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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

21.04.2022

Tata Communications announces its results for the fourth quarter and the full financial year 22

Tata Communications, a global digital ecosystem enabler, announces its financial results for the quarter and full year ended 31st March 2022.

Consolidated financial highlights:

Tata Communications, a global digital ecosystem enabler, announces its financial results for the quarter and full year ended 31st March 2022.

Consolidated financial highlights:

  • Consolidated revenue for FY22 came in at INR 16,725 Crores (USD 2,244.9 Mn) and at INR 4,263 Crores (USD 567.0 Mn) for Q4 FY22
  • Most of the segments across Core Connectivity, Digital Platforms & Services, and Incubation services of Data business witnessed healthy growth:
    • Data business grew by 2.1% QoQ and 1.4% YoY
    • Within Digital Platforms, all segments except Collaboration witnessed double digit YoY growth and strong sequential growth
    • Core Connectivity witnessed a revenue growth of +0.5% QoQ and +1.4% YoY
    • Incubation portfolio grew by 49.1% QoQ and 67.6% YoY
  • Consolidated EBITDA stood at INR 4,227 Crores (USD 567.3 Mn); with margins in at 25.3%, expanding by 40 Bps YoY. For the quarter, margin came in at 24.5%
  • Consolidated PAT stood at INR 1,482 Crores (USD 198.9 Mn) as compared to a profit of INR 1,251 Crores (USD 168.4 Mn) in FY21, registering a growth of + 18.5% YoY
  • CAPEX for this year was INR 1,608 Crores (USD 216.9 Mn) as compared to INR 1,421 Crores (USD 191.4 Mn) in FY21; Free Cash Flow for FY22 was at INR 2,619 Crores (USD 345.6 Mn)

The Board has recommended a dividend of INR 20.7 per share as a result of the Company reporting strong profitability.

Source:

Tata Communications / Harvard Engage! Communications

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

adidas delivers strong results in 2021

  • adidas expects double-digit sales growth in 2022

Major developments FY 2021

•    Currency-neutral revenues up 16% driven by growth in all markets
•    Excellent top-line momentum in EMEA, North America and Latin America with strong double-digit increases in each region
•    Double-digit growth in DTC reflecting improvements in both online and offline
•    Gross margin increases to 50.7% driven by higher full-price sales and better inventory management  
•    Operating margin increases 5.3 percentage points to 9.4%  
•    Net income from continuing operations grows more than € 1 billion to € 1.492 billion
•    Executive and Supervisory Boards propose dividend increase of 10% to € 3.30 per share

Outlook for FY 2022

  • adidas expects double-digit sales growth in 2022

Major developments FY 2021

•    Currency-neutral revenues up 16% driven by growth in all markets
•    Excellent top-line momentum in EMEA, North America and Latin America with strong double-digit increases in each region
•    Double-digit growth in DTC reflecting improvements in both online and offline
•    Gross margin increases to 50.7% driven by higher full-price sales and better inventory management  
•    Operating margin increases 5.3 percentage points to 9.4%  
•    Net income from continuing operations grows more than € 1 billion to € 1.492 billion
•    Executive and Supervisory Boards propose dividend increase of 10% to € 3.30 per share

Outlook for FY 2022

•    Currency-neutral sales to increase at a rate between 11% and 13%, already reflecting up to € 250 million of risk in Russia/CIS business related to the war in Ukraine
•    Gross margin to increase to a level of between 51.5% and 52.0%
•    Operating margin to increase to a level of between 10.5% and 11.0%
•    Net income from continuing operations to grow to between € 1.8 billion and € 1.9 billion

Kasper Rorsted, CEO of adidas: “Unfortunately, we release our 2021 results in unsettling times. Our thoughts and prayers are with the Ukrainian people, our teams on the ground and everyone affected by the war. We strongly condemn any form of violence and stand in solidarity with all those calling for peace. We also provide immediate humanitarian aid to those in need of support. We will continue to follow the situation closely and take future business decisions and actions as needed, always prioritizing our employee’s safety and support.”

