational, supply chain, strategic and general management roles, he brings a wealth of knowledge in different geographies and businesses.

Subject to the approval of his re-appointment, Mr. Grote will lead the supervision of the external auditor selection process, whereby the external audit firm of AkzoNobel will be replaced, starting with the audit of the 2026 financial statements. His re-appointment also ensures continuity during the change of the PWC lead partner in charge of the AkzoNobel account, as of the audit of the 2024 financial statements.  

The appointments and re-appointment will be put to shareholders for approval at the Annual General Meeting being held on April 25. Mrs. Pam Kirby, who is completing her second four-year term, will step down as member of the Supervisory Board as per the same date.

Source:

AkzoNobel

17.01.2024

AkzoNobel: Jolanda Poots-Bijl steps down

Jolanda Poots-Bijl has announced that she will step down as a member of AkzoNobel's Supervisory Board as of January 31. The decision follows her appointment as CFO of Ahold Delhaize, which limits availability for her current Supervisory Board role.

The Supervisory Board will announce a successor – to be nominated for appointment at the next Annual General Meeting – in due course. Until then, her activities will be covered by the current Supervisory Board members.

Jolanda Poots-Bijl has announced that she will step down as a member of AkzoNobel's Supervisory Board as of January 31. The decision follows her appointment as CFO of Ahold Delhaize, which limits availability for her current Supervisory Board role.

The Supervisory Board will announce a successor – to be nominated for appointment at the next Annual General Meeting – in due course. Until then, her activities will be covered by the current Supervisory Board members.

Source:

AkzoNobel

13.12.2023

Rieter: Changes in the Board of Directors

  • Bernhard Jucker will not stand for re-election as Chairman of the Board of Directors at the Annual General Meeting on April 17, 2024 due to reaching the age limit
  • Thomas Oetterli will be proposed as the new Chairman of the Board of Directors at the 2024 Annual General Meeting and will continue in his role as CEO of the Rieter Group
  • Roger Baillod will be named as Lead Independent Director
  • Jennifer Maag will be proposed for election as a new member of the Board of Directors

Bernhard Jucker will not stand for re-election as Chairman of the Board of Directors at the next Annual General Meeting on April 17, 2024, having reached the age limit. The Board of Directors would like to thank Bernhard Jucker for his outstanding and valuable commitment. During his term of office, he has successfully developed the company through acquisitions and optimization of the sites.

  • Bernhard Jucker will not stand for re-election as Chairman of the Board of Directors at the Annual General Meeting on April 17, 2024 due to reaching the age limit
  • Thomas Oetterli will be proposed as the new Chairman of the Board of Directors at the 2024 Annual General Meeting and will continue in his role as CEO of the Rieter Group
  • Roger Baillod will be named as Lead Independent Director
  • Jennifer Maag will be proposed for election as a new member of the Board of Directors

Bernhard Jucker will not stand for re-election as Chairman of the Board of Directors at the next Annual General Meeting on April 17, 2024, having reached the age limit. The Board of Directors would like to thank Bernhard Jucker for his outstanding and valuable commitment. During his term of office, he has successfully developed the company through acquisitions and optimization of the sites.

The Board of Directors of Rieter Holding AG proposes to the shareholders the election of Thomas Oetterli as the new Chairman of the Board. He will continue in his role as CEO of the Rieter Group. The dual mandate is an interim measure to ensure the sustainable implementation of the “Next Level” performance program. The Board of Directors is convinced that Thomas Oetterli has the qualifications and the ideal background experience as the future Chairman of Rieter Holding Ltd.

Roger Baillod, member of the Board of Directors since 2016 and Vice Chairman since 2022, will be named as Lead Independent Director. Together with the Board of Directors, Roger Baillod will use his many years of experience to continue to ensure good corporate governance.

Jennifer Maag will be proposed for election to the Board of Directors at the Annual General Meeting on April 17, 2024. Ms. Maag, native-born in the USA, has Swiss and German citizenship and holds a Bachelor’s degree in Economics from the University of California, Berkeley (USA). Ms. Maag is currently a member of the Board of Directors of Kardex Holding AG, Zurich, Weidmann Holding AG, Rapperswil, VT5 Acquisition Company AG, Pfäffikon (SZ) and Nova Property Fund Management AG, Pfäffikon (SZ). In 1999, Jennifer Maag founded Capital Concepts International AG, Zurich (Switzerland), a mergers and acquisitions consulting firm, where she remains as managing partner. From 1996 to 1999, she was a senior manager in the corporate finance department of KPMG AG in Zurich. She previously worked in auditing at Deloitte in Munich (Germany) and Zurich, during which time she completed her education as a Certified Public Accountant (CPA).

Source:

Rieter Management AG

24.05.2023

SGL Carbon SE: Annual General Meeting 2023

The shareholders of SGL Carbon SE approved all agenda items at the Annual General Meeting on May 9, 2023. The Annual General Meeting, which was held virtually, was attended by up to 114 electronically connected shareholders who, together with the postal votes submitted, represented 64.64% of the share capital.

CEO Dr. Torsten Derr began his speech with a review of SGL Carbon's two-year transformation phase. "In two years, we have been able to increase our sales by 23.5% and adjusted EBITDA by as much as 86.2%. In parallel, we reduced our debt by 40.4%," Dr. Derr elaborated. He also reported on the past financial year and the expectations for the future economic development of the company. In doing so, he also addressed SGL Carbon's growth markets in detail. "Over the past two years, we have made SGL fit for the future. With our products, we serve industries that significantly reflect the trends for the future: climate-friendly mobility, renewable energies and digitalization," he explained.

The shareholders of SGL Carbon SE approved all agenda items at the Annual General Meeting on May 9, 2023. The Annual General Meeting, which was held virtually, was attended by up to 114 electronically connected shareholders who, together with the postal votes submitted, represented 64.64% of the share capital.

CEO Dr. Torsten Derr began his speech with a review of SGL Carbon's two-year transformation phase. "In two years, we have been able to increase our sales by 23.5% and adjusted EBITDA by as much as 86.2%. In parallel, we reduced our debt by 40.4%," Dr. Derr elaborated. He also reported on the past financial year and the expectations for the future economic development of the company. In doing so, he also addressed SGL Carbon's growth markets in detail. "Over the past two years, we have made SGL fit for the future. With our products, we serve industries that significantly reflect the trends for the future: climate-friendly mobility, renewable energies and digitalization," he explained.

