From the Sector

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.

• 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.

All proposals submitted by the Board of Directors were approved at the Annual General Meeting of Autoneum Holding Ltd. In view of the net loss in the 2019 financial year, a dis-tinct majority of shareholders agreed to the proposal to forgo a dividend payment.

In consideration of COVID-19 Ordinance 2 of the Federal Council, no shareholders were admitted to physically attend the Annual General Meeting on site. The Company therefore requested the shareholders in advance to transfer their votes to the independent voting proxy. He represented 59.8% of the total 4 672 363 shares issued.

The shareholders approved the 2019 Annual Report including the consolidated and annual finan-cial statements. Given the significant net loss in the 2019 financial year shareholders approved the proposal submitted by the Board of Directors to forgo a dividend. Hans-Peter Schwald, Chairman of the Board of Directors, stressed: “Autoneum aims to distribute at least 30% of net profit attributable to Autoneum shareholders as dividends. Unfortunately, Autoneum did not generate a profit in 2019, mainly due to impairments. This development is unacceptable for both, the Group Executive Board and the Board of Directors, and together with the employees we are doing every-thing possible to get back on the road to success. Nevertheless, the Board of Directors and the Group Management will continue to adhere to their long-standing dividend policy and thus ensure that shareholders participate appropriately in the Company's success.”

Chairman Hans-Peter Schwald and the other members of the Board of Directors, Rainer Schmückle, Norbert Indlekofer, Michael Pieper, This E. Schneider, Peter Spuhler and Ferdinand Stutz, were confirmed in office. This E. Schneider, Hans-Peter Schwald and Ferdinand Stutz were also re-elected to the Compensation Committee. In addition, a large majority of the shareholders of Autoneum Holding Ltd gave formal discharge to all members of the Board of Directors and the Group Executive Board.

The consultative vote on the 2019 remuneration report was approved by 89.2%. The proposals for the remuneration of the Board of Directors and the Group Executive Board for the 2021 financial year as well as the other proposals were also approved by a large majority.

• Christian Bruch and Stefan Fida proposed to serve as new members of the Supervisory Board
• Hanno Bästlein and Christoph Kollatz will resign from their positions on the Supervisory Board at the upcoming Annual General Meeting

Prior to the Annual General Meeting of the publicly traded company Lenzing AG scheduled for April 17, 2019, the Nomination Committee dealt with the future composition of the Supervisory Board. It has proposed that the Annual General Meeting appoint Christian Bruch to serve on the Supervisory Board. Mr. Bruch has been a member of the Executive Board of Linde AG since 2015 and a member of the Management Committee of Linde plc since 2019. The graduate in mechanical engineering will contribute his extensive experience in plant engineering and various technical and management positions in internationally operating industrial companies. The Viennese lawyer Stefan Fida has also been nominated as a future member of the Supervisory Board.

As previously announced, Hanno Bästlein will resign from his position on the Supervisory Board at the upcoming Annual General Meeting in order to be able to increasingly devote his attention to his own business activities. Christoph Kollatz will also step down from the Supervisory Board for professional reasons at the Annual General Meeting in April 2019.

“We would like to thank Hanno Bästlein and Christoph Kollatz for their dedicated work on the Supervisory Board of Lenzing AG. Thanks to their expertise, they made a major contribution to important strategic decisions in the company. During his four years as Chairman of the Supervisory Board, Hanno Bästlein decisively supported the strategy of the Lenzing Group and thus contributed to the enhanced resilience of the company based on the expansion with specialty fibers”, says Stefan Doboczky, Chief Executive Officer of Lenzing AG.

Berlin / Frankfurt am Main, 2 November 2017 – Ms. Regina Brückner, Managing Associate of Brückner Trockentechnik, is the new chairperson of the VDMA Textile Machinery Association. The businesswoman from Leonberg was elected at the members’ meeting of the Association in Berlin. The new executive board is completed with Ms. Verena Thies, Thies Textilmaschinen, and Mr. Fritz P. Mayer, Karl Mayer Textilmaschinenfabrik, who were elected as vice chairpersons.

After her election, Regina Brückner stated: „I am pleased to have Ms. Thies and Mr. Mayer by my side, the two chairpersons who complement each other very well. Mr. Mayer is an entrepreneurial personality with decades of experience which he is meanwhile bringing in as the president of CEMATEX, the European Committee of Textile Machinery Manufacturers.  Ms. Thies assumed responsibility in the family company early on and has been working for the traditional company Thies in international textile machinery business since 2009.”

The new executive board for the legislative period until 2021 is composed of:
Regina Brückner (Chairperson), Brückner Trockentechnik
Verena Thies (Vice Chairperson), Thies
Fritz P. Mayer (Vice Chairman), Karl Mayer Textilmaschinenfabrik
Johann Phillip Dilo, Oskar Dilo Maschinenfabrik
Peter D. Dornier, Lindauer Dornier
Arno Gärtner, Karl Mayer Textilmaschinenfabrik
Roland Hampel, A. Monforts Textilmaschinen
Dr. Janpeter Horn, Herzog
Markus Kleindorp, Memminger-Iro
Martin Küppers, Saurer Schlafhorst
Georg Stausberg, Oerlikon Textile
Andreas Lukas, Andritz Küsters
Benjamin Mayer, Mayer & Cie.     
Eric Schöller, Groz-Beckert
Heinrich Trützschler, Trützschler