NKT (NKT) AGM 2017 summary

Opening remarks and agenda

• Proceedings were conducted in Danish with interpretation in English; the AGM was declared lawfully convened and quorate.

• Agenda covered the 2016 activity report and audited accounts, profit allocation, discharge, board remuneration and elections, auditors, restructuring and other business.

Financial performance review

• 2016 share return was 41% including the DKK 4 dividend, versus a 2% rise in the C20 Cap Index; ROCE increased to 11.7% from 10.1% in 2015.

• NKT Cables revenue was just over EUR 1bn and operational EBITDA margin 9.7%; offshore orders filled the order book well into 2018.

• NKT Photonics organic growth was 7% and EBITDA margin 14.7%; Nilfisk revenue reached EUR 1.059bn, organic growth 3%, EBITDA margin 11% before special items and ROCE 14.6%.

• 2017 outlook: cables revenue EUR 1.4bn and operational EBITDA ~EUR 140m; Photonics organic growth 10% and EBITDA margin ~15%; Nilfisk organic growth 2%-4% and EBITDA margin 11%-11.5% before special items.

Board and executive committee updates

• Hans Henrik Lund was appointed Nilfisk CEO, due to join in early August 2017; Lars Gjødsbøl was thanked for serving as acting CEO.

• All six AGM-elected directors stood for re-election and were re-elected; the chair said directors were often restricted from trading shares while insiders.

• The board said its remuneration framework had been unchanged since 2015 and would be reviewed for the two businesses after the split.