Rockwool A/s Class A · OMXCOP:ROCK_A
Rockwool A/s Class A — Shareholder Meeting (April 2024)
51 slides from Rockwool A/s Class A's shareholder meeting presentation, Apr 10, 2024
Slide 1: Annual General Meeting
Annual General Meeting 10 April 2024 Annual General Meeting | 10 April 2024 | ROCKWOOL A/S
Slide 2: Agenda
Agenda 1. The board of directors’ report on the company’s activities during the past financial year 2. Presentation of annual report with auditors’ report 3. Adoption of the annual report for the past financial year and discharge of liability for the management and the board of directors 4. Presenta
Slide 3: Agenda item 1 and 2
Agenda item 1 and 2 The board of directors’ report on the company’s activities during the past financial year and presentation of annual report with auditors’ report Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 3
Slide 4: Annual General Meeting
Annual General Meeting 10 April 2024 Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 4
Slide 5: Agenda
Agenda 1. Global context 2. Sustainability and decarbonisation 3. The business in 2023 4. Financial results 5. Outlook 2024 6. Remuneration report 7. Questions? Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 5
Slide 6: A few words on 2023
A few words on 2023 Geopolitical tension Economists get Wars in Europe and it wrong the Middle East No global recession Climate change Critical DK media UN says world moving coverage regarding too slow to meet net- ROCKWOOL’s presence zero goals in Russia Annual General Meeting | 10 April 2024 | ROC
Slide 7: Sustainability and decarbonisation
Sustainability and decarbonisation Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 7
Slide 8: Good progress on sustainability goals
Good progress on sustainability goals Baseline year 2015 (goal 2030)* Scope 1 and 2 CO2 emission intensity 14% 20% Water use intensity 16% 20% Reclaimed material 21 30 countries Energy efficiency in own buildings 39% 75% Landfill waste 53% 85% Occupational safety and health zero fatalities and two ser
Slide 9: Advancing our decarbonisation commitment
Advancing our decarbonisation commitment Energy efficiency of factories 2034 goal: 38% Absolute Scope 1 and 2 green- Baseline year: house gas 16% 2019 emissions (CO2e)* 2023 result Reducing absolute * In scope of limited assurance. Scope 1 and 2 greenhouse gas emissions by 38% by 2034 2023 2034 Redu
Slide 10: Electrification of our factories past, present, and future
Electrification of our factories past, present, and future Norway Conversion completed Conversion ongoing Conversion planned ▪ Decarbonisation – electrifying our melting process, is the main lever to achieve our targets. ▪ Key to success – deploying innovative technologies Netherlands in both existi
Slide 11: The markets in 2023
The markets in 2023 ROCKWOOL factory in Roermond, The Netherlands Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 11
Slide 12: 2023 regional sales development
2023 regional sales development Growth in local currencies Key developments Geographic share of sales MEUR, reported figures ▪ The United Kingdom, Spain and Western Europe France performed well, while most other markets, especially Germany, -6% -7 percent in reported figures remained sluggish. ▪ Mos
Slide 13: Ranson, West Virginia factory
Ranson, West Virginia factory Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 13
Slide 14: Financial results
Financial results Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 14
Slide 15: Full year 2023 sales down four percent driven by Europe
Full year 2023 sales down four percent driven by Europe Net sales Net sales per business segment MEUR MEUR Sales reached 3620 MEUR, down four percent Insulation segment sales reached 2792 MEUR, in local currencies. down five percent in local currencies and down High interest rates resulted in low ne
Slide 16: 2023 profitability
2023 profitability EBIT and EBIT margin EBIT and EBIT margin per business segment MEUR MEUR 14.3% 10.3% EBIT reached 518 MEUR, up 29 percent compared to 2022. Insulation segment profitability was 431 MEUR with an EBIT margin of 13.6 percent, EBIT margin of 14.3 percent, up 4 percentage points. up 4.
Slide 17: ROCK-B share price evolution
ROCK-B share price evolution 1 January to 31 December 2023 1 Jan 2023 DKK 1637 31 Dec 2023 DKK 1977 +21% Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 17
Slide 18: Outlook 2024
Outlook 2024 Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 18
Slide 19: Outlook full year 2024
Outlook full year 2024 1. Sales Sales roughly at the same level as in 2023 in local currencies. 2. EBIT EBIT margin around 13 percent. 3. Investment Investments around 375 MEUR excluding acquisitions. Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 19
Slide 20: Remuneration Report 2023
Remuneration Report 2023 ▪ Fee to the Board of Directors for 2023 totaled 769 KEUR. ▪ Remuneration to the Registered Directors for 2023 totaled 4429 KEUR. Remuneration KEUR 4429 3834 2022 2023 729 769 Fee Board of Directors Remuneration Registered Directors Annual General Meeting | 10 April 2024 | R
Slide 21: Thanking Jens, welcoming Jes
Thanking Jens, welcoming Jes Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 21
Slide 22: Thank you
Thank you Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 22
Slide 23: Questions?
