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  • The Supervisory Board of Hapag-Lloyd AG has appointed Dheeraj Bhatia to the company’s Executive Board effective 1 January 2024. He will also become CEO of the new Rotterdam-based Hapag-Lloyd Terminal Holding. Bhatia has more than 20 years of experience in the container shipping business.
  • At its meeting on September 11, 2023, the Supervisory Board of Commerzbank appointed Bernd Spalt as the new Chief Risk Officer to the Board of Management Directors, with effect from 1 January 2024. Spalt will succeed Marcus Chromik, who will – in line with his plans for his personal life – leave Commerzbank at the end of this year, as already announced in July 2022. The appointment of Bernd Spalt is still subject to the usual approval by the regulatory authority.
  • The Shareholder Committee of HELLA GmbH & Co. KGaA has hired Stefanie Rheker as a new member of the Management Board. There, she will assume responsibility for the automotive supplier’s global human resources management and will take up her role in the second quarter of 2024 at the latest.





Climate / Activism

  • BMW Group, Ford Motor Company and American Honda Motor Co., Inc. announced that they have entered into an agreement to create ChargeScape, LLC, a new equally-owned company that will create a single, cost-effective platform connecting electric utilities, automakers and interested electric vehicle customers. Benefiting both EV customers and the electric utility industry in the U.S. and Canada, ChargeScape will unlock entirely new value that EVs can provide to the electric grid, while enabling EV customers to earn financial benefits through a variety of managed charging and energy-sharing services never before possible with traditional gasoline-powered vehicles. The closing of the transaction and subsequent formation of ChargeScape is pending regulatory approvals, with the company expected to be operational early next year.


  • Chemicals group Covestro now wants to talk to Abu Dhabi National Oil (Adnoc) after weeks of speculation about its interest. The Covestro Board of Management decided to enter into open-ended talks in view of the interest expressed by Adnoc, the DAX-listed group announced on Friday evening. This means that both companies can now discuss details of a possible acquisition. Most recently, there was talk in the media that the Arabs had informally held out the prospect of 60 euros per share, which would value Covestro at 11.6 billion euros.
  • MSC, the world’s biggest container shipping company, is offering to buy almost half of the main operator of Hamburg port, in a deal that could allow city authorities to retain control of Germany’s biggest port in the face of other takeover interest.Shortly after the announcement on Wednesday, German logistics billionaire Klaus-Michael Kuehne said he was considering a counter offer for HHLA, the company that runs the port. HHLA shares surged 45% to a 19-month high.Switzerland-based MSC and the city of Hamburg said they agreed a deal in which MSC will make a cash offer of 16.75 euros ($17.99) per share to acquire all listed class A stock in HHLA.That is well above Tuesday’s closing share price of 11.54 euros and, if the offer is taken up in full, would give MSC a 49.9% stake in HHLA at a cost of about26 billion euros. The city of Hamburg, which currently owns 69% of HHLA’s A shares and all of its unlisted S-shares, would hold 50.1% via the S-shares.




  • Renk GmbH said on September 12, 2023 it planned an initial public offering (IPO) on the Frankfurt Stock Exchange in the year 2023 to fund expansion of its international operations and gain access to new financing options. It said the offering would comprise existing shares owned by Renk`s majority owner, private equity group Triton, which bought the company from carmaker Volkswagen three years ago. Renk did not say how many shares would be offered or how much of the company Triton would retain, saying only that the IPO would create a meaningful free float. Sources previously said that Renk could be valued at around EUR 2.5 billion ($2.7 billion) in a listing.
  • German perfume and cosmetics retailer Douglas, majority owned by CVC Capital Partners, has chosen Goldman Sachs, Citi, Deutsche Bank, UniCredit and UBS as global coordinators for a planned IPO, a source familiar with the matter said on Wednesday. Reuters reported in August that the private equity house was working with advisers at Rothschild & Co to prepare the initial public offering (IPO), which could happen as early as next year. The IPO could value Douglas at up to 7 billion euros ($7.68 billion), people close to the matter said at the time. Douglas declined to comment.


Layoffs plans

  • Bayer’s new CEO plans to cut management jobs to speed up decision-making as a first step to overhaul the embattled German industrial group, which is facing investor pressure to break up, three people familiar with the matter said. Bill Anderson, at the helm since June, is keen to show investors speedy improvements and buy himself time to lay out broader restructuring plans over the next few months, the sources said. They declined to be identified because the details are confidential. Anderson plans to soon present initial plans for cutbacks at an internal strategy meeting, one of the sources said, while another said the measures would affect middle-to-upper layers of management, resulting in as yet unspecified one-off costs for golden handshakes for departing employees. The number of jobs affected and timing of an announcement are not known.

Lawsuits / fines

  • Volkswagen’s attempt to avoid being penalised twice for the same offence in the dieselgate scandal will depend on whether the wrongdoing is identical or just similar, Europe’s top court said on Thursday.An Italian court will have the final say based on the reference provided by the Luxembourg-based Court of Justice of the European Union (CJEU).The case centred on Volkswagen’s challenge against a 5-million-euro ($5.4 million) Italian antitrust fine levied in 2016 for its misleading advertising about cars fitted with illegal emissions control devices. The German carmaker said it should not be sanctioned twice for the same offence after it separately paid a 1 billion euro German fine in 2018. The diesel emissions scandal has cost Volkswagen more than 32 billion euros in refits, fines and legal costs so far.


Economic scenarios

  • Residential construction in Germany is heading for a dangerous cycle: due to the current slump in construction activity, an increasing number of construction companies are reporting financial difficulties, as reported by the Munich-based Ifo Institute on Tuesday. Once the industry’s capacities shrink, this would become an obstacle to a future revival, according to the Ifo economic expert.”Housing cancellations are piling up to a new high,” Wohlrabe said. According to the survey, 7 percent of construction firms reported cancelled orders in August, while 44.2 percent of firms reported a lack of new orders.”We have not seen anything like this since the survey began in 1991. The uncertainty in the market is huge,” Wohlrabe said of the cancellations. “This is bitter: because every apartment that is not commissioned today will not be available tomorrow,” commented Tim-Oliver Müller, Chief Executive of the German Construction Industry Association.For the coming six months, the majority of companies feared further declines in business.


  • Executives from MTU Aero said during a call Wednesday that the group is still targeting revenue between EUR6.1 billion and EUR6.3 billion this year, though the forecast is still subject to adjustments. Adjusted earnings before interest and taxes–a key profitability metric for MTU–should come in slightly higher than EUR800 million.



● SAP SE announced a wonderful new leader of SAP’s communications team: Monika Schaller, SAP Chief Communications Officer. Monika brings more than 20 years of extensive experience in all aspects of communications to SAP. She is a seasoned communications leader with deep experience in global communications, political strategy and crisis communications management. Monika joins SAP from Deutsche Post DHL Group, where she led Corporate Communications, Sustainability Brand. In this role she was instrumental in enhancing the reputation and positioning of the company. Prior to this, Monika led Corporate Communications at companies including Goldman Sachs, Citigroup and Deutsche Bank.


● Brenntag SE (XTRA:BNR) signed an agreement to acquire the operating business from Chemgrit SA (Pty) Ltd on September 7, 2023. Brenntag Specialties will integrate Chemgrit Personal Care operations into its business unit Personal Care & HI&I. The closing is subject to customary conditions and is expected in the 4th quarter of 2023.
● Kuehne Holding AG acquired a 4.82% stake in Brenntag SE on September 4, 2023. Kuehne Holding AG completed the acquisition of a 4.82% stake in Brenntag SE on September 4, 2023.
● SAP SE (XTRA:SAP) entered into an agreement to acquire LeanIX GmbH on September 7, 2023. The transaction is subject to customary closing conditions and regulatory approvals. The transaction is expected to complete in the fourth quarter of 2023.

