Georg Fischer AG
Georg Fischer AG shareholders approve all proposals
Georg Fischer AG / AGM/EGM Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Schaffhausen, 19 March 2008, 5:30 p.m. Georg Fischer AG shareholders approve all proposals At the 112th Annual General Meeting of Georg Fischer AG, Schaffhausen, held on 19 March 2008, the 1,310 shareholders present approved all the proposals of the Board of Directors, in particular the distribution of profit as a par value repayment of CHF 25 per share (previous year: CHF 25). Flavio Cotti and Dr. Rudolf Huber were re-elected to the Board of Directors. Yves Serra, until now Head of GF Piping Systems, succeeded Dr. Kurt E. Stirnemann, who is stepping down as Chief Executive Officer because he has reached the retirement age. Georg Fischer generated sales of CHF 4.50 billion in 2007 (previous year: CHF 4.05 billion). This marks an 11 percent increase (previous year: 10%). Order intake was 9 percent higher than the previous year. Organic growth was driven by a favourable economic environment. However, the Corporation's profitability fell short of expectations, owing in particular to a disappointing result at GF Automotive. The cost of launching the single brand strategy at GF AgieCharmilles also left its mark on the bottom line. Net debt was reduced to CHF 264 million. Net income for 2007 came to CHF 245 million (previous year: CHF 249 million). The shareholders approved the 2007 Annual Report with the financial statements of Georg Fischer AG and the consolidated statements as per 31 December 2007 and granted discharge to the corporate bodies. Flavio Cotti was re-elected as a member of the Board of Directors for a further two years and Dr. Rudolf Huber for a further four-year term. The term of Flavio Cotti is only two years because he will have to retire from the Board of Directors of Georg Fischer AG in 2010 when he reaches the statutory age limit. The other members of the Board are: Martin Huber, Chairman; Bruno Hug, Vice-Chairman; Dr. Roman Boutellier, Gerold Bührer, Ulrich Graf, Prof. Dr. Gertrud Höhler, Dr. Kurt E. Stirnemann und Zhiqiang Zhang. Yves Serra took over as CEO of Georg Fischer as per 20 March, succeeding Dr. Kurt E. Stirnemann, who retired at the Annual General Meeting amidst praise for his outstanding achievements as Chief Executive Officer since 2003. __________________________________________________________________________ Corporate Profile Georg Fischer - 'Adding Quality to People's Lives' Georg Fischer is focused on its three core businesses GF Automotive, GF Piping Systems and GF AgieCharmilles. Founded in 1802, the company is headquartered in Schaffhausen, Switzerland, and has over 140 locations worldwide including 50 production facilities. With some 13,000 employees, it generated annual sales of 4.5 billion Swiss francs in 2007. The Corporation makes a direct contribution to the quality of life: Mobility, comfort and precision are key market requirements that we satisfy with our products and services. You'll find further information under www.georgfischer.com. You can register for our subscription service for journalists at www.georgfischer.com/subscriptionservice. You will then automatically receive our latest Media Releases or the regular Top Stories from Georg Fischer by e-mail. Georg Fischer AG, 8201 Schaffhausen/Switzerland Phone +41 (0) 52 631 26 97, Fax +41 (0) 52 631 28 63 __________________________________________________________________________ Daniel Bösiger Head Corporate Controlling / Investor Relations Phone +41 (0) 52 631 21 12, Fax +41 (0) 52 631 28 16 daniel.boesiger@georgfischer.com 19.03.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Georg Fischer AG Amsler-Laffon-Straße 9 CH-8201 Schaffhausen Schweiz Phone: +41 - 52 631 2112 Fax: +41 - 52 631 2816 E-mail: daniel.boesiger@georgfischer.com Internet: www.georgfischer.com ISIN: CH0001752309 WKN: 851082 Indices: SPI Listed: Foreign Exchange(s) SWX End of News DGAP News-Service ---------------------------------------------------------------------------
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