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26.07.2022

adidas adjusts outlook for 2022: Declining revenues in Greater China expected

adidas is adjusting its outlook for the financial year 2022. While second quarter results were somewhat ahead of expectations reflecting continued strong momentum in Western markets and a return to growth in Asia-Pacific, the company has been experiencing a slower-than-expected recovery in its business in Greater China since the start of the third quarter. Previously, the company had assumed that in absence of any major lockdowns as of Q3, currency-neutral revenues in the region would be flat during the second half of the year versus the prior year level. However, given the continued widespread covid-19-related restrictions, adidas now expects revenues in Greater China to decline at a double-digit rate during the remainder of the year.

adidas is adjusting its outlook for the financial year 2022. While second quarter results were somewhat ahead of expectations reflecting continued strong momentum in Western markets and a return to growth in Asia-Pacific, the company has been experiencing a slower-than-expected recovery in its business in Greater China since the start of the third quarter. Previously, the company had assumed that in absence of any major lockdowns as of Q3, currency-neutral revenues in the region would be flat during the second half of the year versus the prior year level. However, given the continued widespread covid-19-related restrictions, adidas now expects revenues in Greater China to decline at a double-digit rate during the remainder of the year.

As a result, adidas now expects currency-neutral revenues for the total company to grow at a mid- to high-single-digit rate in 2022 (previously: at the lower end of the 11% – 13% range). Because of the less favorable market mix due to lower-than-expected revenues in Greater China as well as the impact from initiatives to clear excess inventories in this market until the end of the year, the company’s gross margin is now expected to be around 49.0% in 2022 (previously: around 50.7%). Consequently, the company’s operating margin is now forecasted to be around 7.0% in 2022 (previously: around 9.4%) and net income from continuing operations is expected to reach a level of around € 1.3 billion (previously: at the lower end of the € 1.8 billion – € 1.9 billion range).

So far, the company did not experience a meaningful slowdown in the sell-through of its products or significant cancellations of wholesale orders in any other market. Nevertheless, the adjusted guidance also accounts for a potential slowdown of consumer spending in these markets during the second half of the year as a result of the more challenging macroeconomic conditions.

Despite these headwinds, adidas continues to expect double-digit revenue growth during the second half of the year for the total company. In addition to easier prior year comparables, the acceleration will be driven by adidas’ strong product pipeline, the restocking opportunity with its wholesale customers given unconstrained supply as well as the support from major sporting events.

Based on preliminary numbers, adidas’ currency-neutral revenues grew 4% during the second quarter. This increase was driven by strong double-digit growth in North America and Latin America, high-single-digit growth in EMEA (also double-digit growth excluding negative Russia/CIS impact) as well as a return to growth in Asia-Pacific. In euro terms, sales increased 10% to € 5.596 billion. The company’s gross margin declined 1.5 percentage points to a level of 50.3% and operating margin reached 7.0% during the second quarter (2021: 10.7%). Net income from continuing operations was € 360 million in Q2 (2021: € 387 million) supported by a one-time tax benefit of more than € 100 million due to the reversal of a prior year provision.

More information:
adidas financial year 2022
Source:

adidas AG

19.07.2022

Rieter starts sales process for the remaining land owned by Rieter

  • Order intake of CHF 869.4 million, order backlog of more than CHF 2 100 million
  • Sales of CHF 620.6 million, preproduced deliveries in the three-digit million range had to be postponed until the second half of 2022
  • EBIT of CHF -10.2 million, net result of CHF -25.2 million due to significant cost increases, additional costs, and acquisition-related expenses
  • Action plan to increase sales and profitability
  • Rieter site Winterthur
  • Outlook

Rieter continued to be successful in the market in the first half of 2022. Based on the company’s technology leadership, innovative product portfolio and the completion of the ring- and compact-spinning system, a high order intake and a significant increase in sales were generated. The increase in sales was achieved even though preproduced deliveries in the three-digit million range had to be postponed until the second half of 2022. The order backlog is at a record level.

