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Outcome of the Zumtobel AG Annual Shareholders’ Meeting
29.07.2008
  • Actions of Management Board and Supervisory Board unanimously ratified
  • Hero Brahms new member of the Supervisory Board
  • Dividend of EUR 0.70 per share (prior year EUR 0.50 per share)
  • Outlook: Management Board confirms revenue and earnings targets for 2008/09

Dornbirn, Austria – The Annual Shareholders’ Meeting of Zumtobel AG at the company's registered place of business in Dornbirn in the Vorarlberg region of Austria today ratified the prior actions of the members of the Management Board and Supervisory Board of the internationally active lighting group. With 42.96 % of the company's share capital represented, the meeting again attracted a strong shareholder presence. The meeting unanimously ratified the actions of the two members of the Management Board, CEO Andreas Ludwig and CFO Thomas Spitzenpfeil, in the 2007/08 financial year, as well as the prior actions of the members of the Supervisory Board.

As a replacement for the departing member of the Supervisory Board, Johannes P. Huth, the Annual Shareholders' Meeting elected Hero Brahms to the Supervisory Board of Zumtobel AG by a very large majority. Hero Brahms was born in 1941 and his career has included membership of the executive boards of Linde AG, Wiesbaden, Kaufhof AG, Cologne and Hoesch AG, Dortmund, and the position of Deputy President of Treuhandanstalt, Berlin. His current external advisory and supervisory board commitments include seats on the supervisory boards of Deutsche Post AG, Bonn, and Arcandor AG, Essen. The Shareholders’ Meeting also passed a resolution changing the articles of association, in that the position of an additional Vice-Chairman of the Supervisory Board be created, alongside the Chairman and Vice-Chairman.

The Annual Shareholders’ Meeting unanimously approved the proposal of the Management Board and Supervisory Board to pay a dividend of EUR 0.70 per share for the 2007/08 financial year. This represents an increase of 40% over the previous year's dividend of EUR 0.50 per share. The dividend will be paid on Monday, 4 August, 2008. The meeting also passed a resolution authorizing the Management Board to repurchase the company's own stock up to a limit of 10% of the share capital.

Outlook for 2008/09 confirmed
In his management report, Zumtobel Group CEO Andreas Ludwig confirmed the outlook for the current 2008/09 financial year, which, in an uncertain economic environment, will be impacted by further negative foreign exchange effects and a strong rise in personnel and material costs. Against this backdrop, the Management Board is expecting to see the revenues recorded by the Zumtobel Group outpace the growth rate of the European commercial construction sector by between 2% and 3% after adjustment for foreign exchange factors. As announced at the presentation of the financial statements on June 30, in view of the substantial impact of foreign exchange effects and rising costs, the Management Board considers an EBIT margin of between 8% and 9% possible for the 2008/09 financial year and expects the highest negative variances compared to the previous year to occur in the first half-year.

"The past financial year brought confirmation for our strategy, proving that, as an internationally active lighting group with strong brands we can achieve gratifying levels of growth and earnings. And while we are anticipating a weakening of our dynamic growth and profitability in the current financial year on account of negative foreign exchange effects and rising costs, we are sticking to our mid-range goal of posting revenues of EUR 1.5 billion. In terms of earnings, given a favourable market environment we are aiming to hit our target of a double-digit EBIT margin in the medium term," said CEO Andreas Ludwig.

Review of the 2007/08 financial year
The Zumtobel Group concluded the 2007/08 financial year with consolidated revenues of EUR 1,282.3 million (2006/07: EUR 1,234 million), which represents year-on-year growth of 3.9% (2006/07: +5.6%). The lighting group's dynamic growth was, however, slowed by negative foreign exchange effects in the amount of approximately EUR 20 million. Adjusted for foreign exchange effects, growth reached 5.5%. Adjusted EBIT (earnings before interest and taxes, adjusted for special effects) rose from EUR 112.3 million in the previous year to EUR 123 million (+9.5%), enabling the Zumtobel Group to increase its EBIT margin by 50 basis points from 9.1% in the previous year to 9.6% in 2007/08. Net income for the year showed a year-on-year fall of EUR 10.1 million to stand at EUR 93.5 million. This downturn was mainly due to an item of non-recurring earnings in the previous year from the sale of the Group's airfield lighting activities (EUR 9.4 million).