“In 2021, we delivered a strong set of results despite several external factors weighing on both demand and supply throughout the year”, Kasper Rorsted continued. “Wherever markets operated without major disruptions we have been experiencing strong top-line momentum. This is reflected in double-digit revenue growth in EMEA, North America and Latin America. While we continued to invest heavily into our brand, our direct-to-consumer business, and our digital transformation, we improved our bottom-line by more than € 1 billion. Taking it all together, 2021 was a successful first year within our new strategic cycle. In 2022, we will build on this momentum and continue to grow both our top- and bottom-line at double-digit rates amid heightened uncertainty.”

More information:
adidas Financial Year 2021
Source:

adidas Media Relations

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

02.03.2022

2021 financial year: Autoneum grows profitability and earnings in a difficult environment

All four Business Groups contributed to the significant improvement of the Group’s EBIT, which more than doubled by CHF 29.7 million to CHF 57.5 million, corresponding to an EBIT margin of 3.4%. This was achieved despite a slight decline in consolidated revenue to CHF 1.7 billion. Net profit amounted to CHF 30.1 million. In line with Autoneum’s longstanding dividend policy, the Board of Directors proposes a dividend of CHF 1.50 per share for the 2021 financial year.

All four Business Groups contributed to the significant improvement of the Group’s EBIT, which more than doubled by CHF 29.7 million to CHF 57.5 million, corresponding to an EBIT margin of 3.4%. This was achieved despite a slight decline in consolidated revenue to CHF 1.7 billion. Net profit amounted to CHF 30.1 million. In line with Autoneum’s longstanding dividend policy, the Board of Directors proposes a dividend of CHF 1.50 per share for the 2021 financial year.

We saw a number of global challenges again in 2021. The worldwide shortage of semiconductors dampened market development in the automobile industry. Although production volumes were almost the same in 2021, the year was more challenging from an operational perspective than 2020 was; supply chain bottlenecks led to short-term and unplanned production downtime at automotive manufacturers throughout the year. This resulted in frequent interruptions in production at Autoneum as well because of closely connected manufacturing processes. Rising costs for raw materials, energy, and transport presented additional challenges. Despite the challenging environment and weak global production volumes, Autoneum managed to return to profitability in 2021, generating a positive net result. Thanks to further operational improvements and optimization measures in all organizational areas, earnings were improved in all four Business Groups.

  • Revenue development influenced by semiconductor shortage
  • Operating profit and positive group net result thanks to improvements in all segments
  • Net profit and positive free cash flow enable an increase in equity ratio and a further reduction of net debt
  • Board of Directors proposes a dividend of CHF 1.50
  • Personnel change on the Board of Directors
  • Business Groups
  • Innovation Leadership for a safe journey towards a climate-friendly future
  • 10 years of Autoneum

Outlook
According to market forecasts1), global automotive production will increase by around 9% year-onyear in 2022. The semiconductor shortage is likely to continue for some time into 2023; however, we anticipate that the situation will increasingly stabilize over the course of the financial year 2022 with higher volatility in the first half of the year. Autoneum’s revenue development is expected to be in line with the market. Based on market development, Autoneum is targeting an EBIT margin of 4–5% and free cash flow in the high double-digit million range. In addition to addressing the current semiconductor shortage situation, Autoneum will continue to pursue its consistent implementation of strategic priorities and initiatives. The potential impacts of the current Ukraine crisis on our business cannot be estimated at this point in time.

Further information on the 2021 results as well as the 2021 Annual Report can be found at www.autoneum.com/2022/03/02/2021-annual-results

Source:

Autoneum Management AG

10.01.2022

adidas plans to repurchase shares for up to € 1 billion in Q1 2022

  • Multi-year share buyback program started

adidas today announced the start of the first tranche of its multi-year share buyback program announced in December 2021. The company intends to repurchase own shares in an amount of up to € 1 billion in the first quarter of 2022.

