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Bietigheim-Bissingen, May 17, 2024 - At today's annual general meeting, the Dürr AG shareholders approved a dividend of €0.70 per share for the 2023 fiscal year. This means the dividend is on a par with the previous year. The total dividend payout remains unchanged at €48.4 million, while the payout ratio increases to 44%. All other proposed resolutions on the agenda were also approved. Around 450 shareholders were present at the meeting held at Dürr's headquarters in Bietigheim-Bissingen.
The resolution to pay a dividend of €0.70 per share results in a total payout of €48.4 million. The payout ratio based on Group earnings after tax increased from 36% in the previous year to 44%. This puts it slightly above the range of 30% to 40% of earnings after tax that is provided for, in principle, by the dividend policy of the mechanical and plant engineering firm. Group earnings amounted to €110 million in the 2023 fiscal year, after €134 million in the previous year. The decline was not due to operational reasons but resulted from extraordinary expenses which, at €89 million, were higher than in the previous year.
"We thus remain true to our principle of paying our shareholders an attractive dividend based on the success of our operating business," said Dr. Jochen Weyrauch, CEO of Dürr AG. In addition, the Dürr Group increased its free cash flow to nearly €130 million and therefore had sufficient scope to keep the payout consistent.
In his speech, Dürr CEO Weyrauch first paid tribute to the life's work of Heinz Dürr, who passed away last year at the age of 90: "Heinz Dürr embodied many things for the people within the company: promoter, visionary, anchor of stability, and role model. We therefore look back with gratitude, but we also look to the future with confidence: Heinz Dürr's entrepreneurial spirit lives on in the Dürr Group, giving us self-confidence as we navigate the era that follows this unique business figure."
Looking back at the past fiscal year, Weyrauch emphasized that, despite a persistently challenging environment, the Group had achieved its operating targets, for which he thanked all employees: "This business success is based on the dedication of the 20,000-plus employees, who support our company and ensure our strong reputation with customers. The good operating performance in the past year and, therefore, also the dividend are down to the commitment of our employees."
He also highlighted the acquisition of automation specialist BBS Automation in 2023 and emphasized the importance of new, fast-growing business fields for the company: "Our investments in automation, battery production, and timber house construction are investments in the future in the truest sense of the word. We are strengthening business areas that offer good long-term growth and earnings prospects since they are geared toward the major challenges of our time: e-mobility, climate protection, sustainable construction, and labor shortages."
With 75% of the share capital present at the annual general meeting, the Board of Management was discharged from liability with 98% and the Supervisory Board with 98% of the votes. All other resolutions proposed by the company were also passed without exception. These included the reappointment of Deloitte GmbH Wirtschaftsprüfungsgesellschaft as the auditor for the 2024 fiscal year and the approval of the report on the remuneration of the Management Board and the Supervisory Board.
The voting results are available → here.
The Dürr Group is one of the world's leading mechanical and plant engineering firms with particular expertise in the technology fields of automation, digitalization, and energy efficiency. Its products, systems, and services enable highly efficient and sustainable manufacturing processes - mainly in the automotive industry and for producers of furniture and timber houses, but also in sectors such as the chemical and pharmaceutical industries, medical devices, electrical engineering, and battery production. In 2023, the company generated sales of €4.6 billion. The Dürr Group has around 20,500 employees and 142 business locations in 32 countries, and it operates in the market with five divisions:
- Paint and Final Assembly Systems: paint shops as well as final assembly, testing, and filling technology for the automotive industry
- Application Technology: robots and products for the automated application of paint, sealants, and adhesives
- Clean Technology Systems: air pollution control, coating systems for battery electrodes, and noise abatement systems
- Industrial Automation Systems: automated assembly and test systems for automotive components, medical devices, and consumer goods as well as balancing and diagnostic technology
- Woodworking Machinery and Systems: machinery and equipment for the woodworking industry
This publication has been prepared independently by Dürr AG/Dürr group. It may contain statements which address such key issues as strategy, future financial results, events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not limited to those described in disclosures of Dürr AG, in particular in the chapter "Risks" in the annual report of Dürr AG. Should one or more of these risks, uncertainties and other factors materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performances or achievements of the Dürr group may vary materially from those described in the relevant forward-looking statements. These statements may be identified by words such as "expect," "want," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Dürr AG neither intends, nor assumes any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.
Our financial reports, presentations, press releases and ad-hoc releases may include alternative financial metrics. These metrics are not defined in the IFRS (International Financial Reporting Standards). Net assets, financial position and results of operations of the Dürr group should not be assessed solely on the basis of these alternative financial metrics. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the IFRS. The calculation of alternative financial metrics may vary from company to company despite the use of the same terminology. Further information regarding the alternative financial metrics used at Dürr AG can be found in our → financial glossary on the web page.
- Record new orders in the first quarter
- +49 7142 78-1785
- a.schaller@durr.com
Carl-Benz-Str. 34
74321 Bietigheim-Bissingen
Germany
- +49 7142 78-1381
- mathias.christen@durr.com
Carl-Benz-Str. 34
74321 Bietigheim-Bissingen
Germany
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Dürr AG published this content on 17 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2024 14:11:03 UTC.
