EANS-News: ANNUAL SHAREHOLDERS´ MEETING 2010: AFTER A STRONG Q1, WACKER POISED FOR CONTINUED GROWTH
- EXECUTIVE AND SUPERVISORY BOARDS PROPOSALS ADOPTED BY LARGE MAJORITY OF SHAREHOLDERS - DIVIDEND FOR 2009 AMOUNTS TO 1.20 - SALES AND EARNINGS FORECAST FOR 2010 REAFFIRMED
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Annual & Special Corporate Meetings
Subtitle: - EXECUTIVE AND SUPERVISORY BOARDS PROPOSALS ADOPTED BY LARGE MAJORITY OF SHAREHOLDERS - DIVIDEND FOR 2009 AMOUNTS TO 1.20 - SALES AND EARNINGS FORECAST FOR 2010 REAFFIRMED
Munich (euro adhoc) - May 21, 2010 - Following a strong first quarter, Wacker Chemie AG anticipates substantial sales and earnings gains for full-year 2010. Rudolf Staudigl, the Munich-based chemical company´s CEO, underscored this point at WACKER´s 2010 Annual Shareholders´ Meeting. "We are headed toward renewed growth in 2010," he explained, reaffirming the full-year forecast. He expects sales to exceed EUR4 billion and EBITDA (earnings before interest, taxes, depreciation and amortization) to grow strongly. Looking at net income for the year, WACKER´s CEO predicts a profit in the three-digit million range.
Of 2009´s net retained profit of EUR533.4 million (2008: EUR576.9 million), WACKER is paying out a total of EUR59.6 million (2008: EUR89.4 million) to its shareholders. The dividend per dividend-bearing share is EUR1.20 (2008: EUR1.80). The Executive and Supervisory Boards´ other proposals were also adopted by large majorities.
After the challenges of fiscal 2009, WACKER generated strong sales and earnings growth in the first quarter of 2010. Sales climbed 22 percent to EUR1,067.0 million (Q1 2009: EUR872.5 million), primarily due to strong customer demand and soaring sales volumes. First-quarter EBITDA rose to EUR253.7 million (Q1 2008: EUR157.8 million), nearly three times the rate of sales.
"It was not just by chance that WACKER weathered the crisis so well. Over the past few years, we worked successfully on attaining strategic positions that helped us emerge from this difficult period unscathed," underlined CEO Rudolf Staudigl at the Annual Shareholders´ Meeting in Munich this Friday. WACKER is a cost and quality leader in many sectors, possesses outstanding engineering and process expertise, and has a sound financial base, Staudigl said. He emphasized that WACKER is continuing its efforts to cut costs and increase productivity.
Resolutions and Voting Results At today´s Annual Shareholders´ Meeting, 41,509,268 voting shares were represented - 79.59 percent of all eligible shares (number of shares outstanding: 49,677,983). The voting results were as follows for agenda items 2 through 7:
Item 2: Resolution on the Appropriation of Net Retained Profit The Executive and Supervisory Boards proposed that the net retained profit for fiscal 2009, amounting to EUR533.4 million, be appropriated as follows: EUR59.6 million to be paid to shareholders and EUR473.8 million to be carried forward to new account. The proposal was adopted. The result was: - 40,536,259 Yes votes (98.06 percent) - 802,370 No votes
Item 3: Resolution on the Ratification of the Actions of the Executive Board The proposal of the Executive and Supervisory Boards to ratify the actions of the members of Wacker Chemie AG´s Executive Board during fiscal 2009 was adopted. The result was: - 40,080,891 Yes votes (98.87 percent) - 459,566 No votes
Item 4: Resolution on the Ratification of the Actions of the Supervisory Board The Executive and Supervisory Boards´ proposal to ratify the actions of the members of Wacker Chemie AG´s Supervisory Board during fiscal 2009 was adopted. The result was: - 39,988,831 Yes votes (98.86 percent) - 460,806 No votes
Item 5: Resolution on the Appointment of Auditor The Supervisory Board´s proposal to appoint KPMG AG as auditor for fiscal 2010 was adopted. The result was: - 40,407,150 Yes votes (99.68 percent) - 130,942 No votes
Item 6: Authorization to Acquire Treasury Shares The Executive and Supervisory Boards´ proposal to authorize the Executive Board to acquire treasury shares representing up to 10 percent of the current share capital was adopted. The result was: - 40,087,232 Yes votes (96.77 percent) - 1,339,927 No votes
Item 7: Resolution on the Amendment of the Articles of Association of Wacker Chemie AG to Comply With the German Shareholders´ Rights Directive (ARUG) The Executive and Supervisory Boards´ proposal to adapt WACKER´s Articles of Association to comply with changes to the German Stock Corporation Act (AktG) stemming from the ARUG was adopted. The result was: - 40,624,224 Yes votes (99.99 percent) - 1,413 No votes
Information for editorial offices: All documents relating to Wacker Chemie AG´s 2010 Annual Shareholders´ Meeting can be downloaded from WACKER´s website (www.wacker.com) under Investor Relations.
This press release contains statements about the resolutions of the 2010 Annual Shareholders´ Meeting. Said statements are not binding and serve the sole purpose of providing an overview. They may not always correspond to the exact wording and full extent of the resolutions adopted at the Annual Shareholders´ Meeting.
This press release contains forward-looking statements based on assumptions and estimates of WACKER´s Executive Board. Although we assume the expectations in these forward-looking statements are realistic, we cannot guarantee they will prove to be correct. The assumptions may harbor risks and uncertainties that may cause the actual figures to differ considerably from the forward-looking statements. Factors that may cause such discrepancies include, among other things, changes in the economic and business environment, variations in exchange and interest rates, the introduction of competing products, lack of acceptance for new products or services, and changes in corporate strategy. WACKER does not plan plan to update the forward-looking statements, nor does it assume the obligation to do so.
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Further inquiry note:
Christof Bachmair
Media Relations & Information
Tel.: +49 (0)89 6279 1830
E-Mail: christof.bachmair@wacker.com
Branche: Chemicals
ISIN: DE000WCH8881
WKN: WCH888
Index: Midcap Market Index, MDAX, CDAX, Classic All Share, HDAX,
Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Original-Content von: Wacker Chemie AG, übermittelt durch news aktuell