After 14 years on the Supervisory Board of SGL Carbon, this was Dr. h.c. Susanne Klatten's last Annual General Meeting as Chairwoman of the Supervisory Board. She had already informed the Company on February 14, 2023, that she would be leaving the Board at the end of this Annual General Meeting. As the largest shareholder, Dr. h.c. Klatten will remain associated with SGL Carbon through SKion GmbH.

As proposed, the Annual General Meeting elected Prof. Dr. Frank Richter as a shareholder representative on the Supervisory Board to succeed Dr. h.c. Susanne Klatten. Following the Annual General Meeting, the constituent meeting of the Supervisory Board elected Prof. Dr. Richter as Chairman of the Supervisory Board. Prof. Dr. Richter is Managing Director of SKion GmbH, Bad Homburg, which holds a stake of approximately 28.55% in SGL Carbon SE. Furthermore, Ingeborg Neumann, Managing Partner of Peppermint Holding GmbH, Berlin, was elected to the Supervisory Board of SGL Carbon SE for a further term of office.

Source:

SGL Carbon SE

26.04.2023

Ben Noteboom appointed as member of AkzoNobel’s Supervisory Board

AkzoNobel shareholders voted in favor of all resolutions at the company’s Annual General Meeting (AGM).
 
As well as adopting the company's 2022 financial statements, the dividend policy and total dividend per share of €1.98 for 2022 were also agreed. In addition, Mr. Ben Noteboom was appointed by the AGM as a new member of the company’s Supervisory Board. The intention is to elect Mr. Noteboom as Chair of AkzoNobel’s Supervisory Board as of May 25, 2023, when he will resign as member of the Supervisory Board of Aegon N.V.
 
Mr. Byron Grote, Deputy Chair of AkzoNobel’s Supervisory Board, commented: “We’re very pleased with the appointment of Ben Noteboom. His strong track record in executive and non-executive roles, and his broad experience in different industries – including the chemical industry – will be valuable additions to AkzoNobel. We wish him every success in his new role.”
 
Mr. Noteboom will succeed Mr. Nils Smedegaard Andersen, who has served as a member and Chair of the Supervisory Board since 2018.

Mrs. Jolanda Poots-Bijl and Mr. Dick Sluimers were both reappointed as member of the Supervisory Board.

AkzoNobel shareholders voted in favor of all resolutions at the company’s Annual General Meeting (AGM).
 
As well as adopting the company's 2022 financial statements, the dividend policy and total dividend per share of €1.98 for 2022 were also agreed. In addition, Mr. Ben Noteboom was appointed by the AGM as a new member of the company’s Supervisory Board. The intention is to elect Mr. Noteboom as Chair of AkzoNobel’s Supervisory Board as of May 25, 2023, when he will resign as member of the Supervisory Board of Aegon N.V.
 
Mr. Byron Grote, Deputy Chair of AkzoNobel’s Supervisory Board, commented: “We’re very pleased with the appointment of Ben Noteboom. His strong track record in executive and non-executive roles, and his broad experience in different industries – including the chemical industry – will be valuable additions to AkzoNobel. We wish him every success in his new role.”
 
Mr. Noteboom will succeed Mr. Nils Smedegaard Andersen, who has served as a member and Chair of the Supervisory Board since 2018.

Mrs. Jolanda Poots-Bijl and Mr. Dick Sluimers were both reappointed as member of the Supervisory Board.

Source:

AkzoNobel

21.04.2023

Rieter: Annual General Meeting 2023

Shareholders Adopt All Motions Proposed by the Board of Directors

  • Distribution of a dividend of CHF 1.50 per share approved
  • Remuneration Report 2022 and future remuneration of Board of Directors and Group Executive Committee formally accepted
  • All members of the Board of Directors who stood for re-election were elected
  • Thomas Oetterli newly appointed to the Board of Directors
  • KPMG newly elected as statutory auditors
  • Amendments to the Articles of Association approved

On April 20, 2023, 325 shareholders, who represent 66.2% of the share capital, attended the 132nd Annual General Meeting of Rieter Holding Ltd.

Dividend
The shareholders approved the proposal of the Board of Directors to distribute a dividend of CHF 1.50 per share. The dividend for the 2022 financial year will be paid on April 24, 2023.

Shareholders Adopt All Motions Proposed by the Board of Directors

  • Distribution of a dividend of CHF 1.50 per share approved
  • Remuneration Report 2022 and future remuneration of Board of Directors and Group Executive Committee formally accepted
  • All members of the Board of Directors who stood for re-election were elected
  • Thomas Oetterli newly appointed to the Board of Directors
  • KPMG newly elected as statutory auditors
  • Amendments to the Articles of Association approved

On April 20, 2023, 325 shareholders, who represent 66.2% of the share capital, attended the 132nd Annual General Meeting of Rieter Holding Ltd.

Dividend
The shareholders approved the proposal of the Board of Directors to distribute a dividend of CHF 1.50 per share. The dividend for the 2022 financial year will be paid on April 24, 2023.

Annual Report, Financial Statements, Consolidated Financial Statements and Remuneration Report
The shareholders also adopted all other motions proposed by the Board of Directors, namely approval of the annual report, financial and consolidated financial statements for 2022. Moreover, they formally approved the actions of the members of the Board of Directors and those of the Group Executive Committee in the year under review.

By way of a consultative vote, the shareholders also approved the Remuneration Report 2022.

Remuneration of the Members of the Board of Directors and the Group Executive Committee
In two separate binding votes, the proposed maximum total remuneration of the members of the Board of Directors and the Group Executive Committee for the 2024 financial year was approved.

Re-Election of the Members of the Board of Directors
The Chairman of the Board, Bernhard Jucker, and the Directors, Hans-Peter Schwald, Peter Spuhler, Roger Baillod, Carl Illi, Sarah Kreienbühl and Daniel Grieder were confirmed for a further one-year term of office. In addition, Thomas Oetterli was newly elected to the Board of Directors for a term of office.

The members of the Remuneration Committee who were standing for election –
Hans-Peter Schwald, Bernhard Jucker and Sarah Kreienbühl – were likewise re-elected for a one-year term of office.

