21.05.2019 | Austria
S&T AG: Annual general meeting approves all proposals of Administration• Dividend increase of 23% to EUR 0.16 per share (previous year: EUR 0.13)
• Annual Forecast 2019 and Objectives of Agenda 2023 confirmed
• Dr. Erhard F. Grossnigg continues to be Chairman of the Supervisory Board of S & T AG
The shareholders of S & T AG (www.snt.at) approved all applications of the management at today's Annual General Meeting of the Company. The decision to increase the dividend to EUR 0.16 (previous year: EUR 0.13) was based on the record result of the 2018 financial year: Sales in 2018 increased by 12% to EUR 990.9 million (PY: EUR 882 million) , 0 million) and EBITDA increased disproportionately by 33% to EUR 90.5 million (previous year: EUR 68.1 million). Consolidated net income even rose by more than 60% to EUR 48.5 million (previous year: EUR 29.4 million). Around 60% of the share capital was represented at the 20th Annual General Meeting of S & T AG.
Confirmation of the forecast for 2019 and 2023
S & T AG is starting the financial year 2019 with good news and was able to record new highs in the first quarter of 2019 with regard to the number of new design wins and the acquisition of new customers. The Management Board confirmed the business forecasts for the current financial year 2019 and its targets by 2023. S & T plans to achieve sales of EUR 1.1 billion in 2019 and more than EUR 100 million in profitability (EBITDA), with potential acquisitions being added. As part of the "Agenda 2023", the company plans to double its turnover to EUR 2 billion as well as a disproportionate increase in profitability (EBITDA).
Dr. Erhard F. Grossnigg and Max Lee elected to the Supervisory Board
The Annual General Meeting has elected the former Chairman of the Supervisory Board, Dr. Ing. Erhard F. Grossnigg re-elected and Mr. Max Lee elected as a substitute member of the Supervisory Board. In the constituent Supervisory Board meeting following the Annual General Meetingwas Dr. F. Grossnigg elected Chairman of the Supervisory Board. Mr. Lee became the only substitute member of the board after Mr. Hans Tsao resigned. In addition, Mr. Mag. Chwatal was elected Deputy Chairman of the Supervisory Board and a Nomination and Renumeration Committee was set up, each with three members. Grossnigg and Mag. Chwatal, each with a majority of independent representatives.
Payment of the dividend will take place on 29 May 2019 by crediting the custodian banks; the ex-dividend date is 27 May 2019. The dividend amounts to EUR 0.07 per share for Austrian income tax purposes a deposit refund pursuant to § 4 para The remaining EUR 0.09 of the total dividend of EUR 0.16 is tax deducted from the balance sheet profit and the corresponding Austrian withholding tax is retained by the company and paid to the responsible tax office. S & T AG has published a guide on its website regarding the potential reimbursement of withholding tax for its shareholders.