Lindab's Annual General Meeting 2011
Lindab International AB (publ) held its Annual General Meeting on 11 May 2011, at Lindab Arena, in the municipality of Ängelholm, Sweden. Approximately 270 shareholders were present.
The President's speech
Under the agenda item, The Report by the President for the financial year 2010, Lindab's President and CEO, David Brodetsky, spoke on the theme of "the right direction".
"We saw the first steps towards recovery during 2010," said David Brodetsky. "The profit margin increased from 4.3 percent in 2009 to 5.3 percent in 2010 and it was satisfying that all three business areas contributed to the increased profit."
"During the recession we adopted a number of measures in order to take full advantage of the recovery that is expected in the coming years. We consolidated production in our core markets and invested in growth markets, primarily Russia where we recently decided to extend our Yaroslavl facility."
"The enthusiasm within Lindab is strong, and with our solid foundation and many exciting initiatives now under way, Lindab will develop even more strongly as the construction sector gains strength."
"2011 has begun better than 2010. During the first quarter sales increased by 19 percent compared with 2010. It was the third successive quarter with increased sales and the fourth successive quarter with improved profit margin."
"We are convinced that 2011 will be another step in the right direction for Lindab."
Resolutions
The Meeting resolved in favour of all the proposed matters in accordance with the proposals of the Board of Directors. The main aspects of the most important resolutions are described below.
Dividend
The Annual General Meeting adopted the proposal for a dividend of SEK 1.00 per share for the financial year 2010. The record date for the right to receive dividends is Monday 16 May 2011 and it is expected that the dividends will be disbursed by Euroclear Sweden AB on Thursday 19 May 2011.
Election of the Board of Directors
In accordance with the proposals by the Nomination Committee, Ulf Gundemark was newly elected as Chairman of the Board. Sonat Burman-Olsson was newly elected as member of the Board of Directors and Erik Eberhardson, Per Frankling, Anders C. Karlsson, Stig Karlsson and Annette Sadolin were re-elected as members of the Board of Directors.
Performance-based share saving programme (LTIP 2011)
The Annual General Meeting resolved to introduce a performance-based share saving programme that rewards share-ownership and long term value growth in Lindab. Approximately 95 managers and key personnel in the Group will be invited to participate in LTIP 2011. The programme means that the participants will acquire the shares at market price, which under certain conditions will entitle the participants to receive Lindab shares free of charge. The outcome of the share savings programme is related to the growth and performance of the company. The duration of the programme is approximately three years.
End
The information here is that which Lindab International AB has willingly chosen to make public or that which it is obliged to make public according to the Swedish Securities Market Act and/or the Financial Instruments Trading Act.
Contacts:
LINDAB
David Brodetsky, CEO
Email: david.brodetsky@lindab.com
Mobile: +46 (0)73 274 5418
Carl-Gustav Nilsson, General Counsel
Email: carlgustav.nilsson@lindab.com
Mobile: +46 (0)70 67 85011
Lindab - A Ventilation and Building Products company:
Lindab develops, manufactures, markets and distributes products and system solutions primarily in steel for simplified construction and improved indoor climate.
The business is carried out within three business areas, Ventilation, Building Components and Building Systems. The products are characterised by their high quality, ease of assembly, energy efficiency, consideration towards the environment, and are delivered with high levels of service. Altogether, this increases customer value.
The Group had net sales of SEK 6,527 m in 2010, was established in 31 countries and had approximately 4,400 employees. The main market is non-residential construction, which accounts for 80 percent of sales, while residential accounts for 20 percent of sales. During 2010, the Nordic market accounted for 45 percent, CEE/CIS (Central and Eastern Europe as well as other former Soviet states) for 22 percent, Western Europe for 29 percent and other markets for 4 percent of total sales.
The share is listed on the Nasdaq OMX Nordic Exchange, Stockholm, Mid Cap, under the ticker symbol LIAB. The principal shareholders are Ratos, Sjätte AP-fonden and Skandia Liv. For more information visit www.lindabgroup.com