Election of KPMG as Statutory Auditors
The shareholders also adopted the proposal of the Board of Directors to elect KPMG AG, Zurich, as new statutory auditors for the financial year beginning January 1, 2023.

Amendments to the Articles of Association
The shareholders further approved the proposals of the Board of Directors to amend the Articles of Association of Rieter Holding Ltd., in order to implement the requirements of the reform of the Swiss company law, which came into force on January 1, 2023.

Source:

Rieter Holding Ltd.

24.03.2023

Autoneum: All proposals approved at Annual General Meeting 2023

At the Annual General Meeting of Autoneum Holding Ltd on 24th March 2023, a clear majority of the shareholders approved the introduction of a capital band in the amount of approximately CHF 100 million net proceeds to finance the acquisition of Borgers Automotive. The proposal to waive the payment of a dividend for the 2022 financial year in view of the lower net result was also approved. In addition, Board member Rainer Schmückle as well as CEO Matthias Holzammer were given a farewell.

221 shareholders attended today’s Annual General Meeting of Autoneum Holding Ltd in Winterthur. 66.48 percent of the share capital was represented.

The shareholders approved the Annual Report, the Annual Financial Statements and the Consolidated Financial Statements for 2022. The proposal of the Board of Directors to waive the payment of a dividend for the financial year 2022 due to the lower net result was also approved by the Annual General Meeting.

In addition, the shareholders of Autoneum Holding Ltd granted discharge to all members of the Group Executive Board and the Board of Directors by a large majority of votes.

At the Annual General Meeting of Autoneum Holding Ltd on 24th March 2023, a clear majority of the shareholders approved the introduction of a capital band in the amount of approximately CHF 100 million net proceeds to finance the acquisition of Borgers Automotive. The proposal to waive the payment of a dividend for the 2022 financial year in view of the lower net result was also approved. In addition, Board member Rainer Schmückle as well as CEO Matthias Holzammer were given a farewell.

221 shareholders attended today’s Annual General Meeting of Autoneum Holding Ltd in Winterthur. 66.48 percent of the share capital was represented.

The shareholders approved the Annual Report, the Annual Financial Statements and the Consolidated Financial Statements for 2022. The proposal of the Board of Directors to waive the payment of a dividend for the financial year 2022 due to the lower net result was also approved by the Annual General Meeting.

In addition, the shareholders of Autoneum Holding Ltd granted discharge to all members of the Group Executive Board and the Board of Directors by a large majority of votes.

Chairman Hans-Peter Schwald and the other members of the Board of Directors Liane Hirner, Norbert Indlekofer, Michael Pieper, Oliver Streuli and Ferdinand Stutz were confirmed in office for another year. Hans-Peter Schwald, Norbert Indlekofer, Ferdinand Stutz and Oliver Streuli were re-elected to the Compensation Committee.

The consultative vote on the 2022 remuneration report was approved by 85.55%. The proposals for the remuneration of the Board of Directors and the Group Executive Board for the 2023 financial year as well as the other proposals were also approved by a large majority.

With 99.03%, a clear majority of the shareholders approved a capital band authorizing a capital increase of approximately CHF 100 million net proceeds. The purpose of the capital increase is to partially finance the acquisition of the automotive business of the Borgers Group announced by Autoneum on January 9, 2023. The Annual General Meeting also approved the other proposals of the Board of Directors for partial amendments to the Articles of Association.

Rainer Schmückle did not stand for re-election. He had been Vice Chairman of the Board of Directors, Chairman of the Audit Committee and member of the Strategy and Sustainability Committee since Autoneum became independent in 2011. CEO Matthias Holzammer, who will leave Autoneum for family reasons, was also bid farewell.

At the same time, Hans-Peter Schwald welcomed the new CEO Eelco Spoelder, who will take over the management of the Group from Matthias Holzammer on March 27, 2023: "With Eelco Spoelder, Autoneum gains an accomplished leader with many years of experience in the automotive supply industry. At Faurecia and previously at Continental, Mr. Spoelder has successfully proven that he can ensure strategic continuity and operational excellence even in a difficult market environment. I and the other members of the Board of Directors warmly welcome Eelco Spoelder and look forward to our future cooperation."

Source:

Autoneum Holding AG

10.03.2023

ANDRITZ: Record figures for 2022

echnology Group ANDRITZ achieved in 2022 the best figures in its history for order intake, revenue, and operating result ( EBITA). ANDRITZ started the new business year with a record order backlog of around ten billion EUR. Together with strict cost and project management and the successful turnaround in the Metals business area with the German Schuler Group, that order backlog will form the basis for further growth and profitability increases in 2023. Subject to the approval by the Annual General Meeting, shareholders will benefit from the excellent business development with a significant dividend increase to 2.10 EUR (previous year: 1.65 EUR) per share.

The results of the business year 2022 in detail:

echnology Group ANDRITZ achieved in 2022 the best figures in its history for order intake, revenue, and operating result ( EBITA). ANDRITZ started the new business year with a record order backlog of around ten billion EUR. Together with strict cost and project management and the successful turnaround in the Metals business area with the German Schuler Group, that order backlog will form the basis for further growth and profitability increases in 2023. Subject to the approval by the Annual General Meeting, shareholders will benefit from the excellent business development with a significant dividend increase to 2.10 EUR (previous year: 1.65 EUR) per share.

The results of the business year 2022 in detail:

  • The order intake of 9,263.4 MEUR reached a record level and was thus significantly higher than the figure for the previous year (+17.6% compared to 2021: 7,879.7 MEUR). All four business areas contributed to the increase.
  • The order backlog as of the end of 2022 amounted to 9,976.5 MEUR and was thus significantly higher than the value for the previous year (+22.2% compared to 2021: 8,165.8 MEUR).
  • The revenue saw very favorable development during the 2022 business year and reached a new record level of 7,542.9 MEUR (+16.7% compared to 2021: 6,463.0 MEUR). All four business areas contributed to the increase in revenue.
  • The operating result (EBITA) increased slightly more than revenue and reached 648.5 MEUR, also a record level (+18.7% compared to 2021: 546.5 MEUR). All four business areas contributed to the increase in earnings. Profitability (EBITA margin) increased to 8.6% (2021: 8.5%).
  • The net income (including non-controlling interests) increased significantly compared to the previous year, amounting to 402.6 MEUR (+25.1% compared to 2021: 321.7 MEUR)

ANDRITZ expects to continue its profitable course of growth in the business year 2023 and anticipates an increase in both revenue and earnings compared to 2022.

