Rockwool (ROCK) AGM 2022 summary

Opening remarks and agenda

• AGM held in person at Roskilde Kongrescenter on 6 April 2022; 120 attendees represented 75% of capital and 88% of votes, and quorum was confirmed.

• Agenda covered the board report, annual report, remuneration, dividends, board and auditor elections, proposals and other business.

Financial performance review

• FY2021 sales reached EUR 3.088bn, up 19% YoY and above EUR 3bn for the first time; all major markets recorded double-digit growth.

• EBIT was EUR 401m, up 19% YoY, with a 13% margin, unchanged from 2020.

• Insulation sales rose 20% in local currencies to EUR 2.291bn, with a 10.4% margin; systems sales rose 16% to just under EUR 800m, with a 15.9% margin.

• Operating cash flow was EUR 426m, free cash flow EUR 116m, up EUR 40m, and year-end net cash EUR 76m; unused committed credit facilities were EUR 600m.

• FY2021 investments totaled EUR 302m excluding acquisitions, down EUR 41m YoY; net profit was EUR 303m, up EUR 52m.

Board and executive committee updates

• Andreas Ronken retired and was unavailable for re-election; Ilse Irene Henne was elected, bringing experience in building materials, strategic renewal and performance improvement.

• Carsten Bjerg, Rebekka Glasser Herlofsen, Carsten Kähler, Thomas Kähler and Jørgen Tang-Jensen were re-elected; Thomas Kähler became chairman and Carsten Bjerg deputy chairman.

• PwC was re-elected as auditor; the Audit Committee reported no third-party influence or restrictions on auditor choice.

• 2022 board fees rose 11.1%; proposed annual fees were DKK 1.2m for the chair, DKK 800,000 for deputy chairs and DKK 400,000 for other members.