In total, under the new program, adidas plans to buy back own shares for up to € 4 billion until 2025. Taking into consideration the € 1 billion share buyback completed in 2021 already, the company intends to return up to € 5 billion to its shareholders through regular share buybacks alone during the five-year strategic cycle of the new company strategy ‘Own the Game’. The share buyback activities are complemented by annual dividend payouts in the range of 30% to 50% of net income from continuing operations.

  • Multi-year share buyback program started

adidas today announced the start of the first tranche of its multi-year share buyback program announced in December 2021. The company intends to repurchase own shares in an amount of up to € 1 billion in the first quarter of 2022.

In total, under the new program, adidas plans to buy back own shares for up to € 4 billion until 2025. Taking into consideration the € 1 billion share buyback completed in 2021 already, the company intends to return up to € 5 billion to its shareholders through regular share buybacks alone during the five-year strategic cycle of the new company strategy ‘Own the Game’. The share buyback activities are complemented by annual dividend payouts in the range of 30% to 50% of net income from continuing operations.

Strong cash returns are a key component of the company’s strategy. As part of ‘Own the Game’ adidas intends to generate substantial cumulative free cash flow until 2025. The majority of it – between € 8 and € 9 billion – will be distributed to adidas’ shareholders. On top of that, the company plans to return most of the cash proceeds from the Reebok divestiture to its shareholders after closing of the transaction, which is expected to occur during the first quarter of 2022.

As with previous share buybacks, adidas intends to cancel most of the shares repurchased during the program, which would reduce the number of shares as well as the share capital accordingly.

More information:
adidas Own the Game
Source:

adidas AG

16.12.2021

adidas to initiate € 4 billion share buyback program until 2025

With the approval of the Supervisory Board, the Executive Board of adidas has decided to launch a multi-year share buyback program. Starting in January 2022, the company plans to buy back shares in an amount of up to € 4 billion until 2025. Taking into consideration the € 1 billion share buyback completed in 2021 already, the company intends to return up to € 5 billion to its shareholders through regular share buybacks alone during the five-year strategic cycle. The buyback activities are complemented by the company’s annual dividend payouts in a range of between 30% and 50% of net income from continuing operations.

Strong shareholder returns are a key component of adidas’ new strategy ‘Own the Game’. As part of ‘Own the Game’, adidas plans to generate substantial free cash flow until 2025 and return the majority of it – between € 8 and 9 billion – to its shareholders via dividend payments and share buybacks. In addition, the company plans to return the majority of the cash proceeds from the Reebok divestiture to the shareholders after closing of the transaction, which is expected in the first quarter of 2022.

With the approval of the Supervisory Board, the Executive Board of adidas has decided to launch a multi-year share buyback program. Starting in January 2022, the company plans to buy back shares in an amount of up to € 4 billion until 2025. Taking into consideration the € 1 billion share buyback completed in 2021 already, the company intends to return up to € 5 billion to its shareholders through regular share buybacks alone during the five-year strategic cycle. The buyback activities are complemented by the company’s annual dividend payouts in a range of between 30% and 50% of net income from continuing operations.

Strong shareholder returns are a key component of adidas’ new strategy ‘Own the Game’. As part of ‘Own the Game’, adidas plans to generate substantial free cash flow until 2025 and return the majority of it – between € 8 and 9 billion – to its shareholders via dividend payments and share buybacks. In addition, the company plans to return the majority of the cash proceeds from the Reebok divestiture to the shareholders after closing of the transaction, which is expected in the first quarter of 2022.

“Over the next couple of years, our business will become significantly more cash generative than ever before”, said Harm Ohlmeyer, CFO of adidas. “And we will hit the road running in 2022: Driven by strong top- and bottom-line improvements, we will once again generate a high free cash flow, which we will almost entirely return to our shareholders next year.”

As with previous share buybacks, adidas intends to cancel most of the shares repurchased during the program, which would reduce the number of shares as well as the share capital accordingly.

