Stinnes AG
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Stinnes AG: Annual Stockholders’ Meeting 2001
Logistics More and More Attractive for Private Investors
Attendance increased significantly; Stinnes off to a successful start in 2001;
dividend 20 percent higher; Stinnes CEO Bernotat criticizes German government’s
plans
At its second annual stockholders’ meeting since its IPO on June 14, 1999,
Stinnes AG expects that significantly more guests will attend than one year
earlier. While the stockholders’ meeting in the year 2000 had been attended by a
total of 800 guests, some 1,000 are expected to show up at the Stadthalle in
Düsseldorf this year.
Judging from the number of deposit certificates that have been requested from
German banks and credit institutions, the number of private investors owning
Stinnes stock increased substantially last year. In the past twelve months, for
instance, the number of German securities accounts that include Stinnes stock
soared by some 70 percent to approximately 51,000.
Dr. Wulf H. Bernotat, the Chairman of the Board of Management of Stinnes AG,
expressed his satisfaction about this development. “The growing interest in the
Stinnes stock demonstrates that the capital market is rewarding our successful
efforts to transform Stinnes into a global logistics group. I am very pleased
about the much greater interest that private investors are showing in our
stock.”
Bernotat presented impressive figures to the stockholders of Stinnes AG: After
two record years in succession, Stinnes was again off to a very successful start
in the first quarter of 2001. In the first three months of this year, external
sales increased by seven percent to Euro 3.2 billion. Earnings before Interest
and Taxes (EBIT) amounted to Euro 78.3 million and thus surpassed the figure
reported for the first quarter of 2000 by 53 percent. Relative to the first
three months of the year 2000, the consolidated internal operating profit
increased by 81 percent to Euro 56,7 million. Consolidated earnings before taxes
increased by a staggering 97 percent, i.e. they nearly doubled. Stinnes expects
that Earnings before Interest and Taxes will increase by at least 25 percent in
the upcoming year.
In view of this strong business performance, the Stinnes Board of Management
will propose to the Annual Stockholders’ Meeting to increase the dividend to 60
Cent per share, which is 20 percent more than in the previous year.
Stinnes was successful in its development under adverse economic conditions. In
fact, the economic slowdown even provided new opportunities for the Stinnes
Group because a growing number of companies outsource their logistics activities
to external service providers during slow economic periods. In addition,
Stinnes is relatively independent of cyclical swings in economic activity in
specific industries or regions, due to its increasing internationality and its
diversification in its three lines of business, i.e. Transportation, Chemicals
and Materials.
“Stinnes is now well positioned”, said Mr. Bernotat in assessing his company’s
overall performance. “In major business areas and in important regions of the
world, we already hold leading market positions. While our focus in the past two
years was on stepping up our restructuring efforts, Stinnes is now geared up
for growth – including further acquisitions.”
Mr. Bernotat strongly criticized the German government’s tax policy, in
particular the government’s plans to introduce a toll for trucks depending on
distance. Such solo initiatives, Bernotat said, would distort competition.
“Fortunately, these plans have not yet had any direct major impact on us as a
logistics service provider because we operate only 15 percent trucks of our own.
Indirectly, however, we will of course be obliged to pass on the higher cost of
transportation or make greater use of carriers from neighboring countries.”
Overall, the additional cost incurred by a German forwarding agent through the
implementation of all stages
end of message, (c) DGAP 13.06.2001
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