€DAX-listed Covestro has again boosted its dividend for stockholders: It was
resolved at the Annual General Meeting in Bonn to raise the dividend to €2.40
per share, up around 9% over the previous year (€2.20). This means Covestro has
increased its dividend for the fourth consecutive time since it became an
independent company.
"In the past year, we again achieved strong results in an unsettled year, so we
are sharing this success with our stockholders by distributing an attractive
dividend," CEO Dr. Markus Steilemann emphasized. In view of the increasingly
challenging competitive landscape, several initiatives are underway in the
current fiscal year, Steilemann pointed out: "We have taken key steps to
actively foster our further growth going forward. Our investments focus on
business segments with above-average demand potential and we concentrate
increasingly on efficiency," he said.
In his speech, CFO Dr. Thomas Toepfer highlighted the company's continuous
drive to create value: "In the use of cash, we remain committed to an
attractive dividend policy and value-creating investments," Toepfer said.
Following the completion of Covestro's first share buy-back program last year,
the Board of Management was authorized to acquire own shares in the amount of
up to 10% of the capital stock through April 11, 2024. "This resolution
provides us with an additional attractive option for creating value," Toepfer
added.
Annual General Meeting voting results on the individual agenda items:
Agenda item 2:
Resolution on the use of the distributable profit
As proposed by the Board of Management and Supervisory Board, the distributable
profit of €439,200,000 for fiscal 2018 reported in the annual financial
statements will be used almost in full to distribute a dividend to
stockholders. This corresponds to a dividend of €2.40 per no-par value share
carrying dividend rights for 2018.
Agenda items 3 and 4:
Ratification of the actions of the members of the Board of Management and the
Supervisory Board
The actions of the members of the Board of Management and Supervisory Board who
held office in fiscal year 2018 were ratified.
Agenda item 5:
Election of the auditor
As proposed by the Supervisory Board, the Annual General Meeting elected KPMG
AG Wirtschaftsprüfungsgesellschaft, Düsseldorf, Germany, as auditor for fiscal
2019.
Agenda item 6:
Resolution on the amendment of Section 14 of the Articles of Incorporation
As proposed by the Supervisory Board and Board of Management, in the future the
company will be able to issue invitations to the Annual General Meeting by
electronic means in view of the increasing popularity of digital media.
Agenda item 7:
Resolution on rescinding an existing and issuing a new authorization to acquire
and use own shares
The Annual General Meeting voted to authorize the company to again acquire own
shares. Own shares may be acquired in the amount of up to 10% of the capital
stock through April 11, 2024. The authorization issued on September 1, 2015,
was mostly exhausted by the share buy-back program launched in November 2017
and completed on December 4, 2018, and was completed.
Additional information on the Annual General Meeting is provided here:
https://investor.covestro.com/de/events/hauptversammlung/hauptversammlung-2019/
About Covestro:
With 2018 sales of EUR 14.6 billion, Covestro is among the world's largest
polymer companies. Business activities are focused on the manufacture of
high-tech polymer materials and the development of innovative solutions for
products used in many areas of daily life. The main segments served are the
automotive, construction, wood processing and furniture, and electrical and
electronics industries. Other sectors include sports and leisure, cosmetics,
health and the chemical industry itself. Covestro has 30 production sites
worldwide and employs approximately 16,800 people (calculated as full-time
equivalents) at the end of 2018.
Find more information at
www.covestro.com.