More information:
adidas
Source:

adidas AG

02.12.2021

adidas completes second share buyback program in 2021

  • More than 8 million treasury shares cancelled

adidas announced today the completion of its second share buyback program this year. Between October 18, 2021, and November 25, 2021, the company bought back 1,619,683 shares for a total amount of € 450 million, corresponding to an average purchase price per share of € 277.83. Taking into consideration the first share buyback conducted during the third quarter, adidas bought back 3,471,205 shares for a total amount of € 1 billion in 2021. Including the dividend payment of € 585 million in May, the company returned nearly € 1.6 billion to its shareholders this year.

Strong cash returns are an essential part of the company’s new strategy ‘Own the Game’. Driven by the significant top-line growth and strong bottom-line expansion, adidas will generate substantial cumulative free cash flow until 2025. The majority of this – between € 8 billion and € 9 billion – will be distributed to shareholders through regular dividend pay-outs in a range of between 30% and 50% of net income from continuing operations, complemented with share buybacks.  

  • More than 8 million treasury shares cancelled

adidas announced today the completion of its second share buyback program this year. Between October 18, 2021, and November 25, 2021, the company bought back 1,619,683 shares for a total amount of € 450 million, corresponding to an average purchase price per share of € 277.83. Taking into consideration the first share buyback conducted during the third quarter, adidas bought back 3,471,205 shares for a total amount of € 1 billion in 2021. Including the dividend payment of € 585 million in May, the company returned nearly € 1.6 billion to its shareholders this year.

Strong cash returns are an essential part of the company’s new strategy ‘Own the Game’. Driven by the significant top-line growth and strong bottom-line expansion, adidas will generate substantial cumulative free cash flow until 2025. The majority of this – between € 8 billion and € 9 billion – will be distributed to shareholders through regular dividend pay-outs in a range of between 30% and 50% of net income from continuing operations, complemented with share buybacks.  

“‘Own the Game’ is a growth and investment strategy resulting in significant value creation,” said Harm Ohlmeyer, CFO of adidas. “Dividends as well as share buybacks are key components of this. Against this background and given our positive outlook for 2022, we plan to continue our regular share buyback activities early next year. This will be complemented by returning the majority of the cash proceeds from the Reebok divestiture to our shareholders after closing of the transaction, which is expected to occur during the first quarter of 2022.”

As announced in October 2021, adidas intends to cancel the majority of the shares repurchased as part of its buyback activities. As a result, a total of 8,316,186 treasury shares have been cancelled, reducing the company’s share count and stock capital from 200,416,186 to 192,100,000.

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adidas shares
Source:

adidas AG

30.11.2021

Lenzing Managing Board proposes dividend of EUR 4.35

The Managing Board of Lenzing AG, a leading manufacturer of specialty fibers made from the renewable raw material wood, has resolved to propose to the Annual General Meeting a dividend of EUR 4.35 for the 2021 financial year. This dividend proposal reflects the suspended dividends from 2019 and 2020.

The total dividend payout to shareholders will amount to about EUR 115,492,500, subject to the acceptance of the proposal by the Supervisory Board at its meeting scheduled for March 09, 2022 for the purpose of approving the consolidated financial statements as well as the approval granted by Lenzing AG shareholders at the Annual General Meeting on April 26, 2022.

The Annual Report of the Lenzing AG for the 2021 financial year will be published on March 10, 2022.

The Managing Board of Lenzing AG, a leading manufacturer of specialty fibers made from the renewable raw material wood, has resolved to propose to the Annual General Meeting a dividend of EUR 4.35 for the 2021 financial year. This dividend proposal reflects the suspended dividends from 2019 and 2020.

The total dividend payout to shareholders will amount to about EUR 115,492,500, subject to the acceptance of the proposal by the Supervisory Board at its meeting scheduled for March 09, 2022 for the purpose of approving the consolidated financial statements as well as the approval granted by Lenzing AG shareholders at the Annual General Meeting on April 26, 2022.

The Annual Report of the Lenzing AG for the 2021 financial year will be published on March 10, 2022.

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Lenzing AG dividend
Source:

Lenzing AG

04.11.2021

Autoneum presents medium-term financial targets

Autoneum presented an insight into current market trends and the Company's strategic focus in the areas of electromobility and sustainability, as well as an outlook on its medium-term financial targets at the media and financial analysts brunch.