● Schott Pharma plans an initial public offering (IPO) on the Frankfurt Stock Exchange this year, the German pharmaceutical bottles and vials maker said on Wednesday. The medical glass division of Schott AG is choosing to IPO as the market shows signs of improvement. It intends to use proceeds to support its green transition to become climate neutral by 2023, the company said, without disclosing the amount it intends to raise. Schott Pharma in its intention to float (ITF) document said its sales rose 8.4% in the first nine months of its fiscal year with an EBITDA margin of 28%. The company, with headquarters in Mainz, focuses on the market for injectable drugs, which is estimated to grow at 9% annually until 2026, the company said.BNP Paribas, Bank of America and Deutsche Bank are leading the planned transaction.

Shares buyback
● Deutsche Telekom subsidiary T-Mobile US announces new share buyback worth billions of euros. Telekom subsidiary T-Mobile US is venturing another billion-dollar share buyback. After the previous released 14 billion U.S. dollars, company CEO Mike Sievert wants to free up another 19 billion dollars (17.7 billion euros), as he announced at an investor event on Wednesday. Deutsche Telekom held 51.4 percent of T-Mobile US. Instead, Deutsche Telekom plans to sell shares via the market, the DAX-listed company announced in its own press release. As a result, shares from the portfolio are to be sold via the market from the beginning of 2024 without jeopardizing the company’s own majority position in T-Mobile US. “The exact number of T-Mobile US shares that Deutsche Telekom will sell has not yet been determined,” it said. T-Mobile US also intends to pay a dividend to its parent for the first time, it said.

● Sartorius raises €3 billion on the bond market.


● Houman Ashrafian is appointed as Head of Research & Development of SANOFI , starting September 11th, 2023. Madeleine Roach is appointed Head of Business Operations of SANOFI, effective October 1st, 2023. Emmanuel Frenehard is appointed Chief Digital Officer of SANOFI, effective immediately. Bill Sibold, Head of the Specialty Care GBU will be leaving Sanofi to pursue an external opportunity. Brian Foard will lead the Specialty Care GBU ad interim, effective immediately.

● Groupe SEB, global leader in small household appliances and professional coffee solutions, is pleased to announce the appointment of Olivier Casanova as Chief Financial Officer.

● PERNOD RICARD, an Executive Committee is replacing the existing Executive Board, composed of 9 positions. Philippe Guettat, currently Chairman and CEO of Pernod Ricard Asia, is appointed Executive Vice President Global Brands. Gilles Bogaert, currently Chairman and CEO of Pernod Ricard EMEA/LATAM, is appointed Executive Vice President Global Markets. These appointments have been made following the retirement of Christian Porta, Managing Director Global Business Development, after a long and fruitful career.

● Ipsen announces the appointment of Christelle Huguet as Executive Vice President, Head of Research and Development (R&D), succeeding Howard Mayer who will retire from the company on September 22nd.

● Alexandre de Palmas, currently Executive Director of Carrefour Spain, has been appointed Executive Director of Carrefour France, a member of the Group Executive Committee, effective September 4. He succeeds Rami Baitieh, who is leaving the Group to pursue a new professional project abroad. Elodie Perthuisot has been appointed Executive Director of Carrefour Spain, a member of the Group Executive Committee, effective September 4. She retains her position as Executive Director E-commerce, Data and Digital Transformation.

● Alexandre De Palmas has been appointed executive director of Carrefour

● SEB appoints Olivier Casanova Executive Vice President, Finance

Climate / Activism

● Voltalia announced the full commissioning of its new Portuguese cluster, Garrido, consisting of five solar power plants with a total capacity of 50.6 megawatts. The construction of the Garrido project cluster, combining five power plants with a total capacity of 50.6 megawatts, was initiated in September 2022. It reached full capacity after a gradual commissioning process that began in March 2023.


● Euroapi S.A. signed an agreement to acquire Bianogmp Gmbh for 10 million on August 29, 2023.

● Saint-Gobain announces the completion of the sale of its glass processing business, Glassolutions, in Slovakia to Glasora, as part of its strategy to optimize the group’s profile, in line with the objectives of its Grow & Impact plan

Shares buyback

● Pernod Ricard plans to buy-back up to EUR 800 million ($874 million) in shares in fiscal 2024 after the company reported an increase in sales and profit for fiscal 2023.


● Bayer has announced that Heike Prinz will replace Sarena Lin as Chief Talent Officer and Director of Personnel on the company’s executive board, starting on September 1st.

● Heike Prinz has been appointed as Bayer’s Chief Talent Officer and Labor Director, joining the Board of Management from September 1, 2023. She brings nearly 37 years of experience with Bayer and was previously Head of Commercial Operations Europe, Middle East Africa for Bayer’s Pharmaceutical Division. Prinz will replace Sarena Lin, who will leave the company on August 31, 2023, as her contract will not be extended beyond January 31, 2024.


● Deutsche Post AG (XTRA:DHL) signed an agreement to acquire Mng Kargo Yurtici ve Yurtdisi Tasimacilik A.S. on July 25, 2023. The transaction is subject to merger control clearance by the Turkish Competition Authority as well as approval of the Turkish Information and Communications Technologies Authority.

Shares buyback

● Deutsche Bank signalled a more positive outlook on Tuesday, saying it would undertake a 450 million euro ($497 million) share buyback this year. The measure, larger than last year’s buyback of 300 million euros, reflects the improved financial state of Germany’s largest lender.

Lawsuits / fines

• Lufthansa has lodged an appeal against a European court decision that annulled clearance of its 6 billion euro bailout by the German government during the COVID-19 pandemic, a spokesperson for the flagship German airline said on Tuesday.In May, Europe’s second-highest court nixed a European Union competition regulator’s decision to clear the bailout, ruling in favour of a case brought by competitors Ryainair and Condor.The court blasted the European Commission for errors in its deicision and said the deal failed to provide incentives to get Lufthansa to repay the state aid quickly.Lufthansa has since repaid the aid that it received from Germany, Austria, Belgium and Switzerland.

● SIEMENS ENERGY AG 15/05/2023: Siemens Energy recorded orders of €12.3bn reflecting 56.3% growth on a comparable basis (excluding currency translation and portfolio effects). The order backlog reached a new record of €102.0bn exceeding the €100bn mark, for the first time. Revenue increased by 23.8% on a comparable basis to €8.0bn reflecting growth in all segments. Siemens Energy’s Profit before Special items was positive with €41m (Q2 FY 2022: negative €49m). A loss at Siemens Gamesa was more than offset by a strong performance in all other segments, led by Gas Services (GS). Positive Special items of €23m (Q2 FY 2022: negative €54m) were driven by a positive effect of €78m in connection with the “Accelerating Impact” program reported under restructuring costs. Siemens Energy reported a Net loss of €189m (Q2 FY 2022: Net loss €256m).

● SIEMENS AG-REG 17/05/2023: Revenue and orders for the second quarter each increased 15% on a comparable basis, excluding currency translation and portfolio effects. On a nominal basis, revenue climbed 14% year-over-year, to €19.4 billion; orders rose 13%, to €23.6 billion, driven by substantially higher volume from large orders in Mobility; the book-to-bill ratio was 1.22. Profit Industrial Business surged 47%, to €2.6 billion, with a profit margin of 14.2%; Digital Industries and Smart Infrastructure both delivered sharp increases and their highest-ever quarterly profit, while Mobility posted a profit compared to a loss in Q2 FY 2022 which included a €0.6 billion impact resulting from sanctions imposed on Russia. As a result net income rose to €3.6 billion, also benefiting from reversal of an impairment of Siemens’ stake in Siemens Energy AG resulting in a tax-free gain of €1.6 billion; corresponding basic earnings per share (EPS) were €4.39 and EPS before purchase price allocation accounting (EPS pre PPA) were €4.57, each including €2.01 per share related to the impairment reversal. Excellent Free cash flow from continuing and discontinued operations, reaching €2.3 billion for the quarter

• Deutsche Börse Group 25/07/2023 Deutsche Börse Group has reported significant earnings growth in the first half of 2023. In the second quarter, net revenue increased by 20% to €1,220.6 million, driven by strong net interest income from the banking business. EBITDA rose by 25% to €733.0 million, and net profit for the period attributable to shareholders reached €443.2 million, a 30% increase from the prior-year quarter. The company’s excellent performance in H1 2023 and positive outlook for the rest of the year have led them to expect surpassing their 2023 guidance.

