Linz, 16.06.2020. At today's virtual 21st Annual General Meeting of the company, all management motions were approved by the shareholders of S&T AG (www.snt.at) with a large majority. Approximately 50% of the share capital was represented at S&T AG's Annual General Meeting, which was held online for the first time.
Claudia Badstöber elected to the Supervisory Board
With more than 99% approval, the Annual General Meeting elected Ms. Badstöber to the Supervisory Board to succeed Dr. Erhard F. Grossnigg, whose mandate ends with today's Annual General Meeting. As a certified tax consultant and auditor, Ms. Badstöber was most recently Chief Financial Officer in private and listed banks as well as in real estate companies. She posseses many years of comprehensive knowledge in the financial sector and in entrepreneurship.
In the constituent Supervisory Board meeting following the Annual General Meeting, Ms. Badstöber was elected Chairwoman of the Supervisory Board, while Mr. Chwatal will continue to act as Deputy Chairman of the Supervisory Board and in future as Chairman of the Audit Committee. With Ms. Badstöber and Mr. Chwatal, a majority of independent representatives are present on the audit, nomination and remuneration committee
Confirmation of the forecast for 2020 and 2023
After a good first quarter of 2020 - despite the initial effects of the corona crisis - the satisfactory development of the second quarter also confirms the forecast of EUR 1,150 million revenue at EUR 115 million EBITDA. This is underpinned by numerous new projects and design wins in recent months. Thus, despite the corona pandemic, an EBITDA margin of 10% should be achieved for the first time in 2020.
"First of all, I would like to thank Dr. Grossnigg for the cooperation over the last 9 years since our joint entry into S&T. Since 2011 we have been able to develop S&T from a regional IT service provider to a multinational company with its own technology. This broad product portfolio of the S&T Group has also contributed to our positive development in the second quarter, despite the lockdowns in many of the countries in which we operate. With our high liquidity, we will benefit from the corona crisis and further consolidate our market. We therefore confirm our guidance for 2020 as well as our ambitious target of EUR 2 billion in sales with an EBITDA of EUR 220 million in line with our Agenda 2023", Hannes Niederhauser, CEO of S&T AG.