More information:
Andritz financial year 2022
Source:

ANDRITZ AG

Photo: Rieter
Thomas Oetterli
25.01.2023

Rieter: Thomas Oetterli new CEO

Norbert Klapper, who has led Rieter as CEO for nine years, has informed the Board of Directors that he wishes to take on new professional challenges. Thomas Oetterli has been appointed as his successor as CEO of Rieter.

Thomas Oetterli (53) has made a significant contribution to the successful development of the world-leading Schindler Group, starting in 2006 as CEO Switzerland, later as a member of the Group Executive Committee responsible for Europe and China, and from 2016 until 2022 as CEO of the Group. With his comprehensive leadership skills and many years of industrial and international experience, Thomas Oetterli brings ideal prerequisites to lead Rieter as a global market leader through the current challenges and successfully develop it further in the long term. He will take over the function of CEO from Norbert Klapper on March 13, 2023.

Norbert Klapper, who has led Rieter as CEO for nine years, has informed the Board of Directors that he wishes to take on new professional challenges. Thomas Oetterli has been appointed as his successor as CEO of Rieter.

Thomas Oetterli (53) has made a significant contribution to the successful development of the world-leading Schindler Group, starting in 2006 as CEO Switzerland, later as a member of the Group Executive Committee responsible for Europe and China, and from 2016 until 2022 as CEO of the Group. With his comprehensive leadership skills and many years of industrial and international experience, Thomas Oetterli brings ideal prerequisites to lead Rieter as a global market leader through the current challenges and successfully develop it further in the long term. He will take over the function of CEO from Norbert Klapper on March 13, 2023.

The Board of Directors would like to thank Norbert Klapper for his many years of hard work for Rieter and his lasting contribution to the company, particularly in terms of further strengthening its technology leadership, developing the components and service business, completing the systems offering. Following his departure as CEO, he will be available to the Chairman of the Board of Directors as Senior Advisor until the end of September 2023.

In view of the current challenges Rieter is facing in the current economic and market situation, which require close cooperation between the Board of Directors and the Group Executive Committee, the Board of Directors considers a dual function of Thomas Oetterli as CEO and member of the Board of Directors to be advantageous and in the interest of all stakeholders. It will therefore propose Thomas Oetterli for election as a member of the Board of Directors at the upcoming Annual General Meeting on April 20, 2023.

Source:

Rieter Holding AG

Photo: AkzoNobel
Ben Noteboom
20.12.2022

Ben Noteboom to be nominated as AkzoNobel Supervisory Board member

AkzoNobel has announced that Ben Noteboom will be nominated as a member of the Supervisory Board at the Annual General Meeting being held in April 2023. The Supervisory Board intends to subsequently elect him as Chair, succeeding Nils Andersen, who will retire as Chair and member of the Supervisory Board at the same time.

Noteboom is Chairman of Vopak’s Supervisory Board and a member of the Supervisory Board of Aegon. He also chairs the Board of Trustees of the Cancer Center Amsterdam. His former roles include CEO and Chairman of the Board of Management at Randstad, while he held different management positions at Dow Chemicals for nearly nine years.

Commenting on the announcement, Byron Grote, says: “The Supervisory Board is very pleased to announce the nomination of Ben Noteboom. His strong track record in executive and non-executive roles, and his broad experience in different industries – including the chemical industry – will be valuable additions to AkzoNobel.”

AkzoNobel has announced that Ben Noteboom will be nominated as a member of the Supervisory Board at the Annual General Meeting being held in April 2023. The Supervisory Board intends to subsequently elect him as Chair, succeeding Nils Andersen, who will retire as Chair and member of the Supervisory Board at the same time.

Noteboom is Chairman of Vopak’s Supervisory Board and a member of the Supervisory Board of Aegon. He also chairs the Board of Trustees of the Cancer Center Amsterdam. His former roles include CEO and Chairman of the Board of Management at Randstad, while he held different management positions at Dow Chemicals for nearly nine years.

Commenting on the announcement, Byron Grote, says: “The Supervisory Board is very pleased to announce the nomination of Ben Noteboom. His strong track record in executive and non-executive roles, and his broad experience in different industries – including the chemical industry – will be valuable additions to AkzoNobel.”

Adds Ben Noteboom: “I’m excited about the opportunity to join AkzoNobel’s Supervisory Board and look forward to contributing to the next phase of the company’s transformation as it makes further progress to becoming a frontrunner in the industry.”

Source:

AkzoNobel

Copyright: MK-Fotografie & JECDachforum
from left to right: Dirk Punke, Gerhard Lettl, Dr. Michael Effing, AVK-GF Dr. Elmar Witten, Prof. Jens Ridzewski, Michael Polotzki
08.12.2022

AVK Federation of Reinforced Plastics board unanimously re-elected

The German Federation of Reinforced Plastics (AVK) re-elected its previous Board on 29 November 2022 in Augsburg during the regular Board elections at the JEC Forum DACH.

At the constituent board meeting on 6 December 2022, the board positions were also confirmed. Dr. Michael Effing, Managing Director of AMAC GmbH, remains Chairman of the Board, and Dirk Punke, Managing Director of BÜFA Thermoplastics Composites GmbH, is Deputy Chairman. Treasurer is Prof. Jens Ridzewski, IMA Materialforschung und Anwendungstechnik GmbH, the other board members: Gerhard Lettl, Managing Director C.F. Maier Europlast GmbH & Co. KG and Michael Polotzki, Managing Director Menzolit S.r.L. The board is officially in office for three years from 1.1.2023.

"It's nice to see the Board's work so well evaluated that there is no doubt that this will continue for the next legislative period. We are very much looking forward to that," explains Managing Director Dr Elmar Witten, the members' vote. The general meeting took place during the JEC Forum DACH.

The German Federation of Reinforced Plastics (AVK) re-elected its previous Board on 29 November 2022 in Augsburg during the regular Board elections at the JEC Forum DACH.