• HOCHTIEF AG 25/07/2023: HOCHTIEF has achieved a robust performance during the first half of 2023 with higher sales and profits, strong growth in new orders and a solid net cash position at the end of June. Sales increased by 9% during the first six months of the year to EUR 13.0 billion and nominal net profit of EUR 262 million was also 9% higher year on year. HOCHTIEF’s operational net profit for the period rose by 8% to EUR 270 million. During the second quarter, cash flow from operating activities pre-factoring showed a strong performance, increasing by over EUR 100 million year on year to EUR 676 million. HOCHTIEF ended the period with a solid balance sheet showing net cash of EUR 346 million an increase year on year of EUR 381 million. This is EUR 736 million higher than at the end of March and is driven by the firm second quarter cash flow performance. In June, the credit rating agency S&P reaffirmed its investment grade rating for HOCHTIEF with a stable outlook.

• TRATON AG 26/07/2023 In H1 2023, TRATON reported a significant increase in unit sales, rising by 22% to 168,100 vehicles compared to the same period last year. The Group’s sales revenue also experienced robust growth, up 27% to reach €22.9 billion. However, incoming orders declined by 24% to 125,300 vehicles, attributed to restrictive order management and a very high order backlog. Despite this, the company achieved an impressive adjusted operating return on sales, which increased by 4.2 percentage points to 8.6%. Moreover, the adjusted operating result more than doubled, reaching almost €2 billion, indicating strong financial performance for the first half of the year.

• PORSCHE AG 26/07/2023 Porsche continued its positive business development in the first half-year of 2023. In the first six months of the year, the sports car manufacturer posted significant gains in Group sales revenue as well as Group operating profit. Sales revenues rose by 14.0 per cent to 20.43 billion euros. The operating profit rose by 10.7 per cent to 3.85 billion euros. The Group operating return on sales ended the first half-year at 18.9 per cent – and thus in the upper range of the target corridor of 17 to 19 per cent. Automotive net cash flow declined slightly to 2.22 billion euros (previous year: 2.39 billion euros) due to extensive investment in products and innovations.

• DWS 26/07/2023 DWS showed positive progress in its strategy despite a challenging environment, completing restructuring measures and making strategic advancements in growth, value, and build projects. The company confirmed its guidance for 2023 and is committed to achieving its 2025 targets, with a good start. In Q2, DWS experienced higher net inflows of EUR 10.4 billion (EUR 19.2 billion in H1 2023) and attracted significant net inflows of EUR 1.9 billion into ESG funds. The adjusted profit before tax rose by 27% quarter-on-quarter to EUR 260 million. The adjusted Cost-Income Ratio (CIR) was at a good level, reaching 61.0% in Q2 and 63.5% in H1, on track to meet DWS’ outlook for 2023. Adjusted revenues increased by 10% quarter-on-quarter to EUR 668 million, while adjusted costs rose slightly to EUR 408 million, up 1% quarter-on-quarter. Assets under Management (AuM) continued to grow, reaching EUR 859 billion in Q2, mainly driven by market developments and net inflows.

• Deutsche Bank 26/07/2023; Deutsche Bank recorded a profit before tax of €3.3 billion in the first half of 2023, the highest since 2011. Despite facing higher nonoperating costs, the profit before tax still increased by 2% year on year. When excluding nonoperating costs, the profit before tax surged by 21% to €4.0 billion. Net revenues also showed a positive trend, rising by 8% year on year to €15.1 billion. However, noninterest expenses increased by 8% to €11.1 billion, including nonoperating costs of €744 million. Adjusted costs, excluding nonoperating costs, rose by 2% to €10.3 billion. The post-tax profit amounted to €2.3 billion, reflecting a 7% decrease due to a higher tax rate. The post-tax return on tangible equity (RoTE) stood at 6.8%, with a cost/income ratio of 73%. Considering equal apportionment of 2023 bank levies and excluding nonoperating costs, the post-tax RoTE would be 9.3% with a cost/income ratio of 67%. Additionally, the company experienced net inflows of €28 billion across the Private Bank and Asset Management divisions.

• PUMA AG 26/07/2023 In the second quarter of 2023, PUMA achieved a sales increase to €2,121 million, representing a growth of 11.1% on a currency-adjusted basis and 5.9% on a reported basis compared to Q2 2022. The growth was primarily driven by strong performances in EMEA and APAC, including Greater China. However, the gross profit margin declined to 44.8%, mainly due to factors such as currencies, sourcing costs, and promotions. Operating expenses (OPEX) increased by 6.6% to €843 million, primarily attributed to the growth of direct-to-consumer (DTC) channels and higher marketing expenses. Consequently, the operating result (EBIT) decreased by 21.2% to €115 million, leading to an EBIT margin of 5.4%, mainly due to the lower gross profit margin. Net income also saw a decline of 34.7% to €55 million. Additionally, the inventory increased by 8.1% to €2,146 million, returning to normalized levels compared to June 30, 2022

• MTU Aero Engines AG 26/07/203; MTU Aero Engines AG demonstrated strong financial performance in the first half of 2023, with revenue reaching €3.1 billion, a significant increase of 25% compared to the same period in 2022. Operating profit also surged by 40%, rising from €290 million to €405 million. The adjusted EBIT margin improved to 13.1% from 11.7% in the previous year. Net income showed remarkable growth, increasing by 45% to €300 million, compared to €207 million in the prior-year period. The company’s financial results reflect robust growth and improved profitability during the specified period.

• Telefónica Deutschland 26/07/2023; Telefónica Deutschland reported strong performance in the first half of 2023, achieving significant net additions in mobile postpaid and fixed broadband subscriptions. The successful introduction of the ‘O2 Mobile’ tariff portfolio and strong brand momentum contributed to sustained revenue growth of 4.4% year-on-year, supported by accelerated MSR (Mobile Service Revenue) momentum. The company also achieved impressive OIBDA growth of 2.7% year-on-year, driven by enhanced MSR quality, resulting in positive free cash flow already in the first half of 2023. Additionally, Telefónica Deutschland made substantial progress in expanding 5G network coverage and is on track to achieve its target of around 90% 5G coverage by the end of the year. Furthermore, the company has extended its leadership in environmental, social, and governance (ESG) initiatives and is committed to delivering a sustainable digital future. As a result of the strong first-half results and continued momentum, Telefónica Deutschland has narrowed its full-year outlook to the ‘upper-range of low single-digit % growth’ for both revenue and OIBDA.

• HEIDELBERG MATERIALS 27/07/2023 Revenue increases by 8.5%1) to €10,473 million; Improvement in result2) of 37.5%1) to €1,189 million; CO₂ emissions reduced by a further 2.4%, EU Innovation Fund supports pioneering CCS project in Germany; Third tranche of share buyback programme of up to €300 million starts; Outlook for 2023 significantly upgraded: result from current operations expected to be €2.7 billion to €2.9 billion (previously: €2.50 billion and €2.65 billion)

