Annual General Meeting of KSB AG


Pumps and valves manufacturer KSB presented excellent results and prospects to its shareholders at the Annual General Meeting on 12 June. Consolidated sales revenue of around €1.77 billion and a 43 percent rise in earnings before taxes to €129 million proved the Company’s market success in the past year to the shareholders.

A well-filled order book promises further growth for 2008 .

As Chairman of the Board of Management Dr Wolfgang Schmitt announced at the Annual General Meeting, the KSB Group again recorded a double-digit increase in its order intake in the first five months of 2008 compared with the prior-year period. This 10.9 percent growth is primarily due to major orders from the water sector and a buoyant industry business. KSB has also received more orders from the power plant construction industry, the waste water sector and building services than in the already strong previous year. In addition, KSB sharply increased consolidated sales revenue by 10.4 percent.

As a result, Chairman of the Board of Management Dr Wolfgang Schmitt forecast that KSB will “come very close” this year to the sales revenue target of €1.9 billion for 2010. He also said that KSB intends to further increase the Group’s return on sales, which rose to 7.3 percent in the past financial year. Further objectives for the year are above-average growth in the standard business and a strengthening of the global production and sales network.

At the meeting chaired by the Chairman of the Supervisory Board Dr Hans-Joachim Jacob, the shareholders approved a record dividend of €9.00 per ordinary share and €9.26 per preference share. In addition, there were five appointments to be made to the Supervisory Board. The meeting elected Werner Stegmüller, partner of management consultants Horváth & Partners, to the Supervisory Board. He succeeds Stefan Messer, who did not stand for re-election for professional reasons. Dr Hans-Joachim Jacob, Ludwig Udo Kontz, Klaus Kühborth and Richard Lederer were re-elected to the Supervisory Board. All of the employee representatives on the Supervisory Board had already been confirmed in office by KSB’s employees in May.

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