DGAP-News: SAF-HOLLAND SE
/ Key word(s): AGM/EGM
SAF-HOLLAND SE: First Annual General Meeting after the transfer of the registered office successfully concluded
Bessenbach, June 11, 2021. SAF-HOLLAND SE ("SAF-HOLLAND"), one of the world's leading suppliers of trailer and truck components, successfully concluded its first Annual General Meeting after the transfer of the registered office from Luxembourg to Germany. Against the backdrop of the ongoing COVID-19 pandemic, the Annual General Meeting on June 10, 2021 was held as a virtual Annual General Meeting without the shareholders being physically present.
In his report to the shareholders, Alexander Geis, CEO of SAF-HOLLAND SE says: "We achieved a very solid performance within a very challenging environment. Once again, our robust and seminal business model has paid off. In addition to our strong market position in the core markets of Europe and North America, it was our profitable spare parts business that had a stabilising effect on earnings. Our effective crisis management also played a major role in us closing financial year 2020 better than expected at the beginning of the COVID-19 pandemic."
In this regard, the CEO also showed his appreciation for the performance of the more than 3,000 employees over the past year: "The entire workforce of the SAF-HOLLAND Group displayed tremendous team spirit and dedication in this challenging year. As a result, we managed to flexibly adapt our production to meet customer demand and ensure our delivery capability."
Turning to the development of business in the first quarter of 2021 and Strategy 2025, Alexander Geis stated, "We have also had a very good start to the new financial year. Incoming orders continue to develop in a very pleasing fashion. For example, in the EMEA region, the axle plants in Bessenbach and Düzce (Turkey) are, in the meantime, fully booked to almost the end of the year. For this reason, all three plants ramped up from two-shift operation to three-shifts in April and May. The production teams are currently working on expanding capacity further in order to meet customer demand. Our focus in the coming years lies on raising the value of the company for the long term and includes: profitable sales growth, raising the adjusted EBIT margin to around 8 per cent by 2023 at the latest, improving the generation of cash flow and optimising the leverage ratio.
In her speech, Inka Koljonen, the CFO of SAF-HOLLAND SE, emphasized: "In a challenging market environment, we managed to improve operating free cash flow from EUR 43.8 million to EUR 114.2 million and reduce net financial debt by EUR 55.0 million or 21.8 per cent to EUR 196.7 million. As a result, the leverage ratio, measured as the ratio of net financial debt to unadjusted EBITDA, improved from 2.85 to 2.40. We are therefore in a position where we can rigorously implement our Strategy 2025 and, if the opportunity arises, consider pursuing a course of investing in further growth."
With an attendance of 60.05 per cent, the Annual General Meeting of SAF-HOLLAND SE met with great interest. Apart from one exception, all of the resolutions proposed by the Management Board and the Supervisory Board were passed with a large majority. In doing so, the shareholders followed the proposal of management to retain the profit of SAF-HOLLAND SE in full and approved the remuneration system for the members of the Management Board, which complies with the statutory provisions of the Second Shareholders' Rights Directive (SRD II) and considers the recommendations of the amendments to the German Corporate Governance Code. For the first time the remuneration system also includes sustainability and ESG targets.
The voting results at the Annual General Meeting and all accompanying documents can be found on the website of SAF-HOLLAND SE under Annual General Meeting in the Investor Relations section.
SAF-HOLLAND SE, located in Bessenbach, is one of the leading international manufacturers of chassis-related assemblies and components, primarily for trailers and trucks. In addition to axle and suspension systems, the product range includes fifth wheels, coupling systems, kingpins and landing gear, which are sold under the SAF, Holland, Neway, KLL, V.Orlandi and York brands. SAF-HOLLAND supplies original equipment manufacturers (OEM) on six continents. In the Aftermarket business, the Company supplies replacement parts to manufacturers' service networks (OES), wholesalers, and, with the help of distribution centers, to end customers and service centers via an extensive global sales network. With the innovation offensive "SMART STEEL - ENGINEER BUILD CONNECT", SAF-HOLLAND combines mechanics with sensors and electronics and is driving forward the digital networking of commercial vehicles and logistics chains. Around 3,000 committed employees worldwide are already working on the future of the transport industry today. Further information is available at: https://corporate.safholland.com/en
This press release contains certain future-oriented statements that are based on current assumptions and forecasts made by the management of SAF-HOLLAND SE. Various known and unknown risks, uncertainties and other factors may lead to the actual results, financial position, development or performance of the company deviating considerably from the appraisals specified here. The company assumes no obligation to update future-oriented statements of this nature or adapt them to future events or developments.
This announcement is for information purposes only and does neither constitute an offer to sell, purchase, exchange or transfer any securities nor a solicitation of any offer to sell, purchase, exchange or transfer any securities. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. SAF-HOLLAND SE does not intend to register any securities referred to herein under the Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States in connection with this announcement.
Head of Investor Relations and Corporate Communications
Phone +49 6095 301-617
11.06.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Fax:||+49 6095 301 - 260|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1207048|
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