  • Order intake of CHF 869.4 million, order backlog of more than CHF 2 100 million
  • Sales of CHF 620.6 million, preproduced deliveries in the three-digit million range had to be postponed until the second half of 2022
  • EBIT of CHF -10.2 million, net result of CHF -25.2 million due to significant cost increases, additional costs, and acquisition-related expenses
  • Action plan to increase sales and profitability
  • Rieter site Winterthur
  • Outlook

Rieter continued to be successful in the market in the first half of 2022. Based on the company’s technology leadership, innovative product portfolio and the completion of the ring- and compact-spinning system, a high order intake and a significant increase in sales were generated. The increase in sales was achieved even though preproduced deliveries in the three-digit million range had to be postponed until the second half of 2022. The order backlog is at a record level. Despite higher sales, the significant increase in material and logistics costs, additional costs for compensation of the material shortages and the expenditure incurred for the acquisition in the years 2021/2022 resulted in a loss. Rieter is implementing an action plan to increase sales and profitability. The sales process for the remaining land owned by Rieter was initiated.

Order Intake and Order Backlog
Rieter posted an order intake of CHF 869.4 million, which included CHF 176.6 million from the businesses acquired in the years 2021/2022. As expected, demand has thus returned to normal compared with the exceptionally high figure for the prior-year period, but remains well above the average figure for the last five years of around CHF 570 million (first half 2021: CHF 975.3 million, first half 2022 excluding acquisition effect CHF 692.8 million).

The regional shift in demand with investments in additional spinning capacity outside China along with investments in the competitiveness of Chinese spinning mills continues. Rieter benefits from its technology leadership, the innovative product portfolio and the completion of the ring- and compact-spinning system through the acquisition of the automatic winding machine business. The largest order intakes came from India, Turkey, China, Uzbekistan, and Pakistan.

On June 30, 2022, the company had an order backlog of more than CHF 2 100 million (June 30, 2021: CHF 1 135 million). Cancellations in the reporting period amounted to around 5% of the order backlog.

Sales
The Rieter Group posted sales of CHF 620.6 million, which included CHF 68.9 million from the businesses acquired in the years 2021/2022 (first half 2021: CHF 400.5 million).

As a result, sales were significantly higher than in the prior-year period, although preproduced deliveries, which mainly affected the Business Group Machines & Systems, in the three-digit million range had to be postponed until the second half of 2022. The reasons for the postponements were the COVID lockdown in China and supply chain bottlenecks.

EBIT, Net Result and Free Cash Flow
Rieter posted a loss of CHF -10.2 million at the EBIT level in the first half of 2022.

Earnings were impacted by significantly higher material and logistics costs. The price increases already implemented are having a delayed effect, mainly in the Business Group Machines & Systems, and were therefore unable to compensate for the high increase in costs. In addition, costs in connection with material shortages negatively impacted profitability. The result also includes acquisition-related expenses of CHF -11.2 million.

The loss at the net result level was CHF -25.2 million, of which CHF -17.6 million was due to the acquisition.

Free cash flow was CHF -57.1 million, attributable to the build-up of inventories in connection with the high order backlog and postponed deliveries.

Action Plan to Increase Sales and Profitability
Rieter is implementing a comprehensive package of measures with the aim of increasing sales and profitability in the second half of 2022.

The package focuses on two main priorities: Firstly, Rieter is continuing to systematically implement price increases while working to improve the quality of margins of the order backlog, so as to compensate for cost increases in materials and logistics.
Secondly, Rieter is working closely with key suppliers and is developing alternative solutions to eliminate material bottlenecks, as far as possible, in order to safeguard deliveries.

Rieter Site Winterthur
The Board of Directors has decided to begin the process for the sale of the remaining land at the Rieter site in Winterthur (Switzerland). In total, around 75 000 m2 of land will be sold.

Outlook
As already reported, Rieter expects demand for new systems to normalize further in the coming months. Due to the capacity utilization at spinning mills, the company anticipates that demand for consumables, wear & tear and spare parts will remain at a good level.

For the full year 2022, due to the high order backlog and the consolidation of the businesses acquired from Saurer, Rieter expects sales of around CHF 1 400 million (2021: CHF 969.2 million). The reduced sales forecast compared to early 2022 (March 2022: CHF 1 500 million) reflects the impact of global supply bottlenecks. The realization of sales revenue from the order backlog continues to be associated with risks in relation to the well-known challenges.

Despite significantly higher sales, Rieter expects EBIT and net result for 2022 to be below the previous year’s level. This is due to the considerable increases in the cost of materials and logistics, additional costs for compensation of material shortages as well expenses in connection with the acquisition in the years 2021/2022. Despite the price increases already implemented, global cost increases continue to pose a risk to the growth of profitability.