At the constituent board meeting on 6 December 2022, the board positions were also confirmed. Dr. Michael Effing, Managing Director of AMAC GmbH, remains Chairman of the Board, and Dirk Punke, Managing Director of BÜFA Thermoplastics Composites GmbH, is Deputy Chairman. Treasurer is Prof. Jens Ridzewski, IMA Materialforschung und Anwendungstechnik GmbH, the other board members: Gerhard Lettl, Managing Director C.F. Maier Europlast GmbH & Co. KG and Michael Polotzki, Managing Director Menzolit S.r.L. The board is officially in office for three years from 1.1.2023.

"It's nice to see the Board's work so well evaluated that there is no doubt that this will continue for the next legislative period. We are very much looking forward to that," explains Managing Director Dr Elmar Witten, the members' vote. The general meeting took place during the JEC Forum DACH.

Source:

AVK Industrievereinigung Verstärkte Kunststoffe

(c) AkzoNobel
Nils Andersen
02.12.2022

AkzoNobel’s Supervisory Board Chair Nils Andersen steps down

Nils Andersen will step down as Chair and member of the Supervisory Board of AkzoNobel to accept a new board position outside of the company.

Commenting on the announcement, Byron Grote, Deputy Chair of the Supervisory Board, said: “We congratulate Nils Andersen on his new opportunity and at the same time we deeply regret to see him go. Nils stepped into the role of Chair of the Supervisory Board during a very turbulent time. His extensive international experience in different industries and his broad business insight have helped guide AkzoNobel’s transformation into a frontrunner in the paints and coatings industry. The company’s relationship with its shareholders and other stakeholders significantly improved under his leadership.”

Nils Andersen will step down at the Annual General meeting to be held in April 2023. The Supervisory Board will announce a successor, to be nominated for appointment at the next AGM, in due course.

Nils Andersen will step down as Chair and member of the Supervisory Board of AkzoNobel to accept a new board position outside of the company.

Commenting on the announcement, Byron Grote, Deputy Chair of the Supervisory Board, said: “We congratulate Nils Andersen on his new opportunity and at the same time we deeply regret to see him go. Nils stepped into the role of Chair of the Supervisory Board during a very turbulent time. His extensive international experience in different industries and his broad business insight have helped guide AkzoNobel’s transformation into a frontrunner in the paints and coatings industry. The company’s relationship with its shareholders and other stakeholders significantly improved under his leadership.”

Nils Andersen will step down at the Annual General meeting to be held in April 2023. The Supervisory Board will announce a successor, to be nominated for appointment at the next AGM, in due course.

Source:

AkzoNobel

Gregoire Poux-Guillaume Photo: AkzoNobel
Gregoire Poux-Guillaume
06.09.2022

AkzoNobel: Gregoire Poux-Guillaume new member of the Board of Management

At the Extraordinary General Meeting (EGM)- September. 6 2022, the shareholders of Akzo Nobel N.V. (AkzoNobel) appointed new CEO Gregoire Poux-Guillaume as a member of the Board of Management, effective November 1, 2022.
 
Mr. Poux-Guillaume will succeed Thierry Vanlancker, who has been CEO and member of the Board of Management since 2017, and whose term of office is coming to an end. Mr. Poux-Guillaume will join AkzoNobel on October 1, to ensure a smooth transition as per November 1.
 
Nils Smedegaard Andersen, Chair of AkzoNobel’s Supervisory Board, commented: “I would like to welcome Gregoire Poux-Guillaume, who is an experienced business leader with an impressive track record of delivering results, growth and building strong teams. His experience will play a key role in helping the company to further improve its operational excellence and performance. I’d also like to thank Thierry for his time at AkzoNobel, during which AkzoNobel was transformed to become a focused and competitive paints and coatings company, with significant returns to shareholders.”
 

At the Extraordinary General Meeting (EGM)- September. 6 2022, the shareholders of Akzo Nobel N.V. (AkzoNobel) appointed new CEO Gregoire Poux-Guillaume as a member of the Board of Management, effective November 1, 2022.
 
Mr. Poux-Guillaume will succeed Thierry Vanlancker, who has been CEO and member of the Board of Management since 2017, and whose term of office is coming to an end. Mr. Poux-Guillaume will join AkzoNobel on October 1, to ensure a smooth transition as per November 1.
 
Nils Smedegaard Andersen, Chair of AkzoNobel’s Supervisory Board, commented: “I would like to welcome Gregoire Poux-Guillaume, who is an experienced business leader with an impressive track record of delivering results, growth and building strong teams. His experience will play a key role in helping the company to further improve its operational excellence and performance. I’d also like to thank Thierry for his time at AkzoNobel, during which AkzoNobel was transformed to become a focused and competitive paints and coatings company, with significant returns to shareholders.”
 
Mr. Poux-Guillaume’s previous roles include CEO of Sulzer, CEO of GE Grid Solutions (previously Alstom Grid) and Senior Managing Director of CVC Capital Partners.

More information:
Poux-Guillaume AkzoNobel
Source:

AkzoNobel

22.06.2022

Lenzing AG revises its dividend policy

Minimum dividend of EUR 4.50 per share as of the 2023 financial year

Having concluded its strategy update, the Managing Board of Lenzing AG decided to revise its dividend policy today. This demonstrates Lenzing’s confidence in its ambitious growth plans and its ability to consistently providing attractive dividends to shareholders.

As of the 2023 financial year (with payment scheduled for 2024), Lenzing plans to pay an annual dividend of at least EUR 4.50 per share (adjusted for inflation for the years thereafter). The revised dividend policy is subject to the approval of the Supervisory Board.

The payment of the dividend in any year will be subject to the specific dividend proposals of the Managing Board and the Supervisory Board. These proposals may deviate from the new dividend policy if appropriate under the then prevailing circumstances and will be subject to the approval of the Annual General Meeting.

Minimum dividend of EUR 4.50 per share as of the 2023 financial year

Having concluded its strategy update, the Managing Board of Lenzing AG decided to revise its dividend policy today. This demonstrates Lenzing’s confidence in its ambitious growth plans and its ability to consistently providing attractive dividends to shareholders.

As of the 2023 financial year (with payment scheduled for 2024), Lenzing plans to pay an annual dividend of at least EUR 4.50 per share (adjusted for inflation for the years thereafter). The revised dividend policy is subject to the approval of the Supervisory Board.