In addition to current market expectations and trends in the automotive industry, the focus will be on Autoneum’s activities and growth potential in the areas of e-mobility and sustainability. Matthias Holzammer, CEO, and other experts of the Company will present Autoneum's latest developments with regard to New Mobility and sustainable product innovations as well as their strategic classification. CFO Bernhard Wiehl will also present Autoneum's new medium-term financial targets.

Autoneum presented an insight into current market trends and the Company's strategic focus in the areas of electromobility and sustainability, as well as an outlook on its medium-term financial targets at the media and financial analysts brunch.

In addition to current market expectations and trends in the automotive industry, the focus will be on Autoneum’s activities and growth potential in the areas of e-mobility and sustainability. Matthias Holzammer, CEO, and other experts of the Company will present Autoneum's latest developments with regard to New Mobility and sustainable product innovations as well as their strategic classification. CFO Bernhard Wiehl will also present Autoneum's new medium-term financial targets.

Based on the further expansion of the portfolio with sustainable products and new applications for e-vehicles as well as the increase in market share with existing and new customers, particularly in Asia, the Company expects a profitable revenue growth at market level in the medium term. Based on the expected revenue development, further progress in the turnaround of North America as well as the consistently practiced operational excellence in all business areas, Autoneum targets an EBITDA margin of 13% in the medium term. Accordingly, a solid free cash flow in the amount of 6% of revenue and a further increase in the equity ratio to over 35% are targeted. The Company still intends to pay a dividend to shareholders of at least 30% of the profit attributable to Autoneum shareholders.

More information:
Autoneum Automotive Sustainability
Source:

Autoneum Management AG

14.10.2021

adidas launches new share buyback

Through its new strategy ‘Own the Game’ adidas expects to generate substantial cumulative free cash flow until 2025. The company plans to share the majority of it – between € 8 and € 9 billion – with its shareholders through dividend pay-outs as well as through share buybacks. In this context, adidas had launched a share buyback program in July which was completed successfully at the end of September. Between July 1 and September 30, 2021, the company bought back 1,851,522 shares for a total amount of € 550 million.

Against this background, the Executive Board, with approval of the Supervisory Board, has decided to launch an additional share buyback program. Starting on October 18, 2021, the company plans to buy back shares worth € 450 million until the end of the year. Taking into consideration the share buyback completed at the end of September, adidas will buy back shares in a total amount of € 1 billion in 2021. Including the dividend payment of € 585 million in May, the company will return nearly € 1.6 billion to its shareholders this year.

Through its new strategy ‘Own the Game’ adidas expects to generate substantial cumulative free cash flow until 2025. The company plans to share the majority of it – between € 8 and € 9 billion – with its shareholders through dividend pay-outs as well as through share buybacks. In this context, adidas had launched a share buyback program in July which was completed successfully at the end of September. Between July 1 and September 30, 2021, the company bought back 1,851,522 shares for a total amount of € 550 million.

Against this background, the Executive Board, with approval of the Supervisory Board, has decided to launch an additional share buyback program. Starting on October 18, 2021, the company plans to buy back shares worth € 450 million until the end of the year. Taking into consideration the share buyback completed at the end of September, adidas will buy back shares in a total amount of € 1 billion in 2021. Including the dividend payment of € 585 million in May, the company will return nearly € 1.6 billion to its shareholders this year.

“The decision to launch an additional share buyback program reflects our strong financial profile as well as the successful start of the execution of our strategy ‘Own the Game’,” said Harm Ohlmeyer, CFO of adidas. “Regular share buybacks and dividends in the amount of between € 8 and € 9 billion are a key component of ‘Own the Game’. They will be complemented by returning the majority of the cash proceeds from the Reebok divestiture to our shareholders after closing of the transaction.”  

adidas intends to cancel most of the repurchased shares, which would reduce the number of shares and the share capital accordingly.

More information:
adidas
Source:

adidas AG

15.04.2021

Rieter Annual General Meeting 2021

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 AGM 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 15, 2021, the independent proxy represented a total of 2 084 shareholders who hold 63.6% of the share capital.