• MERCEDES-BENZ GROUP 26/07/2023 Mercedes-Benz Group’s sharpened focus on sustainable growth through sales of desirable cars and premium vans, combined with tight cost control, lifted second-quarter Earnings Before Interest and Taxes (EBIT) by 8% to €5.0 billion (Q2 2022: €4.6 billion) and revenue by 5% to €38.2 billion (Q2 2022: €36.4 billion). The net liquidity of the industrial business rose to €25.8 billion (end of 2022: €26.6 billion)The free cash flow of the industrial business increased to €3.4 billion (Q2 2022: €1.4 billion). Mercedes-Benz announced its third Green Bond after two years in Europe. The positive development of working capital was mainly due to lower inventory build-up compared to the previous year.
• VOLKSWAGEN 27/07/2023 Strong underlying operating profit of EUR 13.9 billion, with corresponding margin at 8.9 percent; operating profit of EUR 11.3 billion, with operating margin at 7.3 percent. Revenue growth of 18 percent to EUR 156.3 billion, driven by significantly higher vehicle sales in Europe and North America and continued favourable mix and pricing. 4.4 million vehicles delivered in H1, up 13 percent year-on-year, driven by strong performance without China (+21 percent). All-electric vehicle (BEV) deliveries rose around 50 percent in H1 2023, representing a 7.4 percent share of total deliveries; Group underscores European market leadership in BEV segment -; Order bank of 1.65 million vehicles in Western Europe at the end of H1, including more than 200,000 BEVs, demonstrating stable customer demand. Volkswagen Group strengthens strategic position in China and targets new market and customer segments with recently announced partnerships. Financial outlook FY2023 confirmed. Outlook for deliveries in 2023 slightly adapted from around 9.5 million to 9 to 9.5 million

• AIXTRON SE 27/07/2023 The continuously growing demand for efficient power electronics resulted in a significant revenue increase both in the second quarter as well as the first half of the year: AIXTRON’s revenues in the first half of the year went up by 31% year-on-year to EUR 250.7 million (H1/2022: EUR 191.1 million).n the first half of 2023, the company’s order intake increased by 12% year-on-year to EUR 317.7 million (H1/2022: EUR 282.8 million). In the first half year 2023, AIXTRON achieved a gross profit of EUR 104.6 million and a gross margin of also 42% (H1/2022: EUR 73.7 million; 39%). The order backlog on June 30, 2023, increased significantly, reaching EUR 412.5 million (H1/2022: EUR 314.4 million). DThe guidance for FY/2023 is raised as follows: Expected order intake is now to be between EUR 620.0 million and EUR 700.0 million (previously: between EUR 600.0 million and EUR 680.0 million); revenues are now expected to range between EUR 600.0 million and EUR 660.0 million (previously: between EUR 580.0 million and EUR 640.0 million); expected gross margin as before about 45%; expected EBIT margin as before around 25% to 27%.

Lawsuits / fines
• Deutsche Bank will reinforce compliance controls in response to the $186 million fine imposed by the U.S. Federal Reserve for insufficient progress on money laundering controls.

• SAP 20/07/2023: SAP reported robust Q2 2023 results, demonstrating strong growth in cloud revenue, with a 19% increase and a remarkable 22% growth at constant currencies. The company’s S/4HANA cloud revenue surged by an impressive 74%, accelerating to an exceptional 79% growth at constant currencies. SAP’s cloud backlog also showed positive momentum, rising by 21%, and an impressive 25% at constant currencies, indicating strong customer interest in their cloud solutions. The completion of SAP’s next-generation cloud delivery program contributed to a 20% increase in both IFRS and non-IFRS cloud gross profit, surging to 24% growth at constant currencies. The company’s operating profit witnessed significant gains, with 28% growth on the IFRS front and 23% on a non-IFRS basis, reaching an impressive 28% growth at constant currencies.

Shares buyback

  • Daimler Truck: The company also announced a share buyback program starting August 2023 of up to 2 billion euros, to be acquired over up to two years. ($1 = 0.9092 euros)



Lawsuits / fines

  • German prosecutors are investigating asset manager DWS’s former chief executive Asoka Woehrmann over allegations of investment fraud through so-called greenwashing, Reuters has reported. The formal investigation follows probes by regulators on both sides of the Atlantic since 2021 over accusations that DWS, which manages 841 billion euros ($921.57 billion) and is controlled by Deutsche Bank, may have misled investors by marketing its funds as greener than they actually were. A lawyer for Woehrmann said DWS’ internal investigations “did not reveal any evidence of misconduct on the part of my client”. DWS has said that it stands by its financial disclosures and fund prospectuses, and that it is cooperating with authorities.



  • Daimler Truck: Daimler Truck has raised its guidance for adjusted returns on sales in its industrial business to a range of 8.5% to 10% from 7.5% to 9% previously for the financial year 2023, it said on Monday. The truck and busmaker now expects revenue to reach 56-58 billion euros ($63.79 billion), from 55-57 billion previously, with unit sales forecast around 20,000 higher to a range of 530,000 to 550,000.Its adjusted return-on-sales forecast rose to 11-13% for its North America division, 8-10% for its Europe division, and 4-6% for its Asia division. The company also announced a share buyback program starting August 2023 of up to 2 billion euros, to be acquired over up to two years.



  • Adidas said on Wednesday that its HR chief Amanda Rajkumar would leave the company this month after less than three years in the role, becoming the third management board member to do so since Bjorn Gulden took over as CEO. Roland Auschel and Brian Grevy left the sportswear maker’s board in March, marking the first high-level departures since Gulden took over as CEO of Adidas at the beginning of 2023.


  • Karl von Rohr, Chairman of Deutsche Bank has handed over his responsibilities to his successors on July 1, 2023, but remain a member of the Management Board.


Climate / activism


  • Mark Branson, president of the financial regulator BaFin, said that only products that are sustainable should be labelled so. For BaFin, greenwashing is one of the biggest risks facing the financing of the transformation to a greener world.


Lawsuits / fines


  • RusKhimAlyans, a subsidiary of Russian gas giant Gazprom, has filed lawsuits seeking a total of 31 billion roubles ($348 million) from Deutsche Bank and Commerzbank, Russian court documents show. RusKhimAlyans, in which Gazprom has a 50% stake, is seeking more than 22 billion roubles from Deutsche Bank and over 8 billion roubles from Commerzbank, according to the documents filed at the Court of Arbitration of St Petersburg and the Leningrad Region. No other details were available.
  • German flavour and fragrance maker Symrise has challenged dawn raids conducted by EU antitrust regulators four months ago and asked Europe’s second highest court to annul information collected during the raids.

The European Commission in a March announcement said it had raided several companies on concerns that they may be taking part in a cartel for fragrances used in the manufacture of household and personal care products. The EU competition enforcer did not name the companies. The Swiss competition agency a day later said it had raided Germany’s Symrise, Givaudan, Firmenich, which is merging with Dutch chemicals group DSM and U.S.-based International Flavors & Fragrances in conjunction with the Commission, the U.S. Department of Justice Antitrust Division and the UK Competition and Markets Authority. Symrise has asked the Luxembourg-based General Court, Europe’s second-highest, to annul the Commission’s decision ordering the raids, according to a filing in the EU Official Journal. The company said the decision was arbitrary “because the Commission did not have sufficient indicia providing reasonable grounds for suspecting the applicant’s involvement in any competition law infringement”. It was also “a disproportionate interference with its fundamental rights of inviolability of private premises and privacy as it contains no limitation in time”.Symrise also took issue with the wording in the EU raid decision, saying it was not able to understand the scope of the inspection in order to exercise its rights of defence.The company said the EU competition watchdog also searched various documents from June 21 to 23 and only retained a marginal number of documents.”We now firmly believe that Symrise cannot be the main target of the investigations conducted,” the company said in a statement.