Source:

Rieter Holding AG

(c) Koelnmesse / imm cologne
13.12.2021

imm cologne: Restart postponed to 2023

imm cologne will not take place on the planned dates in January 2022 in Cologne. The executive board of Koelnmesse reached this decision in close consultation with the Association of the German Furniture Industry (VDM) and in agreement with other well-known industry representatives at the international level. "This step is restricted exclusively to imm cologne and its specific requirements for trade fair operations. We are principally planning, as before, to carry out our spring events in 2022. The political guidelines allow for this, and, following the excellent and safe course of the past autumn trade fairs, this must remain our mission in the interests of the participating industries“, says COO Oliver Frese.

imm cologne will not take place on the planned dates in January 2022 in Cologne. The executive board of Koelnmesse reached this decision in close consultation with the Association of the German Furniture Industry (VDM) and in agreement with other well-known industry representatives at the international level. "This step is restricted exclusively to imm cologne and its specific requirements for trade fair operations. We are principally planning, as before, to carry out our spring events in 2022. The political guidelines allow for this, and, following the excellent and safe course of the past autumn trade fairs, this must remain our mission in the interests of the participating industries“, says COO Oliver Frese.

The VDM, as the industry sponsor of the event, and against the background of the current pandemic situation, sees the economic success of the event and thus the successful restart of imm cologne in January as extremely endangered. "Following consultation with numerous exhibitors, industry representatives and trading partners, there is either no question of participation on the part of German exhibitors or exhibitors from the German-speaking region, or this is very much in doubt", according to Jan Kurth, CEO of the VDM.  Similar feedback also came from many European countries.

"The current special basic conditions in the interior design industry make the practicability of imm cologne almost impossible", according to Oliver Frese. "We didn't make this very bitter decision easy for ourselves, but consider it to be our obligation to take this step now in close consultation with the industry. In this way we provide clarity and planning security in the interests of our exhibitors. In our shared perspective, an imm cologne with its claim as a leading trade fair for the interior design industry is not realisable in the current situation", the COO continues. "We are currently working actively on options for also still being able to offer exhibitors of imm cologne an attractive trade fair presence at the international level. Here, both spoga+gafa and ORGATEC present excellent alternatives in the interior design portfolio of Koelnmesse".

The cancellation is restricted to imm cologne and expressly does not include other B2B events planned for spring 2022 in Cologne. In autumn, the Cologne art fairs and the nutrition fair Anuga, among others, demonstrated that trade fairs are also once again possible at the international level and can be carried out safely for everyone. It is currently quite clear how differently individual industries are reacting to the present situation. "We have determined a heterogeneous estimation among the exhibiting companies in the face of the enduring pandemic situation in Germany", according to Oliver Frese, COO of Koelnmesse. The assessments vary in degree specific to different industries, "sometimes with a greater impact on the respective trade fair and sometimes hardly palpable", the COO continues. "In the interests of cooperation in a spirit of trust, we are of course communicating closely with our industries and customers, in order to be able to reach just these kinds of industry-specific decisions," according to Frese.

The hygiene and safety concept of Koelnmesse, which remains entirely in keeping with the decisions of the Minister-President Conference and the Corona Protection Ordinance of NRW, stands for safe processes.

A positive picture was still taking shape for imm cologne as a whole with the end of the term for cancellation without penalties in mid-October: with 600 exhibitors from more than 50 countries, the event would still have been the largest and most relevant forum for the interiors industry, hosted in Europe’s biggest furniture market, even in this smaller form in terms of numbers.

The professional exchange and the networking between internationally active companies and highly qualified trade visitors provide the basis at every imm cologne for future-oriented innovations and the development of new business models. In this way, imm cologne ensures important business impulses for the industry. Koelnmesse, together with the VDM and the exhibiting industry, will therefore do everything possible to get a powerful and innovative imm cologne 2023 on its feet.        

Source:

Koelnmesse / imm cologne

03.12.2021

Heimtextil from 11 - 14 January 2022 is cancelled

Against the background of the worsening pandemic situation in Germany over the past two weeks and the associated restrictions, Heimtextil, scheduled to take place in the second week of January, is cancelled. Messe Frankfurt is working with the industry to determine whether and in what form a new offering in the summer of 2022 can be organised to run parallel to the Techtextil/Texprocess trade fair duo. Later events such as Ambiente, Christmasworld, Creativeworld, Paperworld and Frankfurt Fashion Week are still planning to take place at the present time.

Against the background of the worsening pandemic situation in Germany over the past two weeks and the associated restrictions, Heimtextil, scheduled to take place in the second week of January, is cancelled. Messe Frankfurt is working with the industry to determine whether and in what form a new offering in the summer of 2022 can be organised to run parallel to the Techtextil/Texprocess trade fair duo. Later events such as Ambiente, Christmasworld, Creativeworld, Paperworld and Frankfurt Fashion Week are still planning to take place at the present time.