The payment of the dividend in any year will be subject to the specific dividend proposals of the Managing Board and the Supervisory Board. These proposals may deviate from the new dividend policy if appropriate under the then prevailing circumstances and will be subject to the approval of the Annual General Meeting.

More information:
dividend Lenzing AG
Source:

Lenzing AG

26.04.2022

Lenzing Annual General Meeting approves all agenda items

  • Dividend of EUR 4.35 per share approved
  • Lenzing Supervisory Board reduced from ten to nine elected members
  • Dipl.-Bw. Peter Edelmann steps down from the Supervisory Board at his request
  • Cord Prinzhorn, MBA, elected Chairman of the Supervisory Board

The 78th Annual General Meeting of Lenzing AG on April 26, 2022, passed a resolution to pay a dividend of EUR 4.35 per share in accordance with the Managing Board’s profit distribution proposal, which had been approved by the Supervisory Board. As a consequence, the payment of the dividend amounts to a total of EUR 115,492,500. The payment will be made on May 03, 2022.

  • Dividend of EUR 4.35 per share approved
  • Lenzing Supervisory Board reduced from ten to nine elected members
  • Dipl.-Bw. Peter Edelmann steps down from the Supervisory Board at his request
  • Cord Prinzhorn, MBA, elected Chairman of the Supervisory Board

The 78th Annual General Meeting of Lenzing AG on April 26, 2022, passed a resolution to pay a dividend of EUR 4.35 per share in accordance with the Managing Board’s profit distribution proposal, which had been approved by the Supervisory Board. As a consequence, the payment of the dividend amounts to a total of EUR 115,492,500. The payment will be made on May 03, 2022.

The Annual General Meeting formally discharged the members of the Managing Board and the Supervisory Board from liability for the 2021 financial year, and set in advance the remuneration for the members of the Supervisory Board for the 2022 financial year. In addition, a vote was hold concerning the principles for the remuneration of the members of the Managing Board and the Supervisory Board (remuneration policy). The remuneration policy of Lenzing AG for the performance-based remuneration of the Managing Board is linked not only to financial performance criteria but also to non-financial sustainability criteria (ESG), which further promote the sustainable business strategy.

Elections to the Supervisory Board
Dipl.-Bw. Peter Edelmann stepped down from the Supervisory Board upon his own request, at the end of the Annual General Meeting. Mr. Edelmann has served as a member of the Supervisory Board since 2018 and as its Chairman since 2019, as well as on all committees of Lenzing AG.

The Annual General Meeting passed a resolution to extend the Supervisory Board mandates of Mag. Patrick Prügger (until the AGM that passes related resolutions concerning the 2022 financial year) and of Dr. Astrid Skala-Kuhmann (until the AGM that passes related resolutions concerning the 2025 financial year).

The Supervisory Board of Lenzing AG now consists of nine members elected by the AGM: Mag. Helmut Bernkopf, Dr. Christian Bruch, Dr. Stefan Fida, Dr. Markus Fürst, Dr. Franz Gasselsberger, Melody Harris-Jensbach, Cord Prinzhorn, MBA, Mag. Patrick Prügger and Dr. Astrid Skala-Kuhmann. Herbert Brauneis, Ing. Daniela Födinger, Helmut Kirchmair, Georg Liftinger und Johann Schernberger were appointed to the Supervisory Board by the Works Council.

At the constitutive Supervisory Board meeting following the AGM, Cord Prinzhorn, MBA, who had returned to the Supervisory Board after serving as CEO on an interim basis, was elected Chairman, and Dr. Stefan Fida was elected Deputy Chairman of the Supervisory Board.

Source:

Lenzing AG

22.04.2022

AkzoNobel shareholders approve final dividend at Annual General Meeting

Shareholders voted to approve the resolutions presented at AkzoNobel’s virtual Annual General Meeting (AGM), including a final dividend of €1.54 per share, on the 22nd of April 2022.

All shareholders were able to attend and vote virtually, while questions could be asked live during the meeting, in addition to those that had been submitted in advance.

CFO Maarten de Vries was reappointed as a member of the Board of Management for a second four-year term. Mr. Nils Smedegaard Andersen and Mr. Byron Grote were reappointed as members of the Supervisory Board. Mr. Andersen was reappointed for a second four-year term and will continue as Chairman of the Supervisory Board. Mr. Grote was reappointed for a third term of two years.

The nominations of Mrs. Ester Baiget and Mr. Hans van Bylen to the Supervisory Board were also approved by the shareholders.

Shareholders voted to approve the resolutions presented at AkzoNobel’s virtual Annual General Meeting (AGM), including a final dividend of €1.54 per share, on the 22nd of April 2022.

All shareholders were able to attend and vote virtually, while questions could be asked live during the meeting, in addition to those that had been submitted in advance.

CFO Maarten de Vries was reappointed as a member of the Board of Management for a second four-year term. Mr. Nils Smedegaard Andersen and Mr. Byron Grote were reappointed as members of the Supervisory Board. Mr. Andersen was reappointed for a second four-year term and will continue as Chairman of the Supervisory Board. Mr. Grote was reappointed for a third term of two years.

The nominations of Mrs. Ester Baiget and Mr. Hans van Bylen to the Supervisory Board were also approved by the shareholders.

More information:
AkzoNobel general meeting
Source:

AkzoNobel

07.04.2022

Rieter Annual General Meeting 2022

  • All motions approved

The Corona Virus also had an impact on the 131st Annual General Meeting of Rieter Holding Ltd., Winterthur, on Thursday, April 7, 2022.

Based on Article 27 of Regulation 3 on measures to combat the Corona Virus (COVID-19), the Board of Directors of Rieter Holding Ltd. decided that shareholders can exercise their voting rights exclusively by authorizing the independent proxy. Shareholders therefore could not attend the Annual General Meeting in person. The Annual General Meeting was held on the premises of Rieter Holding Ltd. at the company’s headquarters in Winterthur.

At the Annual General Meeting of Rieter Holding Ltd. on April 7, 2022, the independent proxy represented a total of 1 986 shareholders who hold 64.4% of the share capital.

The shareholders approved the proposal of the Board of Directors to distribute a dividend of CHF 4.00 per share. In addition, they approved the proposed maximum total amounts of the remuneration of the members of the Board of Directors and of the Group Executive Committee for fiscal year 2023.