  • In the first six months of 2022/23, AURUBIS again generated very good operating earnings before taxes (EBT) of € 291 million (previous year: € 331 million) in the first six months of 2022/23 and therefore raised its full-year forecast. Higher treatment and refining charges for concentrates and a significantly higher Aurubis copper premium coupled with very high demand for wire rod offset considerably lower sulfuric acid revenues compared to the previous year, a reduced metal result due to input materials and higher costs in the Group. Operating return on capital employed (ROCE) was 15.6 % (previous year: 19.6 %). IFRS earnings before taxes (EBT) amounted to € 203 million (previous year: € 686 million).
  • INFINEON TECHNOLOGIES AG 31-03-2023 Very good business performance leads to further increases in revenue and earnings. Segment Result Margin rises to 28.3 percent in the first half of the 2023 fiscal year. Outlook for the 2023 fiscal year revised up: Revenue of €16.2 billion plus or minus €300 million expected; At the mid-point of the guided revenue range, the Segment Result Margin should be around 27 percent; Free Cash Flow expected to be around €1.1 billion; Forecast for return on capital employed (RoCE) rises to around 15 percent.
  • THYSSENKRUPP AG 11/05/2023 Business performance in the 1st half confirms the group’s expectations for the full year; in the 2nd quarter FCF before M&A improved significantly versus the prior-year quarter and the previous quarter
  • SIEMENS HEALTHINEERS AG 10-05-2023 On a comparable basis, revenue decreased by 3.5% from the prior-year period. Excluding revenue from rapid COVID-19 antigen tests, comparable growth was 5.9%. This was driven by significant growth in the Varian segment and very strong growth in the Imaging and Advanced Therapies segments. In contrast, revenue declined in the Diagnostics segment. On a nominal basis, revenue decreased by 1.0% to €10,423 million. Currency translation effects had a positive impact on revenue growth of around 2 percentage points. The equipment book-to-bill ratio was a very good 1.17 in the first half, slightly below the excellent prior-year figure of 1.21.
  • GERRESHEIMER continues dynamic growth in first half of 2023. Organic revenue growth of 16.6% in first half of 2023, Adjusted EBITDA up 23.0% organically, Production capacities expanded in Europe, the United States, and Mexico. Guidance for full year 2023 confirmed.


  • SUSE technology company announced half year Revenues up 1%, Operating Profit Before D&A down 63% primarily reflecting a higher unrealized foreign exchange loss, Adjusted EBITDA Margin of 32%, down 4 ppt, reflects continued disciplined investments across the business, including an increase in R&D spending to drive product development, Net Cash Inflow from Operating Activities down 83% driven by lower ACV and shorter contract lengths, ARR up 6% with continued growth from new and existing customers. SUSE reiterates its latest FY23 guidance. SUSE presented mutifaceted performance, with ESG indicators as well.



  • Deutsche Bank Aktiengesellschaft provided revenue guidance for the fiscal year 2023. For the year, the company anticipates revenues to be around the mid-point of a range between €28 billion to €29 billion.


  • GERRESHEIMER expects the positive business performance to continue in the second half of 2023 and confirms its guidance for the full year. Guidance for FY 2023 (for group level, currency-adjusted): Organic revenue growth:at least 10%, Organic adjusted EBITDA growth: at least 10%, Adjusted EPS growth: low single-digit percentage. Medium-term guidance (for group level, currency-adjusted): Organic revenue growth: at least 10%, Organic adjusted EBITDA margin: 23 – 25%, Adjusted EPS growth: at least 10% a year



SUSE reiterates its guidance for FY23 and the medium-term. Reported Adjusted Revenue growth for the year is expected to be mid-single digits percent. This comprises reported Core Revenue growth of low-single digits percent, and Emerging Revenue growth around 10%. Adjusted EBITDA margin is expected to be in the mid-thirties percent, with reported opex slightly higher from exchange rate movements since FY22.  Adjusted Unlevered Free Cash Flow conversion is expected to be in excess of 50%. SUSE will maintain its disciplined approach to investment to balance growth and profitability beyond FY23, and in the medium-term expects Adjusted Revenue growth of mid-to-high teens percent p.a., and an Adjusted EBITDA margin in excess of 40%. Medium-term revenue growth comprises Core Revenue growth in excess of 10% p.a., and Emerging Revenue growth in excess of 30% p.a., reflecting olatest medium-term view of market growth rates and SUSE’s ability to gain share in its markets. SUSE also expects Adjusted Unlevered Free Cash Conversion to be in excess of 80% in the medium-term, reflecting demand for long-term contracts with up-front payment



  • Allianz Group announced that Claire-Marie Coste-Lepoutre will take on Oskar Buchauer’s role at Allianz SE as Head of Allianz Group Actuarial, Planning and Controlling and Group Chief Actuary. In this role she will be working closely with Allianz Group CFO Giulio Terzariol to lead and steer key strategic and financial functions across all Allianz Group divisions: Property/Casualty Insurance (PC), Life/Health Insurance, and Asset Management. Claire-Marie Coste-Lepoutre joined AGCS as CFO in 2019, since when she has been deeply involved in AGCS’s portfolio remediation and return to profitability under the ‘New AGCS’ strategy led by CEO Joachim Mueller, taking on the additional role of Deputy CEO in early 2023.


  • Skoda Auto said Tuesday that it has appointed Andreas Dick as a new management-board member in charge of production and logistics effective from Sept. 1. The Czech automobile manufacturer–part of Volkswagen–said Dick’s predecessor, Michael Oeljeklaus, will step down and pursue other interests after 13 years on the management board.Skoda expects Dick to help it carry out a shift to electric vehicles and further develop its digitalization, thanks to his experience in other Volkswagen businesses after he joined the group in 1998, it said.


  • Deutsche Boerse CEO Theodor Weimer said he would not pursue another term when his contract runs out next year, comments sure to foment speculation about a successor at the helm of one of Germany’s most valuable companies. Weimer joined the German exchange operator in 2018, becoming one of the country’s highest-paid corporate chiefs and ushering in a period of relative calm after turbulent years. Weimer’s contract runs until the end of next year, but he made clear on Monday evening that he would not seek renewal, pointing to his age – he will be 65 when his contract ends – and the need for companies to remain “agile”.


  • Behind the sports and off-road vehicle manufacturer Porsche lie successful months. The stock market launch last September is considered a success – and the annual figures also show a significant plus in almost all areas. Hendrik Schmidt from the Deutsche Bank fund subsidiary DWS said in the Porsche Arena in Stuttgart that Porsche had convinced the market and was outperforming its parent company VW. Porsche AG had invited its new shareholders there on Wednesday – and had to put up with plenty of criticism from investors and activists as well as praise. This was most visible right at the beginning of the event: Not only were the access routes blocked by activists of the Last Generation. During Porsche CEO Oliver Blume’s speech, for example, a woman stood up, shouting “filthy dividend,” among other things, and held up a banner reading “Expropriate Nazi legacy.” According to the activists, another woman stuck herself to a sports car, smeared it with blood-like paint and showed her bare chest. However, there was no throwing of a cake at Supervisory Board Chairman Wolfgang Porsche – as happened the other day at VW’s annual general meeting. In a joint statement of the action groups it was said that they wanted to set a sign – against an outmoded production of luxury vehicles as well as global exploitation and destruction, which the corporation continues to push in the name of dividends. The activists also criticized the lack of public discussion of the role of company founder Ferdinand Porsche in National Socialism.


The shareholders’ criticism was once again ignited by Oliver Blume’s dual role. The 55-year-old is also chairman of the board of the VW Group – and is thus the only manager to head two companies that are represented in Germany’s most important share index, the Dax. Shareholder representatives fear this will lead to a loss of leadership and conflicts of interest between parent company and subsidiary.The companies thus afford themselves a “part-time executive” – this was the view of Ingo Speich of the savings bank fund company Deka Investment. He again called on Blume on Wednesday to decide where he was more urgently needed. “Do not endanger Porsche,” he said.




“For you, too, the day has only 24 hours”. Similar strong criticism came from representatives of Deutsche Bank’s fund subsidiary DWS and the Deutsche Schutzvereinigung für Wertpapierbesitz, among others. Already with the VW annual general meeting in May there had been therefore clear criticism. Blume countered on Wednesday: “The first months since I took office have shown: My dual role works.” He said his role was designed to last – with benefits for Porsche and the VW Group. However, he said, precautions had been taken and rules drawn up for potential conflicts of interest. Blume also pointed out that 2022 had been by far the strongest year in Porsche’s history. On sales of 37.6 billion euros, bottom-line profit rose 22.8 percent to just under 5.0 billion euros. The margin climbed from 16 to 18 percent. For 2023, Porsche expects group sales of between 40 and 42 billion euro and a return on investment of 17 to 19 percent. In the long term, Blume is targeting a return of 20 percent. Another topic of conflict in Stuttgart was the size of the dividend. Or rather, the dividends. Although the Porsche IPO in September was the largest German IPO since Telekom in 1996, only a quarter of the non-voting preferred shares are freely traded. To compensate for the lack of voting rights, a higher dividend is usually paid for these shares. This is also the case at Porsche. 1.00 euros should be paid out for ordinary shares – 1.01 euros for preferred shares. This proposal was opposed by fund representatives and many small investors. The dividend gap is measly, said Schleich. Ten percent would be appropriate. However, since the more than 170,000 private investors have no voting rights, the dividend proposal passed unanimously at the Annual General Meeting.