Due to the unforeseeable dynamics in the development of the pandemic, the reciprocal and cumulative effects of the relevant factors, as well as the extreme escalation and deterioration of the pandemic situation in Germany within a very short period of time, including the decisions taken at the Conference of Minister Presidents on 02.12.2021, the date of Heimtextil right at the beginning of the year, in the second week of January, cannot be kept. Heimtextil, the leading international trade fair for home and contract textiles, will be cancelled. Messe Frankfurt is working closely with all industry partners to find out whether and within what framework Heimtextil can be held parallel to Techtextil and Texprocess from 21 to 24 June 2022.

Heimtextil as an international trade fair has always kicked off the spring trade fair season and is the first major international trade fair in Germany directly after Christmas and New Year with exhibitors and visitors from over 135 countries. The exponential increase in the number of infections in a very short period of time and the accompanying multitude of developments and resolutions that are clearly outside the realm of influence of the organizer have led to a significant deterioration in the general conditions and necessary requirements for holding Heimtextil as a major trade fair of international relevance at this early stage. These developments include in particular the classification of Germany as a high-risk area and the associated travel warnings, international and intercontinental travel restrictions in India, Japan, the United States and Great Britain, as well as the quarantine obligation and “2G” (only with vaccinated and recovered status) requirements without recognition of the WHO vaccine list in Germany. Equally important are the steadily rising infection figures and the accompanying urgent appeal, including by the Robert Koch Institute, to reduce contacts to a minimum and to cancel all major events.

A large number of the exhibiting and visiting companies at Heimtextil are currently reacting to this with travel and trade fair attendance bans out of an obligation of concern towards their employees to protect them from health risks. The global willingness to travel is continuing to fall rapidly.

The planning and staging of the other spring trade fairs Ambiente, Christmasworld, Creativeworld and Paperworld is not affected. Due to their later dates in the year, at the end of January and mid-February respectively, these fairs are still planning to take place at the present time. Compared to Heimtextil, which is the most international trade fair at the Frankfurt location, Frankfurt Fashion Week currently has a much lower international profile and from this perspective can therefore still take place. The extremely volatile situation is continuously reviewed and evaluated in close exchange with the relevant authorities and industry partners.

Source:

Messe Frankfurt

09.09.2021

Texcare International will not take place in 2021

  • Leading suppliers of textile-care technology cancel their participation

Leading suppliers of laundry and dry-cleaning technology have used the free cancellation deadline offered by Messe Frankfurt against the background of the pandemic and cancelled their participation in Texcare International 2021 shortly before expiry. In view of this the Advisory Council of the world’s leading textile-care fair have voted to cancel Texcare International for this year because its success can no longer be guaranteed.

  • Leading suppliers of textile-care technology cancel their participation

Leading suppliers of laundry and dry-cleaning technology have used the free cancellation deadline offered by Messe Frankfurt against the background of the pandemic and cancelled their participation in Texcare International 2021 shortly before expiry. In view of this the Advisory Council of the world’s leading textile-care fair have voted to cancel Texcare International for this year because its success can no longer be guaranteed.

In view of the corona crisis earlier this year, Messe Frankfurt offered exhibitors of Texcare International the right to cancel their participation free of charge until 3 September 2021. As the months passed, the overall outlook became increasingly positive and, by the beginning of August, around 200 companies – including the important and big manufacturers from all parts of the textile-care sector – had registered to exhibit at Texcare International in Frankfurt am Main from 27 November to 1 December 2021. Factors contributing to this included the growing pace of vaccination around the world, the categorisation of trade fairs as business events and the officially approved protection and hygiene concept of Messe Frankfurt. Nevertheless, the mood changed shortly before the cancellation deadline as leading companies decided to withdraw from the event because of uncertainties regarding the future development of the pandemic.

Kerstin Horaczek, Vice President Technology Shows at Messe Frankfurt, took stock after the deadline: “Together with our partners, we worked untiringly to stage the Texcare International for the textile-care sector in the autumn. However, a leading international trade fair with a significantly reduced spectrum on show would not do justice to participants’ expectations of the fair as the most important meeting place and innovation hub for the sector. Therefore, we have decided to accept the vote of the Advisory Council and cancel Texcare International 2021. We are extremely sorry about this. At the same time, we are grateful for the on-going, high level of commitment demonstrated by the sector for their most important trade fair.”

