An eventful year at Gunnebo
Gunnebo AB's Annual General Meeting
In the president's adress Per Borgvall, CEO and President Gunnebo AB, commented on 2011:
"2011 has been an eventful year where we continued to implement the established strategy. To mention a few activities, we have established a business in China, invested in further growth-capacity in India, made acquisitions in South-Africa and Brazil, divested the fencing business Perimeter Protection, established the Business Area Global Services and continued to quality-assure our industrial platform. The markets outside Europe, which accounts for one third of the Group's sales, developed strongly with a growth of 21 per cent. In the region Asia-Pacific, growth was 26 per cent. In Europe, we saw stable development on most markets. In Spain, however, the negative development we've noted during the past few years continued, which is the background to the cost-savings program communicated in December.
For the year as a whole there was a gross margin of 30.5% (29.3%), an operating margin of 6.3% (3.7%) and a strongly improved net profit of MSEK 230 (178), equating to an increase of 29% on the previous year. Net debt at the year-end amounted to MSEK 299 (261) and the equity ratio totalled 45% (43%).
The strategy that was carved out in 2010 and implemented in 2011 means that we now have a clear focus on our core business. In 2012 Gunnebo will continue to invest in growth, conduct activities which improve the gross margin as well as drive activities leading to greater sales-efficiency in the European sales organisations. To help in this we have a strong financial position, a streamlined business and an organisation prepared to seize the opportunities being offered in the 2012 financial year."
Adoption of the profit and loss statement and balance sheet
The profit and loss statements and the balance sheets of the parent company and the Group were approved.
In accordance with the proposal of the Board and the President, it was decided on a dividend to the shareholders of SEK 1.00 per share (previous year SEK 0.50) and that Wednesday, May 2, 2012, shall be the record date for receipt of the dividend.
Election of the Board of Directors
Martin Svalstedt, Göran Bille, Bo Dankis, Mikael Jönsson and Katarina Mellström were re-elected and Tore Bertilsson and Charlotte Brogren were elected as new members of the Board of Directors.
Martin Svalstedt was re-elected as Chairman of the Board.
The AGM decided on a total fee to the Board of Directors for 2012 amounting to SEK 1,800,000, to be divided with SEK 450,000 to the Chairman of the Board (including remuneration for committee work) and with SEK 225,000 to each of the other Board members elected by the shareholders, and a special fee of a maximum of SEK 200,000 as compensation for committee work.
The AGM approved the proposal presented regarding the Nomination Committee and its tasks.
Election of the Auditor
The AGM re-elected the registered auditing company Deloitte AB for the period until the end of the Annual General Meeting of the Shareholders 2013.
Principles for remuneration to senior executives
The AGM approved the Board's proposal regarding principles for remuneration to senior executives.
Incentive programme 2012/2016
The AGM decided to implement the Incentive Programme 2012/2016 through an issue of a maximum of 585,000 warrants with the right to subscribe for new shares in Gunnebo AB. The warrants shall be transferred at market price to 50 senior executives and key employees within the Gunnebo Group.