Zumtobel Reports LEDs as Main Growth Driver in 2013-2014

  • Management and Supervisory Boards released from liability for 2013/14
  • Dividend of EUR 0.18 per share approved
  • CEO Ulrich Schumacher sees the lighting group’s new orientation on a good course
  • Approval of advance resolution for possible capital increase
  • Name of the company changed to “Zumtobel Group AG“

The Annual Shareholders‘ Meeting of Zumtobel AG, which was held this morning at the company’s headquarters in Dornbirn / Vorarlberg, approved the release of the members of the Management Board and Supervisory Board of Zumtobel AG from liability for the 2013/14 financial year*. The meeting was well attended with 337 voting shareholders, or 63 percent of the company’s share capital, present or represented. The members of the Management Board were released from liability for their activities in 2013/14 unanimously. The members of the Supervisory Board were also released from liability with no votes to the contrary.

In his management report on 2013/14, CEO Ulrich Schumacher expressed his satisfaction with the development of business: In a year of major changes, the company showed sound development. Schumacher highlighted the dynamic growth in LED revenues, which now represent more than 30 percent of Group revenues, as well as the improved profitability of LED products and the lighting and components businesses.

The 2013/14 financial year in numbers

The development of business in the Zumtobel Group was influenced by the increasing stabilization of the economic environment in 2013/14. Group revenues rose by 0.3% to EUR 1.25 billion (US$1.68 billion) (2012/13: EUR 1.24 billion). The development of LED revenues was particularly sound with an increase to EUR 419.0 million (2012/13: EUR 274.5 million, plus 52.6 percent) or 33.6 percent of Group revenues. Despite the flat development of revenues and higher expenses for research & development (plus 3.9 percent), operating earnings (adjusted EBIT) improved substantially to EUR 47.6 million (2012/13: EUR 35.7 million). The structural reorientation of Zumtobel AG was also connected with the implementation of measures to improve cost structures and capacity utilization in the plants. Negative special effects amounted to EUR 35.5 million in 2013/14. As a result, earnings after special effects, interest and taxes declined to minus EUR 4.8 million (2012/13: plus EUR 6.1 million).

The Annual Shareholders' Meeting also approved an advance resolution for authorized capital at an amount equaling up to 10 percent of current share capital for a period of five years. In this connection, the subscription rights of shareholders to the new shares issued from authorized capital can be excluded. This authorized capital gives the Management Board an instrument to finance possible acquisitions or similar strategic developments in a phase of deep-seated changes – in view of the technology shift to LED – in the lighting industry.

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