STOCKHOLM, Sweden, April 21, 2005 (PRIMEZONE) -- Board of Directors
At today's Annual General Meeting in Munters AB, the board members Berthold Lindqvist, Bengt Kjell, Soren Mellstig, Sven Ohlsson, Eva-Lotta Kraft, Jan Svensson and Lennart Evrell were re-elected. Anders Ilstam was elected as new member of the board. Berthold Lindqvist was appointed Chairman of the Board.
Distribution of Dividend
The Meeting approved the proposal by the Board and the Managing Director for a dividend of SEK 4.00 per share. The record date was set to April 26, 2005 and the dividend is expected to be distributed by VPC on April 29, 2005.
Election Committee
The Meeting resolved to appoint an Election Committee for the preparation and presentation of proposals ahead of each Annual General Meeting regarding the election of Chairman and other members of the Board of Directors, election of the Chairman at the Annual General Meeting, proposal of fees payable and associated issues. The Chairman of the Board of Directors is authorized to contact the five largest shareholders of the company, each of whom in turn is entitled to appoint a representative. These representatives will, together with the Chairman of the Board of Directors, constitute the Election Committee until the next Annual General Meeting has been held or, if required, until a new Election Committee has been appointed. One of the owner-representatives of the Election Committee shall be the Chairman thereof. If a member leaves the Election Committee before its task has been completed, a replacement shall be appointed if deemed necessary. The new appointment shall be made by the same shareholder who appointed the leaving member, or if the shareholder no longer constitutes the five largest shareholders, one of the shareholders who has replaced that shareholder in the group.
The information regarding the composition of the Election Committee shall be made public at least six months before the Annual General Meeting. The members of the Election Committee shall not collect any fee.
CEO speech
President and CEO Lennart Evrell summarized fiscal 2004
-- Weak demand within MCS Europe at the beginning of the year,
improved later during 2004.
-- Strong demand within MCS Americas toward the end of the year
due to four hurricanes.
-- Good order intake and sales growth for the Group. Earnings
and margins improved during the year.
-- Weak results for HumiCool caused by three factory relocations,
new outbreaks of bird flu and a weak US-dollar. However, the
demand has increased for products related to cleaning emissions
from coal-fired power plants in China.
-- Dehumidification has had strong growth within the DesiCool
segment, which combines cooling and dehumidification and an
extensive renewal of the product range. Order and sales growth
have been strong and have led to increased margins and improved
earnings.
For the Munters Group, Lennart Evrell commented as follows:
-- The currency adjusted order intake increased by 10% during
the year, the sales increased by 9% and the earnings were
298 MSEK.
-- Decided rationalizations such as factory relocations within
HumiCool and extensive action programs within MCS Europe
-- Unprecedented growth toward the end of the year.
-- Strong development in general within Dehumidification.
-- MCS had a strong finish, following a weak start of the year.
Further he continued with a short presentation of the results for the first quarter 2005, which was published earlier today:
-- Strong order intake within Dehumidification.
-- The improvement within MCS in the fourth quarter declined.
-- HumiCool weakening margins.
-- Region Europe had a decline in earnings; region Americas had
a strong positive development with the exception of slightly
weaker order intake. Region Asia had a good order and invoicing
development.
-- New action programs will be implemented within MCS Europe.
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