NORMA Annual General Meeting approves dividend of 70 cents per share | FASTENER EURASIA MAGAZINE
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NORMA Group Annual General Meeting approves dividend of 70 cents per share

With a wide majority, NORMA Group’s Annual General Meeting approved the proposal of the Supervisory Board and Management Board to distribute a dividend of 70 cents per share, corresponding to a distribution volume of about EUR 22.3 million. This partially compensates for the low prior-year dividend, which was held to a statutory minimum of 4 cents per share.

Dr. Michael Schneider, CEO of NORMA Group: “Considering the challenges that we faced, we developed well in 2020. We want our shareholders to participate fairly in the tangible business recovery. I am grateful that they have stood by us in 2020 through the uncertain situation and helped ensure that we have weathered the pandemic as well as can be expected so far. This dividend is also an expression of our confidence in NORMA Group’s continued positive development. In the future, we want to again distribute 30 to 35 percent of adjusted net profit as part of our sustainable dividend policy.”

Resilient business in 2020

The Corona pandemic had a significant impact on NORMA Group’s business activities in fiscal year 2020. The company generated Group sales of EUR 952.2 million (2019: EUR 1,100.1 million). This represents a 12.1 percent organic decrease in revenue. Adjusted earnings before interest and taxes was EUR 45.3 million, corresponding to an EBIT margin of 4.8 percent. Customer demand gradually picked up in the second half, culminating in a significant business recovery at the end of the year. Strict cost discipline and more modest capital expenditures than in the previous year partially offset the negative impact of the Corona pandemic. The acceleration of the “Get on track” change program resulted in expenses of around EUR 29 million. These were not adjusted.

Miguel Ángel López Borrego elected member of the Supervisory Board

The Annual General Meeting elected Miguel Ángel López Borrego as a member of the Supervisory Board by a large majority. As CEO of Siemens S.A. in Madrid, Miguel Ángel López Borrego heads Siemens’ Spanish business and since 2018 has been chairing the Board of Directors of Siemens Gamesa Renewable Energy S.A., a listed manufacturer of wind turbines in Spain. He was appointed as a new member of NORMA Group’s Supervisory Board on March 16, 2021.

All agenda items adopted at virtual Annual General Meeting

For the second time, NORMA Group held its Annual General Meeting as a virtual event without the physical presence of shareholders. This was done to protect the health of all participants and in accordance with applicable Corona regulations. Shareholders had the opportunity to follow the Annual General Meeting via an online portal, where they could also cast their votes. A total of about 58,9 percent of the voting share capital was represented. The shareholders approved all items on the agenda.