Lawsuits / fines


  • Carmakers must pay compensation for diesel vehicles fitted with illegal emissions controlling devices, Germany’s highest federal court ruled on Monday, in a case that could potentially cost Volkswagen, Mercedes-Benz and others millions of euros.Companies could owe owners between 5% and 15% of the purchase price of their vehicle, the court ruled, in a case against Volkswagen, its Audi brand and Mercedes-Benz that has implications for similar lawsuits.The judge overturned previous dismissals by courts of such claims and referred them back to courts of appeal. It was up to carmakers to prove that their so-called defeat devices were functional and not illegal, she said. Defeat devices are mechanisms or software that can change vehicle emissions levels, leading to numerous court disputes over whether manufacturers use them improperly to mask the true pollution levels of their vehicles.Carmakers argue the devices, which are only switched on at certain temperatures, are needed to protect the motor and are in line with the law.But European courts are increasingly backing car owners and environmental groups calling for recalls and compensation on vehicles with such devices, a high-cost hangover from the industry’s 2015 diesel scandal – which centred on Volkswagen – at a time when it is under pressure to focus on the transition to electric vehicles.Monday’s decision was a change from the court’s previous position that carmakers could only be charged if they had intentionally installed an illegal device, after the European Court of Justice decided owners were owed compensation even in cases where the damage to plaintiffs was caused by negligence.


    • Porsche Aktiengesellschaft (Porsche AG) held its AGM on 28 June 2023, at Porsche Arena, Mercedesstraße 69, 70372 Stuttgart, Germany. This was, as expected, a turbulent AGM. The shareholders’ criticism was ignited by Oliver Blume’s dual role. The 55-year-old is also chairman of the board of the VW Group – and is thus the only manager to head two companies that are represented in Germany’s most important share index, the Dax. Shareholder representatives fear this will lead to a loss of leadership and conflicts of interest between parent company and subsidiary.The access routes blocked by activists of the Last Generation. During Porsche CEO Oliver Blume’s speech, a woman stood up, shouting “filthy dividend,” among other things, and held up a banner reading “Expropriate Nazi legacy.” Another woman stuck herself to a sports car, smeared it with blood-like paint and showed her bare chest. However, there was no throwing of a cake at Supervisory Board Chairman Wolfgang Porsche – as happened the other day at VW’s annual general meeting.




  • Volkswagen Group announced that Lars Korinth will become the new Head of Investor Relations in the Volkswagen Group from autumn 2023 onwards. In this role, he succeeds Julian Krell, who is leaving the company at his own request on June 30, 2023. Lars Korinth, currently Head of Investor Relations at TRATON SE, will be responsible for Investor Relations at Volkswagen AG from autumn 2023 onwards.


  • Daimler Truck held its first AGM with one full year report as independant group since the scission from Daimler group ; votes outcomes were not disclosed during the AGM.
  • Evotec pharma group held its annual meeting on June 20th. All items were approved, but with narrow majorities for remuneration report (72%)
  • Scout 24 digital marketplace ImmoScout24 for residential and commercial real estate held its annual meeting on June 22nd. All items were voted with high majorities, except remuneration report, rejected with only 32% favourable votes for 50% minimum requested.





  • Reinsurer, Munich Re AG has appointed a deputy CEO for its life business in Asia. Aravind Srinivas has been appointed as deputy CEO and chief underwriter and pricing officer at the firm. He would be responsible for operations across APAC, Middle East, and Africa.


Climate / Activism


  • Greenpeace activists scaled Deutsche Bank’s headquarters in Frankfurt on Wednesday and strung up a large yellow banner to protest against the climate investment policies of the German lender and its asset management company DWS



    DWS asset manager, controlled by DEUTSCHE BANK, held its annual AGM on June 15th with all resolutions voted at high majorities, despite ISS urging investors to vote against management of the company for 2022, and GREENPEACE activists climbing the building of the headquarters, to protest against the environmental policy. Last year, the CEO stepped down after several accusations of so-called « greenwashing », which both the company and the former CEO have disputes


  • Symrise AG has made a bid approach for Swedencare AB, just days after acquiring a nearly 30% stake in the Swedish pet healthcare firm. Symrise said it made a last and final offer of 37.50 Swedish crowns ($3.46) a share in cash for Swedencare, valuing the company at 5.9 billion Swedish crowns ($543.77 million). This represents a 10.86% discount over Swedencare’s closing share price. Following its acquisition of a 30% stake in Swedencare, Symrise is now obligated under Swedish law to make an offer for the remaining shares, marking a strategic move to enhance its pet nutrition business.
  • PORSCHE SE will hold its AGM on 30 June 2023 at 10:00 am (CEST). The agenda includes the election of the company’s auditor for the fiscal year 2023 and for the review of the 2023 half year financial report, the re-election of supervisory boards’s members and the appointment of Sophie Piëch as a new member of the board. The agenda includes as well an amendment to articles of association.


  • Scout24 SE will hold its AGM on 22 June 2023 at Haus der Bayerischen Wirtschaft, Conference Center, Max-Joseph-Str. 5, 80333 Munich, Germany. The agenda includes the election of PricewaterhouseCoopers as Auditor for a 1-year term, and the election of Maya Miteva and Sohaila Ouffata as new members of the Board. The share buyback, capital increase, and some Amendments to the Articles of Association are also on the agenda.


  • DAIMLER TRUCK HOLDING AG will hold its Annual General Meeting on June 21st, 2023 virtually. The Agenda includes the discharge of the entire Board of Directors and Board of Management, the approval of the remuneration report and finally, an authorization to hold a virtual General Meeting.


  • BRENNTAG SE will hold its AGM on June 15, 2023 at 10:00 a.m. (CEST), (AGM as virtual meeting without the physical presence of shareholders or their proxies). The agenda includes the appointment of DELOITTE as the company’s auditor and the election of Richard Ridinger and Sujatha Chandrasekaran as members of the supervisory board





  • Deutsche Bank Aktiengesellschaft announced that at its 2023 annual general meeting elected the following to its board of directors: Mr. Stuart Lewis; Ms. Christiana Riley; Dr. Paul Achleitner; Dr. Gerhard Eschelbeck; and Ms. Henriette Mark.



  • Elisa Oyj : Ms Eliisa Tapio (51), M.Soc.Sc., has been appointed as Executive Vice President, Communications and Sustainability, and member of the Corporate Executive Board of Elisa Oyj from 1 June 2023. Ms Tapio reports to CEO Veli-Matti Mattila. She has worked as VP, Communications and Head of International Communications at Elisa since 2020.


  • Jens Weidmann, the former president of Germany’s central bank, was voted onto COMMERZBANK‘s supervisory board with 99.2% of the shareholder votes annual general meeting


  • ENCAVIS, EVONIK and TRATON shareholder meeting approved all resolutions with high majorities.




  • Insurance company Allianz has finalised a deal to sell a majority stake in its Russian operations to local firm Interholding, which owns Russia’s Zetta Insurance, Allianz Russia said on Thursday. After a lengthy approval process, Allianz will transfer full control of its Russian portfolio to Zetta Insurance Group, Allianz Russia said. It did not disclose financial details.