The shareholders approved the proposal of the Board of Directors not to distribute a dividend in view of the negative business result. 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 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 AGM 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 15, 2021, the independent proxy represented a total of 2 084 shareholders who hold 63.6% of the share capital.

The shareholders approved the proposal of the Board of Directors not to distribute a dividend in view of the negative business result. 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 2022.

The Chairman of the Board, Bernhard Jucker, and the members of the Board of Directors This E. Schneider, Hans-Peter Schwald, Peter Spuhler, Roger Baillod, Carl Illi and Luc Tack were confirmed for an additional one-year term of office. Stefaan Haspeslagh was newly elected to the Board of Directors for a one-year term of office.

Furthermore, 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.

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 2020, 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.

Outlook Updated
As already communicated at the Results Press Conference on March 9, 2021, Rieter expects the market recovery to continue in 2021. The company expects an order intake exceeding CHF 500 million in the first half of 2021. For the first half of 2021, Rieter still anticipates that sales will be below break-even point. For the full year 2021, Rieter expects an operating profit.

More information:
Rieter spinning machinery spinning
Source:

Rieter Management AG

25.03.2021

Autoneum Holding AG Annual General Meeting

  • Waiver of dividend
  • Expansion of Board of Directors

The shareholders of Autoneum Holding Ltd approved all proposals of the Board of Directors at today’s Annual General Meeting and agreed to forgo dividend payments. Liane Hirner and Oliver Streuli were newly elected to the Board of Directors. Based on Art. 27 of the Covid-19 Ordinance 3, the Board of Directors of Autoneum Holding Ltd decided to hold the 2021 Annual General Meeting without physical attendance by the shareholders. For this reason, the Company had asked them in advance to exercise their rights exclusively via the Independent Proxy. He represented 63.5% of a total of 4 672 363 shares.

  • Waiver of dividend
  • Expansion of Board of Directors

The shareholders of Autoneum Holding Ltd approved all proposals of the Board of Directors at today’s Annual General Meeting and agreed to forgo dividend payments. Liane Hirner and Oliver Streuli were newly elected to the Board of Directors. Based on Art. 27 of the Covid-19 Ordinance 3, the Board of Directors of Autoneum Holding Ltd decided to hold the 2021 Annual General Meeting without physical attendance by the shareholders. For this reason, the Company had asked them in advance to exercise their rights exclusively via the Independent Proxy. He represented 63.5% of a total of 4 672 363 shares.

The shareholders approved the Annual Report, the Annual Financial Statements and the Consolidated Financial Statements 2020. In view of the net loss in the 2020 financial year, the Board of Directors proposed forgoing dividend payments, which was approved by a large majority of the shareholders. Hans-Peter Schwald, Chairman of the Board of Directors, said: “2020 was extremely challenging for the entire automobile industry and also for Autoneum. The pandemic-related drop in revenue has impacted profitability. Despite the net loss, Autoneum reached important financial improvements in 2020. We expect to return to profitability in 2021 and our aim to distribute at least 30% of the net profit attributable to Autoneum shareholders as dividends remains unchanged. The Board of Directors, the Group Executive Board and the Company as a whole are committed fully to ensuring that Autoneum continues to make significant operational and financial improvements.”

Chairman Hans-Peter Schwald and the other members of the Board of Directors, Rainer Schmückle, Norbert Indlekofer, Michael Pieper, This E. Schneider and Ferdinand Stutz were confirmed in office. Newly elected to the Board of Directors were Liane Hirner and Oliver Streuli.

With Liane Hirner and Oliver Streuli and the resignation of Peter Spuhler, who did not stand for reelection in order to be able to focus on managing Stadler Rail, the Board of Directors of Autoneum Holding Ltd has expanded from seven to eight members. Hans-Peter Schwald explained: “The expertise of Liane Hirner and Oliver Streuli in the areas of finance and corporate management is of great value to Autoneum. As the Board of Directors, we look forward to this enhancement to the Board and to working with both of them.”