Dornbirn, Austria – The Annual Shareholders’ Meeting of Zumtobel AG at the company's registered place of business in Dornbirn in the Vorarlberg region of Austria today ratified the prior actions of the members of the Management Board and Supervisory Board of the internationally active lighting group. With 42.96 % of the company's share capital represented, the meeting again attracted a strong shareholder presence. The meeting unanimously ratified the actions of the two members of the Management Board, CEO Andreas Ludwig and CFO Thomas Spitzenpfeil, in the 2007/08 financial year, as well as the prior actions of the members of the Supervisory Board.As a replacement for the departing member of the Supervisory Board, Johannes P. Huth, the Annual Shareholders' Meeting elected Hero Brahms to the Supervisory Board of Zumtobel AG by a very large majority. Hero Brahms was born in 1941 and his career has included membership of the executive boards of Linde AG, Wiesbaden, Kaufhof AG, Cologne and Hoesch AG, Dortmund, and the position of Deputy President of Treuhandanstalt, Berlin. His current external advisory and supervisory board commitments include seats on the supervisory boards of Deutsche Post AG, Bonn, and Arcandor AG, Essen. The Shareholders’ Meeting also passed a resolution changing the articles of association, in that the position of an additional Vice-Chairman of the Supervisory Board be created, alongside the Chairman and Vice-Chairman.The Annual Shareholders’ Meeting unanimously approved the proposal of the Management Board and Supervisory Board to pay a dividend of EUR 0.70 per share for the 2007/08 financial year. This represents an increase of 40% over the previous year's dividend of EUR 0.50 per share. The dividend will be paid on Monday, 4 August, 2008. The meeting also passed a resolution authorizing the Management Board to repurchase the company's own stock up to a limit of 10% of the share capital.In his management report, Zumtobel Group CEO Andreas Ludwig confirmed the outlook for the current 2008/09 financial year, which, in an uncertain economic environment, will be impacted by further negative foreign exchange effects and a strong rise in personnel and material costs. Against this backdrop, the Management Board is expecting to see the revenues recorded by the Zumtobel Group outpace the growth rate of the European commercial construction sector by between 2% and 3% after adjustment for foreign exchange factors. As announced at the presentation of the financial statements on June 30, in view of the substantial impact of foreign exchange effects and rising costs, the Management Board considers an EBIT margin of between 8% and 9% possible for the 2008/09 financial year and expects the highest negative variances compared to the previous year to occur in the first half-year."The past financial year brought confirmation for our strategy, proving that, as an internationally active lighting group with strong brands we can achieve gratifying levels of growth and earnings. And while we are anticipating a weakening of our dynamic growth and profitability in the current financial year on account of negative foreign exchange effects and rising costs, we are sticking to our mid-range goal of posting revenues of EUR 1.5 billion. In terms of earnings, given a favourable market environment we are aiming to hit our target of a double-digit EBIT margin in the medium term," said CEO Andreas Ludwig.The Zumtobel Group concluded the 2007/08 financial year with consolidated revenues of EUR 1,282.3 million (2006/07: EUR 1,234 million), which represents year-on-year growth of 3.9% (2006/07: +5.6%). The lighting group's dynamic growth was, however, slowed by negative foreign exchange effects in the amount of approximately EUR 20 million. Adjusted for foreign exchange effects, growth reached 5.5%. Adjusted EBIT (earnings before interest and taxes, adjusted for special effects) rose from EUR 112.3 million in the previous year to EUR 123 million (+9.5%), enabling the Zumtobel Group to increase its EBIT margin by 50 basis points from 9.1% in the previous year to 9.6% in 2007/08. Net income for the year showed a year-on-year fall of EUR 10.1 million to stand at EUR 93.5 million. This downturn was mainly due to an item of non-recurring earnings in the previous year from the sale of the Group's airfield lighting activities (EUR 9.4 million).


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