Questions? Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 23
Slide 24: Agenda item 1 and 2
Agenda item 1 and 2 The board of directors’ report on the company’s activities during the past financial year and presentation of annual report with auditors’ report Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 24
Slide 25: Agenda item 3
Agenda item 3 Adoption of the annual report for the past financial year and discharge of liability for the management and the board of directors Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 25
Slide 26: Agenda item 3
Agenda item 3 • The board of directors proposes that the annual report is approved. • The board of directors proposes that the management and the board of directors are discharged from liability. Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 26
Slide 27: Agenda item 4
Agenda item 4 Presentation of and advisory vote on remuneration report Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 27
Slide 28: Agenda item 5
Agenda item 5 Approval of the remuneration of the board of directors for 2024/2025 Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 28
Slide 29: Approval of the remuneration of the board of directors for 2024/2025
Agenda item 5 Approval of the remuneration of the board of directors for 2024/2025 Under article 15.f of the Articles of Association, the general meeting determines the annual remuneration of the members of the board of directors. Chairman of the board of directors DKK 1,320,000 Deputy Chairmen of t
Slide 30: Agenda item 6
Agenda item 6 Allocation of profits according to the adopted accounts Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 30
Slide 31: Allocation of profits according to the adopted accounts
Agenda item 6 Allocation of profits according to the adopted accounts According to the 2023 annual report, the annual result of ROCKWOOL A/S amounts to 381 MEUR. The board of directors proposes a distribution of dividends for the financial year 2023 of 43 DKK (5.8 EUR) per share of a nominal value o
Slide 32: Agenda item 6
Agenda item 6 For the group, the annual result of 389 MEUR is allocated as follows: Dividend from the parent company of 43 DKK (5.8 EUR) 125 MEUR per share of nominally 10 DKK (as mentioned above) Retained earnings 264 MEUR 389 MEUR The dividend will be paid on 15 April 2024 after approval by the ge
Slide 33: Agenda item 7
Agenda item 7 Election of members to the board of directors Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 33
Slide 34: Board of directors
Board of directors Thomas Kähler Chairman ▪ Member of the Chairmanship and Audit Committee, and Chairman of the Remuneration and Nomination Committee ▪ Member of the Kähler Family Meeting ▪ Chairman of the Board of Metier Westergaard A/S ▪ Director and member of the Board of DURAPOR A/S ▪ Member of
Slide 35: Board of directors
Board of directors Jørgen Tang-Jensen Deputy Chairman ▪ Member of the Chairmanship and the Remuneration and Nomination Committee ▪ Member of the Boards of VKR Holding A/S, VILLUM FONDEN and Maj Invest Holding A/S (and two fully owned subsidiaries) ▪ Chairman of the Board of Tænketanken Europa (Think
Slide 36: Board of directors
Board of directors Rebekka Glasser Herlofsen Member of the board of directors ▪ Chairperson of the Audit Committee ▪ Member of the Boards and Chairperson of Audit Committees of Egmont Fonden and Egmont International Holding A/S ▪ Chairperson of the Boards of Norwegian Hull Club and Handelsbanken Nor
Slide 37: Board of directors
Board of directors Carsten Kähler Member of the board of directors ▪ Member of the Kähler Family Meeting ▪ Member of the Board of the Fahu Foundation, Denmark Carsten Kähler has competencies and experience gained within both global and Danish legal and accounting companies that will be useful in gen
Slide 38: Board of directors
Board of directors Ilse Irene Henne Member of the board of directors ▪ Member of the Executive Board of thyssenkrupp AG ▪ Member of the Baden-Badener Unternehmer Gesprache e.V., Klasse 135, Germany ▪ Member of the Board and member of the Audit Committee of Arkema S.A., France ▪ Chairperson of the Su
Slide 39: Board of directors
Board of directors Jes Munk Hansen Member of the board of directors ▪ Member of the Audit Committee ▪ Chief Executive Officer (CEO) and President, TERMA Group ▪ Member of the Board of WS Audiology A/S (Widex A/S) ▪ Vice Chairman, The Confederation of Danish Industry (DI) Jes Munk Hansen has extensiv
Slide 40: Board of directors
Board of directors Connie Enghus Theisen Elected by the employees ▪ Senior Group Advisor, ROCKWOOL A/S Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 40
Slide 41: Board of directors
Board of directors Christian Westerberg Elected by the employees ▪ Design Manager, ROCKWOOL A/S Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 41
Slide 42: Board of directors
Board of directors Berit Kjerulf Elected by the employees ▪ SHE-manager, ROCKWOOL Danmark A/S ▪ Member of the Board of the ROCKWOOL Foundation Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 42
Slide 43: Annual General Meeting | 10 April 2024 | ROCKWOOL A/S
Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 43
Slide 44: Agenda item 8
Agenda item 8 Appointment of auditors Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 44
Slide 45: Agenda item 8
Agenda item 8 • The board of directors proposes appointment of PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PwC) as auditor of the company in accordance with the Audit Committee’s recommendation in respect of statutory financial and sustainability reporting. • The proposal is bas
Slide 46: Agenda item 9
Agenda item 9 Proposals from the board of directors or shareholders Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 46
Slide 47: Agenda item 9a
Agenda item 9a Authorisation to acquire own shares: • The board of directors proposes that the general meeting authorises the board of directors to allow the company to acquire own shares during the period until the next annual general meeting, i.e. class A shares as well as class B shares, of a tot
Slide 48: Agenda item 9b
Agenda item 9b Approval of remuneration policy for the board of directors and registered directors: • The company’s remuneration policy was most recently approved by the shareholders at the annual general meeting in 2020. In line with the Danish Companies Act, the board of directors proposes that th
Slide 49: Agenda item 9c
Agenda item 9c Proposal to contribute 100 MDKK to the Foundation for Ukrainian Reconstruction: • Based on ROCKWOOL's wish to continue to actively contribute to the reconstruction of Ukraine, the board of directors proposes that the general meeting approves that an additional amount of 100 MDKK be co
Slide 50: Agenda item 10
Agenda item 10 Any other business Annual General Meeting | 10 April 2024 | ROCKWOOL A/S 50
Slide 51: Annual General Meeting
Annual General Meeting 10 April 2024 Annual General Meeting | 10 April 2024 | ROCKWOOL A/S