Lawsuits / fines

  • Former Audi boss Rupert Stadler accepted his role in committing fraud by negligence in the diesel emissions scandal, according to a statement made in German court on Tuesday, having agreed early in May to a deal which would get him a suspended sentence. The former CEO has been on trial for fraud since 2020 over his role in the scandal after parent group Volkswagen and Audi admitted in 2015 to having used illegal software to cheat on emissions tests. Stadler had previously rejected the allegations.Stadler’s defence lawyer Ulrike Thole-Grolle read a statement to the court, saying the defendant did not know that vehicles had been manipulated and buyers had been harmed, but he recognised it was a possibility and accepted that.


  • Narrow score (76%) for Board Discharge at 1&1– all other items voted with high majorities
  • Narrow score (80%) on virtual meeting possibility, atOn
  • Narrow score for remuneration report at KION (66%), FRESENIUS (61%), CTS EVENTIM (54%)


• DEUTSCHE BANK AG will hold its Annual General Meeting on May 17th, 2023 at virtual general meeting without physical presence of the shareholders. The Agenda includes the approval of the Compensation Report, the election of Mayree Clark, Mr. John Alexander Thain, Ms. Michele Trogni and Norbert Winkeljohann as members of the Supervisory Board for a 3 year term of office, as well as a share buyback program.

• FRESENIUS SE & Co. KGaA will hold its AGM on May 17, 2023, as a virtual meeting. The agenda includes the allocation of dividends, the re-election of PricewaterhouseCoopers GmbH as Auditor for a 1-year term, the Approval of the Compensation Report for the Fiscal Year 2022, and the Revised Compensation System 2023+ for the members of the Management Board as well as two amendments to the Articles of Association


● Mercedes-Benz Group AG announced that after 15 years, Sari Baldauf will leave the Supervisory Board at the end of the Annual Meeting. Stefan Pierer has been proposed for election based on his in-depth industry know-how and his expertise in product and brand development.


● Deutsche Boerse SE anounced a voluntary takeover offer for Danish software company SimCorp AS for a total 3.9 billion euros ($4.31 billion). The all-cash offer of DKK735 ($108.86) per share represents a 38.9% premium over the closing price of DKK529, and a 45.3% premium over the three-month volume-weighted average price of DKK505.73 as of April 26. The offer excludes treasury shares.

● Vonovia SE will sell a minority common equity participation of its Suedewo portfolio to Apollo Global Management Inc. for 1 billion euros ($1.10 billion). The transaction values the portfolio at EUR3.3 billion on a debt-free and cash free basis, Vonovia said. The German real-estate company said it would use the proceeds of the sale for liability management and to cover upcoming debt maturities.

Shares buyback
● German car maker BMW has approved a buyback program with a volume of up to 2 billion euros ($2.2 billion).The buyback will begin upon conclusion of the share buyback set out last year, and applies to both ordinary a 350 million.The main goal of the transaction is to redeem shares, with a corresponding reduction in share capital, BMW said. The buyback may also be used to transfer shares to employees as part of an employee share program.

Lawsuits / fines

● German arms makers Rheinmetall and Krauss-Maffei Wegmann have settled a legal dispute over the intellectual property rights to the Leopard 2, one of the world’s most advanced battle tanks, a court said on Tuesday. A boom in defence orders due to the war in Ukraine, and in particular demand for Leopard tanks from Kyiv to help in the fight against Russian forces, has boosted both companies. Duesseldorf-based Rheinmetall makes the cannon of the Leopard 2 and Munich-based KMW makes its chassis. KMW had taken legal action against statements made by Rheinmetall Chief Executive Armin Papperger in a newspaper interview with the Neue Zuercher Zeitung in March, in which he was quoted as saying that Rheinmetall owned the rights to the Leopard 2A4 model.


  • BASF held the Annual General Meeting on April 27th, 2023, at the Congress Center Rosengarten, in Mannheim, Germany. Only 80% for formal approval to the actions of the members of the Supervisory Board.
  • GEA engineering company held Annual General Meeting virtually on April 27th. No specific item on the agenda., all voted with high majorities.
  • CONTINENTAL held Annual General Meeting virtually on April 27th. No specific item on the agenda., all voted with high majorities.
  • BAYER AG held the Annual General Meeting on April 28th, 2023, in-person. Only 52% approval for compensation report and relatively narrow scores for re-election of Chairman Prof. Dr. Norbert Winkeljohann (79%) and virtual meetings possibility (79%) 
  • MERCK held the Annual General Meeting on April 28th, 2023, virtually. Narrow scores for Supervisory board discharge (70%) and compensation report (77%). 
  • ALLIANZ held a virtual meeting on May 4, 2023. 25% of shareholders voted against virtual meeting. Same shareholder contestation on this topic at MUNICH RE – 22% of shareholders voted against virtual meeting.
  • All topics voted with very high majorities at HENKEL, BASF, HAMBORNER REIT, MERCEDES BENZ, DEUTSCHE POST, RWE




  • COVESTRO chemistry company held its AGM on April 20th ; all items have been approved with high score
  • Aeronautical subcontractor SCHAEFFLER held its AGM on April 20th; all items have been approved with 100% scores. Two senior executives resign : Maria-Elisabeth Schaeffler-Thumann, who has been at the leadership of Schaeffler AG for over three decades, and Ms. Schittenhelm member of the Board of Managing Directors of Schaeffler AG by the end of 2023.



● BEIERSDORF held its AGM on April 13th, 2023, in virtual mode, without physical presence of shareholders. All resolutions voted. Tribute given to employees for outstanding 2022 results, value sharing outlined. More than 30 questions were raised by shareholders, mainly on Climate strategy, Ethics, and Remuneration


●BMW remains on track for slightly higher sales this year despite a dip in demand in the first quarter, including in the Chinese market, the German carmaker said on Tuesday. BMW said it delivered 588,138 vehicles in the first quarter, down 1.5% on the previous year, while electric vehicle (EV) sales rose 83.2% year on year to 64,647 vehicles. BMW remained confident about its 2023 guidance despite a “challenging business environment”, the company said in a statement.



  • SAP SE announced that the SAP Supervisory Board has extended the contracts of Executive Board Members Julia White, Chief Marketing & Solutions Officer, and Scott Russell, who leads SAP’s Customer Success organization, for three years until 2027.





  • The Canadian government is set to sign a memorandum of understanding with Germany’s Heidelberg Materials to collaborate on developing a carbon capture facility for cement production.
  • Uniper has published its seventh Sustainability Report, outlining progress made in key sustainability topics and areas that still need improvement.
  • Infineon Technologies AG has renamed its Industrial Power Control (IPC) Division to Green Industrial Power (GIP), highlighting its consistent alignment with the Decarbonization and Digitalization trends
  •  Zalando published the Sustainability Progress Report 2022 in which the company has committed to achieving its science-based targets to reduce carbon emissions in line with the Paris Agreement by 2025


  • Deutsche Telekom has acquired a majority stake in T-Mobile U.S., according to CEO Tim Höttges, who announced the news at the company’s annual general meeting. Since 2013, the value of T-Mobile U.S. has increased, and Deutsche Telekom estimates that the benefits of the transaction – between $7.2 and $7.5 billion – will outweigh the costs, which will amount to less than $1 billion in 2023.


  • DEUTSCHE TELEKOM, April 5th, Bonn

    Frank Appel chaired his first shareholders’ meeting for Deutsche Telekom as Chairman of the Supervisory Board. Both himself and CEO Tim Höttges focused on Sustainability. All topics proposed by management were voted with majorities above 90%.


Sartorius headquarters held annual meeting, with all items largely voted.


