Emak S.p.A. – Shareholders’ Meeting
Approved financial statement for 2017 and the distribution of a gross dividend of € 0.035 per share
Presentation of the consolidated financial statements
Approved the first section of the Remuneration Report as for Article 123-ter of D. Lgs. n. 58/1998
Authorized the purchase and disposal of treasury shares
Bagnolo in Piano (RE), 27 April 2018– The Ordinary Shareholders’ meeting of Emak S.p.A. met today and resolved, with regard to the various items on the agenda, in the terms below briefly reported.
Approval of Financial Statement and allocation of profit
The Shareholders’ Meeting approved the report of the Board of Directors and the Financial Statements 2017 of Emak S.p.A. and has resolved the distribution of a gross dividend of € 0.035 per share (coupon n. 21), excluding treasury shares. The dividend will be paid on June 6, 2018, with ex-dividend date June 4, 2018 and record date June 5, 2018.
Presentation of 2017 consolidated results
Emak Group achieved consolidated revenues of € 422.2 million, compared to € 391.9 million of last year, an increase of 7.7%
L’EBITDA for the period reached € 43.9 million (€ 45.6 million adjusted), which represented 10.4% of sales (10.8% adjusted) compared to € 39.5 million (€ 40.5 million adjusted) corresponding to 10.1% of sales (10.3% adjusted) in 2016, an increase of 11.3%.
Net result for 2017 is € 16.4 million, compared to € 17.7 million in 2016.
Net negative financial position stood at € 125.3 million compared to € 80.1 million at December 31, 2016. The change in scope of consolidation accounted for € 51.8 million.
Report on Remuneration pursuant to Article 123-ter, paragraph 6, of Legislative Decree 58/1998
The Shareholders’ Meeting resolved in favour with regard to the remuneration policy adopted by the company, as described in the first section of the Report on Remuneration, pursuant to with art. 123-ter of Legislative Decree no. 58/98, as well as art. 84-quater of the Issuers' Regulation, CONSOB resolution no. 11971/1999.
Proposal to authorize the purchase and disposal of treasury shares
The Shareholders’ Meeting authorized the renewal of the program of purchase and disposal of treasury shares for a period of 18 month starting from today, for up to a maximum of 9,000,000 shares, equal to 5.490% of the current share capital, taking into account the shares already in the portfolio, which currently number 397,233. The quantity and the price at which transactions will be made will comply with the operating procedures laid down by the regulations. Today's authorization replaces the last authorizations resolved by the Shareholders' Meeting of April 28, 2017.
Documentation filing
In accordance with the provisions of art. 125-quater, paragraph 2, of the TUF and art. 77, paragraph 3, of the Issuers' Regulations a summary report containing the number of voting shares represented at the meeting and the actions for which the vote was cast, the percentage of capital that these shares represent, as well as the number of votes for and against the resolution and the number of abstentions, will be made available to the public within five days from the date of the company's website. The minutes of the meeting will be made available to the public within 30 days from the date of the Assembly in the same manner.
As a reminder, the Annual Report for the year ended 31 December 2017 approved by the Assembly, comprising the separated financial statements and the consolidated financial statements, together with the reports of board of statutory auditors and the independent auditors, the Report on Corporate Governance and ownership structure as well as the reports of the Board on other matters on the agenda are available to the public at the registered office, on the website in the Investor Relations www.emakgroup.it and on the authorized storage mechanism eMarket Storage (www.emarketstorage.com).
For additional information:
Mr. Andrea La Fata
Investor Relation Office
Phone (+39) 0522 956332; Fax (+39) 0522 959227
alafata@emak.it; www.emakgroup.it
Emak Group develops, produces and distributes a wide range of products in three business areas: (i) outdoor power equipment, which includes products for gardening, forestry and agriculture such as trimmers, lawn mowers, garden tractors, chain saws, tillers, rotary tiller;(ii) pumps and high pressure water jetting including products (a) for agriculture as centrifugal and diaphragm pumps for spraying and weeding; (b) for industry, including industrial pumps, high and high pressure systems and urban cleaning equipment; (c)for cleaning, as professional and semiprofessional high pressure washsers, floor scrubbers and vacuum cleaners; (iii) components and accessories for the abovementioned sectors, the most representative of which are line and heads for trimmers, accessories for chain saws (i.e. sharpeners), guns, nozzles and valves for high pressure washers and agricultural applications, precision farming (sensors and computers).