  • All motions approved

The Corona Virus also had an impact on the 131st Annual General Meeting of Rieter Holding Ltd., Winterthur, on Thursday, April 7, 2022.

Based on Article 27 of Regulation 3 on measures to combat the Corona Virus (COVID-19), the Board of Directors of Rieter Holding Ltd. decided that shareholders can exercise their voting rights exclusively by authorizing the independent proxy. Shareholders therefore could not attend the Annual General Meeting in person. The Annual General Meeting was held on the premises of Rieter Holding Ltd. at the company’s headquarters in Winterthur.

At the Annual General Meeting of Rieter Holding Ltd. on April 7, 2022, the independent proxy represented a total of 1 986 shareholders who hold 64.4% of the share capital.

The shareholders approved the proposal of the Board of Directors to distribute a dividend of CHF 4.00 per share. In addition, they approved the proposed maximum total amounts of the remuneration of the members of the Board of Directors and of the Group Executive Committee for fiscal year 2023.

The Chairman of the Board, Bernhard Jucker, and the members of the Board of Directors Hans-Peter Schwald, Peter Spuhler, Roger Baillod and Carl Illi were confirmed for an additional one-year term of office. Sarah Kreienbühl and Daniel Grieder were newly elected to the Board of Directors for a one-year term of office.

Furthermore, Hans-Peter Schwald and Bernhard Jucker, the members of the Remuneration Committee who were standing for election, were also each re-elected for a one-year term of office. Sarah Kreienbühl was newly elected to the Remuneration Committee and is taking over the chair.

Shareholders also adopted all other motions proposed by the Board of Directors, namely the approval of the annual report, the financial statements and the consolidated financial statements for 2021, and formal approval of the actions of the members of the Board of Directors and those of the Group Executive Committee in the year under review. In addition, the authorized capital was extended for a further two years.

More information:
Rieter general meeting Spinnerei
Source:

Rieter Management AG

23.03.2022

Annual General Meeting approves dividend of CHF 1.50 per share

The shareholders of Autoneum Holding Ltd approved all proposals of the Board of Directors at today’s Annual General Meeting and agreed to the proposed dividend of CHF 1.50 per share. Norbert Indlekofer becomes a new member of the Compensation Committee following the previously announced departure of This E. Schneider.

In accordance with Ordinance 3 on Measures to Combat the Coronavirus (COVID-19), the Board of Directors of Autoneum Holding Ltd decided to hold the 2022 Annual General Meeting without the physical presence of the shareholders. For this reason, the Company asked them in advance to exercise their rights exclusively through the independent voting proxy. He represented 66.9% of a total of 4 672 363 shares.

The shareholders approved the Annual Report, the Annual Financial Statements and the Consolidated Financial Statements for 2021 as well as the proposed appropriation of available earnings. A dividend of CHF 1.50 per registered share will be paid out as of March 29, 2022. This corresponds to a distribution of around CHF 7 million, or around 30% of the consolidated profit attributable to Autoneum shareholders.

The shareholders of Autoneum Holding Ltd approved all proposals of the Board of Directors at today’s Annual General Meeting and agreed to the proposed dividend of CHF 1.50 per share. Norbert Indlekofer becomes a new member of the Compensation Committee following the previously announced departure of This E. Schneider.

In accordance with Ordinance 3 on Measures to Combat the Coronavirus (COVID-19), the Board of Directors of Autoneum Holding Ltd decided to hold the 2022 Annual General Meeting without the physical presence of the shareholders. For this reason, the Company asked them in advance to exercise their rights exclusively through the independent voting proxy. He represented 66.9% of a total of 4 672 363 shares.

The shareholders approved the Annual Report, the Annual Financial Statements and the Consolidated Financial Statements for 2021 as well as the proposed appropriation of available earnings. A dividend of CHF 1.50 per registered share will be paid out as of March 29, 2022. This corresponds to a distribution of around CHF 7 million, or around 30% of the consolidated profit attributable to Autoneum shareholders.

Hans-Peter Schwald, Chairman of the Board of Directors, emphasized in his video message that the return to profitability and the distribution of a dividend are to be viewed as a positive sign and a success, especially given the challenging environment. CEO Matthias Holzammer, for his part, indicated how important the corporate strategy is for the ongoing and future success of the Company and how it was implemented last year. In addition, he highlighted that through its own strengths Autoneum had managed to improve its operating result in all four regions and to position itself well for the future.

Chairman Hans-Peter Schwald and the other members of the Board of Directors Rainer Schmückle, Liane Hirner, Norbert Indlekofer, Michael Pieper, Oliver Streuli and Ferdinand Stutz were confirmed in office for another year. Hans-Peter Schwald, Ferdinand Stutz and Oliver Streuli were re-elected to the Compensation Committee. Newly elected to the Compensation Committee was Norbert Indlekofer.

Source:

Autoneum AG

09.03.2022

Financial Year 2021

  • Order intake of CHF 2 225.7 million at record level
  • Sales of CHF 969.2 million despite bottlenecks in the supply chains
  • EBIT margin of 4.9% and net profit of 3.3% of sales
  • Milestones achieved in strategy implementation
  • Dividend of CHF 4.00 per share proposed
  • Outlook

The 2021 financial year was characterized by a rapid market recovery. As market and technology leader, Rieter succeeded in this environment in posting a record order intake, significantly increased sales compared with the previous year despite the bottlenecks in the supply chains, and generated an EBIT margin of 4.9%. This success is based on the investments in innovation and competitiveness of Rieter in recent years. Crisis management in the 2020 pandemic year, which aimed at benefiting from the expected market recovery after the pandemic, was also a contributing factor. With the acquisition of three businesses from the Saurer Group, a further milestone in the implementation of the strategy has been achieved.