Source:

Messe Frankfurt Exhibition GmbH

Heimtextil launches digital materials library (c) Messe Frankfurt
02.06.2021

Heimtextil launches digital materials library

Progressive material innovations presented digitally: following the cancellation of this year’s fair due to the corona pandemic, Heimtextil is extending its range of digital services and launching a new online materials library entitled ‘Future Materials Library’. 24 future-oriented materials for interior applications can now be found at www.heimtextil.messefrankfurt.com/future.

The curators of the new materials library are London-based futures-research agency, FranklinTill. “We are transitioning to a materials revolution that will help restore the balance in our relationship to our planet. As part of the Heimtextil Trends 21/22, we present a new selection of materials for interior applications with exciting innovations from all over the world”, says Caroline Till of FranklinTill.

A mix of commercially viable products and developments in an early stage

Progressive material innovations presented digitally: following the cancellation of this year’s fair due to the corona pandemic, Heimtextil is extending its range of digital services and launching a new online materials library entitled ‘Future Materials Library’. 24 future-oriented materials for interior applications can now be found at www.heimtextil.messefrankfurt.com/future.

The curators of the new materials library are London-based futures-research agency, FranklinTill. “We are transitioning to a materials revolution that will help restore the balance in our relationship to our planet. As part of the Heimtextil Trends 21/22, we present a new selection of materials for interior applications with exciting innovations from all over the world”, says Caroline Till of FranklinTill.

A mix of commercially viable products and developments in an early stage

Imaginative designers and environmentally-aware manufacturers: the Future Materials Library 2021 offers materials pioneers a platform and presents a first-class mix of economically proven and revolutionary developments. FranklinTill has organised the materials in four themes: REGENERATIVE CROPS, REMADE FIBRES, HARVESTING WASTE STREAMS and SUSTAINABLE COLOUR.

Resources are running low

Thus, the new Heimtextil materials library tackles one of the main problems of the modern age: the shortage of resources on earth. In particular, textile production creates huge and continuously growing quantities of waste. And, over past decades, the design business has developed a ‘take, make and discard’ model of consumption that is incredibly harmful for our planet. In the climate-emergency era, however, future-oriented designers are learning from nature and working together with it. They endeavour to make use of the power of highly efficient natural circular systems to create textiles and materials that are better for both humans and the planet.

Heimtextil Trends: a guide for the international sector

The ‘Future Materials Library’ is part of the Heimtextil Trends that, for almost three decades, have been offering orientation for the sector by revealing design tendencies for the coming season. Even in the crisis, the Heimtextil Trends remain a vital part of the overall concept of the fair and provide important content for all target groups involved within the worldwide sector. Accordingly, Heimtextil aims to spotlight style-defining design developments taking place within the larger context of lifestyle trends. At the same time, the Heimtextil trend experts scan the exhibitors’ product world and identify unequivocal trends in the sector. In this connection, particular attention is paid to sustainable aspects along the entire value chain – in both the new digital library and live during the fair next January. 

Source:

Heimtextil - Messe Frankfurt

Rieter Investor Update 2020 (c) Rieter Management AG
Rieter Investor Update 2020
23.10.2020

Rieter Investor Update 2020

  • Significant recovery in order intake in third quarter 2020
  • Order intake of CHF 425.1 million after nine months
  • COVID crisis management in place
  • Continuous implementation of the strategy
  • Outlook 2020

The market recovery, which Rieter reported in June 2020, has continued. This is reflected in capacity utilization at spinning mills worldwide, which Rieter monitors. In April 2020, the proportion of producing spinning mills was around 40% while at the end of September 2020 this was around 90%. Against this backdrop, the Rieter Group increased order intake in the third quarter of 2020 to CHF 174.4 million (2nd quarter 2020: CHF 45.7 million). In the first nine months of 2020, the Rieter Group achieved a cumulative order intake of CHF 425.1 million (2019: CHF 524.5 million). Compared to the previous year period, this represents a decline of 19%.

Order Intake by Business Group

  • Significant recovery in order intake in third quarter 2020
  • Order intake of CHF 425.1 million after nine months
  • COVID crisis management in place
  • Continuous implementation of the strategy
  • Outlook 2020

The market recovery, which Rieter reported in June 2020, has continued. This is reflected in capacity utilization at spinning mills worldwide, which Rieter monitors. In April 2020, the proportion of producing spinning mills was around 40% while at the end of September 2020 this was around 90%. Against this backdrop, the Rieter Group increased order intake in the third quarter of 2020 to CHF 174.4 million (2nd quarter 2020: CHF 45.7 million). In the first nine months of 2020, the Rieter Group achieved a cumulative order intake of CHF 425.1 million (2019: CHF 524.5 million). Compared to the previous year period, this represents a decline of 19%.