Peter Spuhler has been an important driving force since the Company became independent, he played a major role in shaping Autoneum thanks to his entrepreneurial expertise and showed great commitment to the Company. The Board of Directors thanks him sincerely and wishes him continued success.

This E. Schneider, Hans-Peter Schwald and Ferdinand Stutz were re-elected to the Compensation Committee. Oliver Streuli was elected as a new member of this committee. In addition, the shareholders of Autoneum Holding Ltd granted discharge to all members of the Board of Directors and the Group Executive Board with a large majority.

The consultative vote on the 2020 remuneration report was approved by 83.4%. Due to the severe impact of the coronavirus pandemic on the Group’s business development, the members of the Board of Directors renounced half of their compensation for the 2020 financial year and, in order to  align their remuneration with shareholder interests, decided to receive it entirely in Autoneum shares. In addition, a waiver of salary amounting to 10% of the basic salary for a period of three months was agreed upon with the senior management as part of a reduction of personnel costs.

The proposals for the remuneration of the Board of Directors and the Group Executive Board for the 2022 financial year as well as the other proposals were also approved by a large majority.

Source:

Autoneum Management AG

09.03.2021

Rieter Financial Year 2020

Financial Year 2020

As a consequence of the COVID-19 pandemic, Rieter closed the 2020 financial year with sales of CHF 573.0 million, which corresponds to a decrease of 25% compared to the previous year (2019: CHF 760.0 million). Due to the low sales volume, a loss of CHF 84.4 million was recorded at the EBIT level while at the net profit level the loss was CHF 89.8 million. In view of the loss in the 2020 financial year, the Board of Directors proposes that shareholders waive the payment of a dividend for 2020.

Order intake of CHF 640.2 million in the 2020 financial year was 31% down on the previous year (2019: CHF 926.1 million). Following the significant slump in demand in the second quarter of 2020 (CHF 45.7 million), order intake recovered in the third quarter (CHF 174.4 million) and improved further in the fourth quarter (CHF 215.1 million).

At the end of 2020, the company had an order backlog of about CHF 560 million (December 31, 2019: about CHF 500 million).

Financial Year 2020

As a consequence of the COVID-19 pandemic, Rieter closed the 2020 financial year with sales of CHF 573.0 million, which corresponds to a decrease of 25% compared to the previous year (2019: CHF 760.0 million). Due to the low sales volume, a loss of CHF 84.4 million was recorded at the EBIT level while at the net profit level the loss was CHF 89.8 million. In view of the loss in the 2020 financial year, the Board of Directors proposes that shareholders waive the payment of a dividend for 2020.

Order intake of CHF 640.2 million in the 2020 financial year was 31% down on the previous year (2019: CHF 926.1 million). Following the significant slump in demand in the second quarter of 2020 (CHF 45.7 million), order intake recovered in the third quarter (CHF 174.4 million) and improved further in the fourth quarter (CHF 215.1 million).

At the end of 2020, the company had an order backlog of about CHF 560 million (December 31, 2019: about CHF 500 million).

Business Groups
Sales of the Business Group Machines & Systems amounted to CHF 295.8 million in 2020, which corresponds to a decrease of 24% compared to the previous year. Due to the low volume and taking into account the expenditure on the ongoing innovation program, the business group recorded a loss of CHF 72.4 million at the EBIT level. Order intake in the reporting year was CHF 363.9 million (-35% compared to the previous year).

The Business Group Components with sales of CHF 174.3 million (-24% compared to the previous year) achieved a profit of CHF 1.4 million at the EBIT level before restructuring charges. EBIT after restructuring charges was CHF -5.5 million. The order intake with CHF 169.1 million (-24% compared to the previous year) was just below sales.

The Business Group After Sales achieved sales of CHF 102.9 million (-27% compared to the previous year) and a positive EBIT of CHF 1.8 million. Order intake was CHF 107.2 million (-24% compared to the previous year). Over 60% of spinning mills were shut down in the second quarter of 2020, with a corresponding impact on the demand for spare parts.

