Bulletin from Gunnebo AB’s Annual General Meeting, April 9, 2013
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 1.00) and that Friday, April 12, 2013, shall be the record date for receipt of the dividend.
Election of the Board of Directors
Martin Svalstedt, Göran Bille, Bo Dankis, Mikael Jönsson, Katarina Mellström, Tore Bertilsson and Charlotte Brogren were re-elected as 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 2013 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 2014.
Principles for remuneration to senior executives
The AGM approved the Board’s proposal regarding principles for remuneration to senior executives.
Comments from President’s adress to the AGM
“The calendar year of 2012 has been a challenging one for Gunnebo. While development in Europe has been weak, the Group has continued to invest in growth on markets in Asia and America.
One important part of the Group’s strategy is to move the point of gravity of our business outside of Europe. At the end of the year 39% of the Group‘s net sales came from markets outside of Europe.
Order intake for 2012 increased to MSEK 5,250 (5,091) and net sales increased to MSEK 5,236 (5,137).
Operating profit for the year, excluding expenses of a non-recurring nature of MSEK -87 (7), amounted to MSEK 263 (317) and the operating margin to 5.0% (6.2%). Profit after tax totalled MSEK 22 (230).
Net debt at year end amounted to MSEK 684 (299), and the equity ratio was 39% (45).
During the year we have carried out a raft of strategic activities which have considerably strengthened Gunnebo’s global market presence. In August we acquired US’s second largest produced or physical security, Hamilton Safe. Hamilton’s core business is a perfect fit for Gunnebo’s offering, extending our core business within bank security and security for public administration authorities. The acquisition also gives us a strong position in the world’s second largest security market. Furthermore, we see great opportunities to develop the business by introducing a selection of solutions from Gunnebo’s global business portfolio to the US market.
Through investments in both production and in strengthening the sales organisations, we have also strengthened our competitiveness in India, Indonesia and China. In October we inaugurated a new sales company in Malaysia, which is one of the fastest growing markets for physical security in the world right now. Gunnebo Malaysia is expected to have a turnover of MSEK 50 during 2013 with a profitability level well above the Group’s financial targets.
We have also continued to invest in developing the Group’s 5,700 employees through leadership- and sales programs targeting different levels of the organization.
In 2013, Gunnebo will continue to invest in growth on markets outside of Europe, both by establishing our own sales companies and through acquisition. We will also continue to invest in our service operation, which represents important growth potential for us on all of the Group‘s markets.
Other priorities for Gunnebo in 2013 will be continuing to drive activities that strengthen the gross margin, adopting further measures to reduce fixed costs in Europe, further developing business within SafePay, and continuing the integration and beginning to utilise the synergies in Hamilton Safe in the US, which was acquired in 2012.
To assist us in this we have a strong financial position, a clear strategy, and motivated employees who will continue to do their utmost to deliver value to the Group’s owners, customers and business partners.
Gothenburg, April 9, 2013
GUNNEBO AB (publ)
For further information, please contact:
Per Borgvall, President & CEO, tel: +46 10 2095 000, or
Christian Johansson, CFO tel: +46 10 2095 000, or
Karin Wallström, IR & Communication Director, tel: +46 10 2095 026 or e-mail: email@example.com
Gunnebo discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 18.01 CET on April 9, 2013.
The Gunnebo Security Group provides efficient and innovative security solutions to customers around the globe. It employs 5 700 people in 32 countries across Europe, Asia, Africa, Australia and Americas, and has a turnover of €580m. Gunnebo focuses its global offering on Bank Security & Cash Handling, Secure Storage, Global Services and Entrance Control.
We make your world safer.