KHD adjusts forecast
After updating its annual budget, KHD Humboldt Wedag International AG (KHD), Cologne, is adjusting its forecast for the 2016 financial year accordingly.
After updating its annual budget, KHD Humboldt Wedag International AG (KHD), Cologne, is adjusting its forecast for the 2016 financial year accordingly.
Today the Supervisory Board of KHD Humboldt Wedag International AG (KHD), Cologne, informed the KHD Management Board about the resignation of Mr. Johan Cnossen as Chief Executive Officer and member of the Management Board with immediate effect.
As informed in the ad hoc announcement dated June 19, 2015, errors were identified in the measurement of individual projects in the 2014 financial year relating to Humboldt Wedag, Inc., the US subsidiary of KHD Humboldt Wedag International AG (KHD), Cologne. In an ad hoc publication dated August 11, 2015, KHD announced a reduction of earnings before interest and taxes (EBIT) amounting to € 13.7 million and an equity reduction in an amount of € 14.9 million based on a preliminary assessment of the error. In accordance with IAS 8, the error correction was done retrospectively while preparing the Half Year Report 2015.
KHD Humboldt Wedag Interational AG (KHD), Cologne, was informed of an award from a Portuguese arbitration court. In this award KHD and its subsidiary Humboldt Wedag, Inc. (HW Inc.), Norcross, Georgia, USA, are jointly ordered to pay damages to a customer in South America.
ZAB Zementanlagenbau GmbH Dessau (ZAB), Dessau, Germany, a subsidiary of KHD Humboldt Wedag International AG (KHD), Cologne, Germany, has signed contracts totaling over € 100 million for equipment and services for a new cement plant with a production capacity of 4,500 tpd clinker.
The Italcementi Group (ITC) recently awarded KHD a contract to upgrade and redevelop its historic Brescia Rezzato plant. The upgraded plant, situated the in environmentally sensitive Lake Garda region, will have to adhere to very strict emissions, noise and other environmental requirements, while simultaneously ensuring highest levels of availability and low investment costs.
On Friday October 5th all company proposals were passed at KHD Humboldt Wedag International AG’s (KHD) Annual General Meeting. 79.6% of KHD’s outstanding share capital was represented at the shareholder meeting held at the Marriott Hotel in Cologne, Germany.
Today, the Supervisory Board of KHD Humboldt Wedag International AG has voted unanimously to elect Eliza Suk Ching Yuen as chairperson. Ms. Yuen has served on the KHD Supervisory Board since May 2011 and has been working in the function of deputy chairperson for the last several months.
Although tough market conditions continued to hamper KHD Humboldt Wedag International AG’s (KHD) revenue and EBIT growth, the company was successful in winning new orders with its strategic partners during the first six months of 2012, and, thus, laying the foundation for future growth.
Further to today’s postponement notice of the KHD Humboldt Wedag AG Annual General Meeting, the company would like to inform all shareholders that this change in date is not related to a takeover bid or any type operational business issues. The postponement is only due to a sudden technicality related to executing the AGM.
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