Dividend
Due to the loss of CHF 89.8 million at the net profit level in the 2020 financial year, the Board of Directors proposes that shareholders waive the distribution of a dividend.

Outlook
Rieter expects the market recovery that began in the second half of 2020 to continue in 2021. The company expects an order intake in the first half of 2021 exceeding that of the previous half year (second half of 2020: CHF 389.5 million). Thanks to the improved capacity utilization, Rieter is planning short-time working in only a few areas in the first half of 2021. Nonetheless, as already announced, Rieter still anticipates that sales in the first half of 2021 will be below the break-even point. In connection with the high order backlog at the beginning of 2021, Rieter expects an operating profit for the full year 2021.

Source:

Rieter Management AG

06.05.2020

Lenzing’s performance impacted by historically difficult market environment

  • Fiber prices and demand under pressure due to COVID-19 crisis
  • Measures to maintain operations and to protect employees, customers and suppliers implemented successfully
  • Hygiene competence center established to produce personal protective equipment in the fight against COVID-19 pandemic
  • Strategic investment projects in Brazil and Thailand progressing according to plan
  • Management Board proposes not to distribute a dividend for 2019 – AGM rescheduled for June 18, 2020

In a historically difficult market environment with increased pressure on prices and volumes resulting from the COVID-19 crisis, the Lenzing Group held its ground well in the first quarter of 2020. Thanks to a diversified business model and its global footprint on the one hand, and the disciplined implementation of the sCore TEN corporate strategy on the other, the effect on the revenue and earnings development was partially offset.

  • Fiber prices and demand under pressure due to COVID-19 crisis
  • Measures to maintain operations and to protect employees, customers and suppliers implemented successfully
  • Hygiene competence center established to produce personal protective equipment in the fight against COVID-19 pandemic
  • Strategic investment projects in Brazil and Thailand progressing according to plan
  • Management Board proposes not to distribute a dividend for 2019 – AGM rescheduled for June 18, 2020

In a historically difficult market environment with increased pressure on prices and volumes resulting from the COVID-19 crisis, the Lenzing Group held its ground well in the first quarter of 2020. Thanks to a diversified business model and its global footprint on the one hand, and the disciplined implementation of the sCore TEN corporate strategy on the other, the effect on the revenue and earnings development was partially offset.

In the first quarter of 2020, revenue declined by 16.7 percent in comparison with the prior-year quarter and amounted to EUR 466.3 mn. The main reason was the development of prices for standard viscose (due to significant overcapacity in the market) and other standard fibers. The impact of the COVID-19 crisis further increased pressure on prices and volumes. The prices for standard viscose dropped to a new all-time low of 9,150 RMB/ton by March 31 – up to 33 percent lower than in the prior-year quarter. The comparatively positive development of the specialty fiber business and slightly higher demand for fibers in the medical and hygiene segments partially offset the decline in revenue. The share of specialty fibers increased from 47.3 percent in the first quarter of the previous year to 60.9 percent. The earnings development reflects the decline in revenue: EBITDA (earnings before interest, tax, depreciation and amortization) decreased by 24.3 percent to EUR 69.6 mn. The EBITDA margin declined from 16.4 percent to 14.9 percent. Net profit for the period was down 58.6 percent to EUR 17.7 mn. Earnings per share amounted to EUR 0.84 compared with EUR 1.65 in the first quarter of the previous year.

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Lenzing AG
Source:

Lenzing AG

06.05.2020

Lenzing Board proposes waiver of dividend for 2019

The Management Board of the Lenzing Group reassessed its original resolution for a dividend distribution of EUR 1.00 and decided to propose to the Supervisory Board and the Annual General Meeting not to distribute a dividend for the 2019 financial year due to the COVID-19 crisis.

The Management Board of the Lenzing Group reassessed its original resolution for a dividend distribution of EUR 1.00 and decided to propose to the Supervisory Board and the Annual General Meeting not to distribute a dividend for the 2019 financial year due to the COVID-19 crisis.

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Lenzing AG Dividende
Source:

Lenzing AG