KSB Annual General Meeting resolves dividend increase
On 16 May, KSB, the pump and valve manufacturer headquartered in Frankenthal, presented itself to shareholders with a new legal form and new management team. One year ago, the shareholders resolved to convert KSB AG into KSB SE & Co. KGaA, effective from mid-January 2018.
CEO Dr Stephan Timmermann demonstrated the progress KSB made in 2017 to those in attendance and also showed in which areas of the Group the company had made new investments in the total amount of € 101.9 million. He reported that KSB had increased its order intake significantly to € 2.27 billion and its sales revenue slightly to € 2.20 billion. Earnings before income taxes (€ 104.2 million) improved by 39.6 % over the same period.
For 2018, Dr Timmermann predicts palpable growth in order intake and sales revenue despite negative currency exchange effects. Consolidated earnings, however, will be weighed down by high provisions for a legacy project, he explained, and will therefore be down on the previous year.
In view of the good results of operations in 2017, the Annual General Meeting resolved to increase the annual dividend from € 5.50 to € 7.50 for ordinary shares and from € 5.76 to € 7.76 for preference shares.
In the meeting chaired by Dr Bernd Flohr, Supervisory Board Chairman, the shareholders approved Prof. Corinna Salander and Arturo Esquinca as members of the Supervisory Board. They had joined the supervisory body in February 2018 by court order to replace Monika Kühborth and Oswald Bubel. The two departing Supervisory Board members resigned their seats in order to take positions on the Administrative Board of KSB Management SE, which since the change of legal form has managed KSB SE & Co. KGaA. Klaus Kühborth was re-elected to the Supervisory Board. His term of office was set to end upon conclusion of the Annual General Meeting.