  • Order intake of CHF 2 225.7 million at record level
  • Sales of CHF 969.2 million despite bottlenecks in the supply chains
  • EBIT margin of 4.9% and net profit of 3.3% of sales
  • Milestones achieved in strategy implementation
  • Dividend of CHF 4.00 per share proposed
  • Outlook

The 2021 financial year was characterized by a rapid market recovery. As market and technology leader, Rieter succeeded in this environment in posting a record order intake, significantly increased sales compared with the previous year despite the bottlenecks in the supply chains, and generated an EBIT margin of 4.9%. This success is based on the investments in innovation and competitiveness of Rieter in recent years. Crisis management in the 2020 pandemic year, which aimed at benefiting from the expected market recovery after the pandemic, was also a contributing factor. With the acquisition of three businesses from the Saurer Group, a further milestone in the implementation of the strategy has been achieved. The acquisition strengthens Rieter’s market position by completing the ring and compact-spinning system. With the laying of the foundation stone for the Rieter CAMPUS in September 2021, an important prerequisite for the expansion of the company’s technology leadership has been created.

Order Intake and Sales
At the end of 2021, the company had an order backlog of around CHF 1 840 million (December 31, 2020: around CHF 560 million). Rieter closed the 2021 financial year with sales of CHF 969.2 million, which corresponds to an increase of 69% compared to the previous year (2020: CHF 573.0 million).

EBIT, Net Profit and Free Cash Flow
The profit at the EBIT level in the 2021 financial year was CHF 47.6 million, which represents 4.9% of sales. At the net profit level, a profit of CHF 31.7 million accrued, which corresponds to 3.3% in relation to sales. Free cash flow at CHF 128.1 million is a result of the positive developments in earnings and net working capital. The acquisition of three businesses from the Saurer Group for a purchase price of CHF 321.4 million resulted in net debt of CHF 161.9 million; as of December 31, 2020, net liquidity amounted to CHF 41.3 million. At December 31, 2021, liquid funds amounted to CHF 249.4 million (2020: CHF 283.2 million). The equity ratio as of December 31, 2021, was 27.6% (previous year’s reporting date: 36.4%).

Sales by Region
Sales increased in all regions, with the exception of Africa. The highest growth of CHF 126.0 million compared to CHF 50.8 million in the previous year was achieved in India, followed by North and South America with CHF 149.9 million in 2021 compared to CHF 66.4 million in the previous period, and the Asian countries excluding China, India and Turkey with CHF 318.7 million (2020: CHF 184.8 million). In Turkey, Rieter increased sales to CHF 182.3 million (2020: CHF 122.0 million), in China to CHF 135.3 million (2020: CHF 92.8 million) and in Europe to 43.3 million (2020: CHF 38.4 million). In Africa, sales were below the prior-year level at CHF 13.7 million (2020: CHF 17.8 million).

Business Groups
Despite the well-known challenges in the supply chain, the Business Group Machines & Systems posted an order intake of CHF 1 708.6 million (2020: CHF 363.9 million) and achieved sales of CHF 590.3 million, double the previous year’s figure (2020: CHF 295.8 million). Ring and compact-spinning systems, on whose customer benefits Rieter has worked intensively in recent years, were particularly in demand.
The order intake of the Business Group Components was CHF 296.0 million, 75% above the previous year’s level (2020: CHF 169.1 million). Against the backdrop of successful strategy implementation and good capacity utilization at spinning mills worldwide, sales increased to CHF 231.5 million (2020: CHF 174.3 million). The Business Group After Sales recorded an order intake of CHF 221.1 million, 106% higher than the previous year (2020: CHF 107.2 million). Sales reached a level of CHF 147.4 million (2020: CHF 102.9 million). The positive evolution of the Business Group After Sales was also significantly influenced by successful strategy implementation and good capacity utilization at spinning mills around the world.

Acquisition of three Saurer businesses
Effective from December 1, 2021, Rieter is consolidating the components businesses acquired from Saurer. With the acquisition of Accotex (elastomer components for spinning machines) and Temco (bearing solutions for filament machines), Rieter is strengthening its market position in the components business. The acquisition of the third business from Saurer (automatic winder) completes and thus considerably increases the attractiveness of Rieter’s ring and compact-spinning system. This acquisition marks an important milestone in the implementation of the company’s strategy as an innovative systems supplier. The transaction is expected to be finalized in the first half of 2022.

Rieter CAMPUS
On September 8, 2021, at the Winterthur location, the foundation stone was laid for the Rieter CAMPUS, which includes a customer and technology center as well as an administration building. With the Rieter CAMPUS, the company is creating a state-of-the-art and creative working environment, ensuring access to cutting-edge European technology and enhancing its ability to attract young talent. Thus, the Rieter CAMPUS will make an important contribution to the implementation of the innovation strategy and to the enhancement of the company’s technology leadership position.

Dividend
In view of the profit of CHF 31.7 million at the net profit level in the 2021 financial year, the Board of Directors proposes to the shareholders for 2021 the distribution of a dividend of CHF 4.00 per share. This corresponds to a payout ratio of 57%.

Changes to the Group Executive Committee
With effect from March 1, 2021, the Board of Directors of Rieter Holding AG appointed Roger Albrecht as Head of the Business Group Machines & Systems and a member of the Group Executive Committee.

Board of Directors and Annual General Meeting
At the 130th Annual General Meeting held on April 15, 2021, the shareholders approved all motions proposed by the Board of Directors. The Chairman of the Board Bernhard Jucker and the Directors This E. Schneider, Hans-Peter Schwald, Peter Spuhler, Roger Baillod, Carl Illi and Luc Tack were confirmed for a further one-year term of office. Stefaan Haspeslagh was newly elected to the Board of Directors for a one-year term of office. This E. Schneider, Hans-Peter Schwald and Bernhard Jucker, the members of the Remuneration Committee who were standing for election, were also each re-elected for a one-year term of office.

Changes to the Board of Directors
The two members of the Board of Directors, Luc Tack and Stefaan Haspeslagh, resigned from Rieter’s Board of Directors with effect from August 30, 2021.

Outlook
Rieter anticipates a gradual normalization of the demand for new systems in the coming months. The company expects demand for wear and spare parts to remain at a good level due to high capacity utilization at spinning mills. For the full year 2022, due to the high order backlog and the consolidation of the businesses acquired from Saurer, Rieter anticipates sales of around CHF 1 500 million. Sales in the second half of 2022 are expected to be higher than in the first half of the year. The realization of sales from the order backlog continues to be associated with risks in relation to the well-known bottlenecks in the supply chains, the ongoing pandemic and the geopolitical uncertainties. Despite the price increases already implemented, the rise in global costs poses a risk to the development of profitability.

Source:

Rieter Holding AG