Ringmetall SE successfully holds virtual Annual General Meeting in Munich

Ringmetall SE successfully holds virtual Annual General Meeting in Munich

• Once again high level of approval for all agenda items
• Dividend unchanged at 10 cents per share

Munich, 25 June 2024 - Ringmetall SE (ISIN: DE000A3E5E55), a leading international specialist supplier in the packaging industry, today held its 27th Annual General Meeting in virtual form in Munich. At the time of voting, 73.4 percent of the company's share capital of EUR 29,069,040.00 was represented (previous year: 67.3 percent).

Against the backdrop of a challenging economic environment, the company recorded a 15.0 percent decline in Group revenue to EUR 181.6 million in 2023 and a 32.3 percent drop in earnings before interest, taxes, depreciation and amortization (EBITDA) to EUR 19.2 million. However, adjusted for the earnings contribution of the Group subsidiary HSM, which was sold on 30 June 2023, and the associated one-off deconsolidation effects of EUR -4.6 million, adjusted EBITDA amounted to EUR 23.3 million, which corresponds to a decline of just -10.4 percent. From a purely operational perspective, the earnings trend was therefore slightly better than the development of Group revenue despite a noticeable reduction in production capacity utilization. Due to the company's good overall performance in the previous year, the Annual General Meeting voted in favor of an unchanged dividend distribution of EUR 0.10 per outstanding share compared to the previous year.

In addition to the agenda items regularly put to the vote at ordinary Annual General Meetings on the appropriation of net profit, the discharge of the Management Board and Supervisory Board, the election of the auditor and the approval of the remuneration report, a resolution on the authorization to acquire treasury shares was also put to the vote.

In detail, the percentage of approval for the agenda items put to the vote was as follows:

Agenda item 2    99.98 percent
Agenda item 3a  98.36 percent
Agenda item 3b  97.83 percent
Agenda item 4    98.89 percent
Agenda item 5    98.92 percent
Agenda item 6    98.93 percent
Agenda item 7    93.04 percent

"The course of business remains relieved, even though revenue levels are still below pre-crisis levels," says Christoph Petri, Spokesman of the Management Board of Ringmetall SE, describing the current environment. "If the economic environment remains at this level for the rest of the year, which we currently expect, we remain confident about our outlook for 2024 as a whole."

Further information on the items on the agenda of the Annual General Meeting as well as on the Ringmetall Group and its affiliated subsidiaries can be found at www.ringmetall.de. 

Contact:
Ingo Middelmenne
Investor Relations
Ringmetall SE
Phone: +49 (0 )89 45 220 98 12
Mobile: +49 (0 )174 90 911 90
Email: middelmenne@ringmetall.de

About the Ringmetall Group

Ringmetall is a leading international specialist supplier of industrial packaging. The company produces high-security closure systems and inner liners for industrial drums for the chemical, pharmaceutical and food processing industries. Ringmetall also offers innovative packaging solutions for the beverage industry. With products that are highly recyclable, the company contributes to strengthening the circular economy and the sustainability of its end customers. In addition to its headquarters in Munich, the Group is represented by global production and sales offices in Germany, France, the UK, Spain, Italy, Turkey, the Netherlands, China and the USA. In 2023, Ringmetall generated Group revenue of EUR 181.6 million with 867 employees.