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    DUE   DE0005565204

DÜRR AG

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Dürr : Annual general meeting approves dividend of €0.30 per share and elects shareholder representatives for the…

05/07/2021 | 09:56am EDT

Bietigheim-Bissingen, May 7, 2021-At today's annual general meeting, the Dürr AG shareholders approved a dividend of €0.30 per share for the 2020 fiscal year. At the election of shareholder representatives for the Supervisory Board, all candidates were voted into office. The new compensation system for the Board of Management, in which variable payments are now also linked to the achievement of sustainability targets for the first time, was approved by a large majority. Because of the pandemic, the annual general meeting was held virtually with around 600 participants in attendance online.

CEO Ralf W. Dieter emphasized the Dürr Group's resilience with regard to the economic effects of the pandemic: 'So far, we have dealt with the coronavirus-related challenges robustly through cost adjustments and effective liquidity management.' He also gave special thanks to the workforce: 'Our employees have demonstrated to customers that we can be relied on, even in difficult circumstances.'

The CEO also looked ahead: 'We are switching back to growth mode. Demand has picked up and the future-proofing measures of the last two years are boosting efficiency and forming the basis for earnings improvements in the years to come. We are on the right track to achieving our EBIT margin target of at least 8%.' Ralf W. Dieter added that the Dürr Group, in following its growth trajectory, would especially benefit from its strong position in the future-oriented fields of digitalization, automation, sustainability, and electromobility.

In view of the 125-year anniversary celebrated by the company this year, the CEO thanked the Dürr family as the anchor shareholder, owning 29% of Dürr AG shares. He addressed Heinz and Heide Dürr directly when he stated: 'Without your drive, Dürr would not be a world market leader. Your loyalty to the company cannot be rated highly enough.'

Supervisory Board elections
The annual general meeting elected the following shareholder representatives to the Supervisory Board: Richard Bauer, Dr. Rolf Breidenbach, Prof. Dr. Dr. Alexandra Dürr, Gerhard Federer, Dr. Anja Schuler, and Arndt Zinnhardt.

The election of the employee representatives, which was planned for April, was postponed as the in-person election required by law could not be held because of the pandemic. For this reason, the following employee representatives were proposed to be appointed by court to the Supervisory Board until the time when an in-person election can be held: Mirko Becker, Carmen Hettich-Günther, Thomas Hohmann, Hayo Raich, Dr. Martin Schwarz-Kocher, and Dr. Astrid Ziegler.

All people mentioned above were members of the Dürr AG Supervisory Board in the preceding period. At the constituent meeting of the Supervisory Board that took place after the annual general meeting, Gerhard Federer was confirmed as Chairman of the Supervisory Board, and Richard Bauer and Hayo Raich as Deputy Chairmen.

New compensation system approved
With 75% of the share capital present, the shareholders approved the new compensation system for the Dürr AG Board of Management with a 90% majority. The modern system has been in place since January 1, 2021, and takes into account not only the most recent legal regulations but also the current version of the German Corporate Governance Code. Among other things, the system contains variable performance criteria to measure the sustainable development of the Dürr Group, a target bonus system, and new provisions on benefits in the case of contract termination.

The Board of Management and the Supervisory Board were discharged from liability at the annual general meeting with more than 99% of the votes each. All other proposed resolutions were also passed. The voting results are available → here.

The Dürr Group is one of the world's leading mechanical and plant engineering firms with extensive expertise in automation and digitalization/Industry 4.0. Its products, systems and services enable highly efficient and resource-saving manufacturing processes in different industries. The Dürr Group supplies sectors like the automotive industry, mechanical engineering, chemical, pharmaceutical, medical technology and woodworking industries. It generated sales of € 3.32 billion in 2020. The company has more than 17,000 employees and 120 business locations in 33 countries. Since February 2021, the majority-owned automation specialist Teamtechnik has also been part of the Group. The Group operates in the market with the brands Dürr, Schenck and HOMAG and with five divisions:

  • Paint and Final Assembly Systems: paint shops as well as final assembly, testing and filling technology for the automotive industry, assembly and test systems for medical devices
  • Application Technology: robot technologies for the automated application of paint, sealants and adhesives
  • Clean Technology Systems: air pollution control, noise abatement systems and coating systems for battery electrodes
  • Measuring and Process Systems: balancing equipment 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.

Disclaimer

Dürr AG published this content on 07 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2021 13:55:02 UTC.


© Publicnow 2021
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Sales 2021 3 624 M 4 389 M 4 389 M
Net income 2021 86,1 M 104 M 104 M
Net Debt 2021 353 M 427 M 427 M
P/E ratio 2021 27,5x
Yield 2021 1,65%
Capitalization 2 371 M 2 868 M 2 871 M
EV / Sales 2021 0,75x
EV / Sales 2022 0,68x
Nbr of Employees 16 984
Free-Float 70,4%
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 35,50 €
Last Close Price 34,26 €
Spread / Highest target 43,0%
Spread / Average Target 3,62%
Spread / Lowest Target -27,0%
EPS Revisions
Managers and Directors
NameTitle
Ralf Werner Dieter Chairman-Management Board
Dietmar Heinrich Chief Financial Officer & Member-Management Board
Gerhard Federer Chairman-Supervisory Board
Martin Schwarz-Kocher Member-Supervisory Board
Anja Schuler Member-Supervisory Board
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