Order Intake by Business Group

Due to the positive development in the third quarter of 2020, order intake at the Business Group Machines & Systems reached a total of CHF 234.5 million in the first nine months. The reason for the relatively small decline of 8% compared to the previous year is that the new machinery business was already characterized by investment restraint in the first three quarters of the year 2019. The Business Group Components recorded a reduction of 33% to CHF 116.6 million while the Business Group After Sales posted an order intake of CHF 74.0 million, a decrease of 23%. This illustrates the effects of low capacity utilization at the spinning mills, especially in the second quarter of 2020 as a result of the COVID-19 pandemic. The order backlog as of September 30, 2020, was around CHF 515 million (September 30, 2019: CHF 285 million). Cancellations were in the normal range of around 5%.

COVID Crisis Management in Place

Rieter has quickly implemented comprehensive COVID crisis management. Priority is being given to protecting employees, fulfilling customer commitments and ensuring liquidity. The necessary measures to protect employees have been implemented worldwide and the order backlog is being processed largely as planned. Rieter has introduced 40% short-time working in Switzerland and Germany for the second half of 2020. Similar measures were implemented worldwide within the scope of the available legal options. As of September 30, 2020, Rieter had liquid funds of CHF 216.7 million and unused credit lines in the mid three-digit million range in order to ensure liquidity. At the end of September 2020, net debt of CHF 1.2 million was disclosed.

Continuous Implementation of the Strategy

In recent years, Rieter has consistently implemented the strategy with the focus on innovation leadership, strengthening the business on the installed base and optimization of the costs. The company intends to forge ahead with the strategy in the coming months in order to strengthen the market position for the time after the COVID-19 pandemic. The Rieter CAMPUS is an important element of Rieter’s innovation strategy. Depending on the business situation, construction work is due to begin in the first half of 2021.

Outlook 2020

As already announced, in terms of sales and profitability Rieter expects a stronger second half of the year compared to the first half of 2020. Nevertheless, due to the deferral of deliveries by customers, Rieter will also conclude the second half of the year − and thus the full year 2020 − with a net loss. Due to the existing uncertainties, it continues to be difficult to forecast sales and profitability for the second half of 2020. For this reason, Rieter refrains from providing more specific information for the full year 2020.

More information:
Rieter Holding Ltd. Covid-19
Source:

Rieter Management AG

17.03.2020

SGL Carbon SE postpones Annual General Meeting

The Board of Management of SGL Carbon SE (ISIN: DE0007235301) has decided not to hold the Annual General Meeting on April 22, 2020, as planned, but to postpone it to a later date.

The cancellation of the Annual General Meeting convened for April 22, 2020, is due to the latest measures taken by the federal government, the federal states and municipalities in connection with the spread of the coronavirus (SARS-CoV-2) as well as the assessment of the Robert Koch Institute and the relevant authorities that in the following weeks infections in Germany will likely increase further. In this situation, the Board of Management decided not to hold the event on April 22, 2020, in the interest of protecting the health of our shareholders, our employees, and our service providers involved in the Annual General Meeting.

The Company will reschedule the Annual General Meeting to a later date in 2020. SGL Carbon SE will monitor the situation closely in the coming weeks and, depending on the further development of the infections, will invite its shareholders to a new date for the Annual General Meeting.

The Board of Management of SGL Carbon SE (ISIN: DE0007235301) has decided not to hold the Annual General Meeting on April 22, 2020, as planned, but to postpone it to a later date.

The cancellation of the Annual General Meeting convened for April 22, 2020, is due to the latest measures taken by the federal government, the federal states and municipalities in connection with the spread of the coronavirus (SARS-CoV-2) as well as the assessment of the Robert Koch Institute and the relevant authorities that in the following weeks infections in Germany will likely increase further. In this situation, the Board of Management decided not to hold the event on April 22, 2020, in the interest of protecting the health of our shareholders, our employees, and our service providers involved in the Annual General Meeting.

The Company will reschedule the Annual General Meeting to a later date in 2020. SGL Carbon SE will monitor the situation closely in the coming weeks and, depending on the further development of the infections, will invite its shareholders to a new date for the Annual General Meeting.

More information:
SGL Carbon
Source:

SGL Carbon