Evonik Industries (EVK) AGM 2024 summary

Opening remarks and agenda

• AGM opened by the chairman, welcoming shareholders, representatives, media, and guests; meeting held virtually per legal statutes.

• Formalities confirmed: proper convocation, publication, and compliance with statutory requirements; no additional motions or proposals submitted.

• Technical instructions provided for virtual participation, including video communication, voting, and submission of motions.

• Agenda initiated with submissions of annual and consolidated financial statements, management and supervisory board reports, and profit appropriation proposal.

Financial performance review

• 2023 marked by weak demand, persistent inflation, energy crisis, and global recession, leading to a profit warning and downward revision of forecasts.

• Group sales fell 17% to EUR 15.3 billion; adjusted EBITDA dropped by one third to EUR 1.66 billion, within the target range.

• Net income was negative for the first time, but adjusted earnings per share were EUR 0.79; free cash flow reached EUR 801 million, exceeding the previous year.

• Sector-wide output and sales declined by 11% and 12% respectively; prices fell by 3% amid inflationary cost increases.

Board and executive committee updates

• Supervisory board reviewed and approved financial statements and profit appropriation proposal; no objections raised.

• Supervisory board focused on business development, strategic planning, and major projects such as the construction of a lipid plant in the USA and divestment of the Lülsdorf site.

• New elections and constitution of the supervisory board in 2023; three new employee representatives introduced.

• Committees renamed and restructured, notably the Investment and Sustainability Committee.