Salzgitter Group delivers €1.2 billion in earnings before taxes in the exceptional year of 2022. Dividend proposal for the Annual General Meeting of Shareholders of € 1 per share, reflecting a dividend yield of 3.5 %. New “Salzgitter AG 2030” Group strategy is in implementation

Nordex Group achieves consolidated sales of EUR 5.7 billion. Working capital ratio stands at minus 10.2 per cent. Order book increased to EUR 9.8 billion

Dermapharm Holding SE surpasses one billion in revenue for first time in 2022 and maintains growth trajectory. Consolidated revenue rises 8.7% to EUR 1,024.8 million. Adjusted consolidated EBITDA grows by 2.5% to EUR 359.8 million. Dividend proposal of EUR 1.05 per share for 2022

Evotec : 22% increase in group revenues; ebitda excluding m&a at € 104.1

United Internet successful year 2022: Customer contracts: + 730,000 to 27.46 million contracts, Sales: + 4.8% to EUR 5.915 billion, EBITDA: + 0.7% to EUR 1,271.8 million – despite higher investments at 1&1 and IONOS, EBIT: + 0.3% to EUR 790.7 million, Dividend proposal: EUR 0.50 per share


SMA Solar Technology significantly increases sales and earnings in 2022
despite supply shortages and expects positive trend for 2023 : Sales increase by 8.4% to €1,065.9 million (2021: €983.4 million) ; EBITDA improves significantly from €8.5 million to €70.0 million ; Improved supply situation in second half of 2022 ; Incoming orders remain at very high level

Eckert & Ziegler: Successful fiscal year 2022

● Deutsche Bank AG announced that its global head of foreign exchange sales, Hans Ephraimson, is leaving after more than three decades at the bank.

• Deutsche Post said its 2023 earnings before income and tax (EBIT) guidance covers three scenarios and ranges from 6-7 billion euros, with an EBIT target of more than 8 billion for 2025.
• Adidas reiterated its outlook for 2023, guiding for an organic revenue decline approaching 10% and an operating loss of EUR700 million, in case it decides to write off its remaining Yeezy stock. The loss also includes EUR200 million in strategic one-off costs as the company looks to turn things around.


• Uniper announced a decision on who will take over as chief executive of the company. The company’s supervisory board is in an advanced process of appointing the successor to Klaus-Dieter Maubach. The board assumes that the appointment can be made “very soon.” The company also announced that Maubach had already resigned from the board with effect from the end of February 2023.

• Following a record profit, Hapag-Lloyd expects a significantly lower surplus for the current year. For 2023, CEO Rolf Habben Jansen is targeting earnings before interest and taxes of four to six billion euros. However, this forecast is subject to considerable uncertainty in view of the ongoing war in Ukraine and other geopolitical conflicts, as well as the impact of high inflation. Last year, the shipping company posted the best financial year in its history with a profit of 17 billion euros. After the corona-related exceptional year 2021, sales in 2022 rose again strongly to 34.5 billion euros. The reason for this was in particular the increase in average freight rates from just under 1900 euros to almost 2700 eurosper standard container (TEU) due to strained supply chains.
• Merck KGaA expects inflation to put pressure on operating result. Sales grew 12.9 percent to EUR 22.2 billion in 2022, just exceeding the lower end of the target range issued by the Executive Board. The laboratory business more than compensated for the expected decline in Covid 19-related demand, the Darmstadt-based company said. Of sales, adjusted operating profit (adjusted Ebitda) was 30.8 percent, down 0.2 percentage points from the previous year. Overall, operating profit climbed by 12.2 percent to 6.85 billion euros, also thanks to positive currency effects – this was roughly what the management team led by Belen Garijo had expected in the weakest case. Earnings per share were EUR 10.05 per share. Merck plans to propose a dividend of 2.20 euros to its shareholders, which would be almost a fifth more than in 2021.
• In a statement on Tuesday, Bayer said earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, would likely be between 12.5 billion and 13 billion this year, excluding the effect of currency swings, down from 13.5 billion in 2022.


Hasso Plattner has taken his time in finding his successor. The co-founder of SAP has chaired the supervisory board of the Walldorf-based software company (Rhein-Neckar district) since 2003. Recently, criticism from shareholders of the slow transfer of power at the top of the supervisory body has become louder. Late on Wednesday evening, the supervisory board then presented a successor. Manager Punit Renjen, until recently global head of the consulting firm Deloitte, had been nominated by the Supervisory Board as a new member and proposed as Plattner’s designated successor.

Shares buyback

• Munich Re said Wednesday that it would launch a share buyback of up to EUR1 billion and a dividend of EUR11.60 a share, amounting to a total capital return of EUR2.6 billion.
• From October 1, 2022 to February 17, 2023, the company has repurchased 1,803,562 shares, representing 0.2% for €67 million. With this, the company has completed the repurchase of 25,804,062 shares, representing 2.83% for €1,400 million under the buyback announced on January 4, 2022.

Lawsuits / fines

• Volkswagen faces possible recalls after environmental NGO wins emissions software lawsuit. A German court on Monday ruled in favour of an environmental NGO’s lawsuit against the federal motor authority for releasing cars with software on exhaust gas recirculation it argues is illegal, in a judgement which could lead to a wave of recalls.

Lay-off plans.

• The world’s largest chemical company BASF is responding to the energy crisis by cutting 2600 jobs worldwide. Around two-thirds of these are in Germany, the DAX-listed group announced in Ludwigshafen on Friday. In addition, another 700 production jobs at the main site are affected by cuts, it said. Most of the employees will be offered employment in other plants, it said. Under a site agreement, compulsory redundancies are ruled out in Ludwigshafen until the end of 2025. However, BASF expects age-related departures of 1,000 employees annually over the next 10 years, a spokeswoman said. BASF expects a significant drop in earnings this year. The stock was down significantly in morning trading, most recently by more than 5 percent.

• Deutsche Telekom AG said adjusted earnings before interest, taxes, depreciation and amortization after leases–a closely watched metric in the industry–for the quarter rose to 9.96 billion euros ($10.56 billion) from EUR9.01 billion a year earlier. Growth in the U.S. and Germany offset a slight decline in the rest of the company’s European operations, it said. Net profit more than doubled to EUR1.01 billion.
• OTE Group, Greece’s biggest telecoms operator, increased its payout to shareholders this year and said it would continue investing in fast fibre broadband connections to homes and in 5G service to deal with intense competition. OTE, majority owned and managed by Deutsche Telekom, will pay a dividend of 0.5765 euros per share, up 3.3% on a year earlier. Total return to shareholders, including a share buyback scheme, will come in at 425 million euros, it said.
• Oil and gas group Wintershall Dea benefited from significantly higher oil and gas prices last year. 2022 earnings before interest, taxes, depreciation, amortization and exploration costs (Ebitdax), excluding the Russia business, rose to a good 5.9 billion euros, BASF’s majority-owned subsidiary announced in Kassel on Thursday. A year earlier, Wintershall Dea had reported around 3.1 billion. Including the Russia segment, the operating result last year was just under 7.7 billion euros. The bottom line was a loss attributable to shareholders of 4.85 billion euros due to billion-euro write-downs. In 2021, the company had made a profit of 553 million euros.
• Munich Re AG said Thursday that profit and premiums rose in the final quarter of 2022, as the company recovered from a third quarter marked by sizeable natural-catastrophe losses.The world’s largest reinsurer by premiums said net profit in the three months to the end of December was 1.53 billion euros ($1.62 billion), up from EUR868 million in the same period of 2021.Its main reinsurance segment drove the increased profit, with an investment result that jumped 61% and premiums that climbed 12%.
• Fresenius Medical Care AG & Co. KGaA reported earnings results for the fourth quarter ended December 31, 2022. For the fourth quarter, the company reported revenue was EUR 4,997 million compared to EUR 4,647 million a year ago.Net income was EUR 139 million compared to EUR 229 million a year ago. Basic earnings per share from continuing operations was EUR 0.47 compared to EUR 0.78 a year ago.

• For 2023, Deutsche Telekom said adjusted Ebitda after leases is expected to grow 4% to reach around EUR40.8 billion, and free cash flow after leases is forecast to grow 40% on a pro-forma basis to over EUR16 billion.
• Munich Real Estate – The Bavarian company detailed its outlook for 2023, including insurance revenue, a new measurement of premium income, ofaround EUR58 billion, and a return on investment of at least 2.2%.
• Fresenius Medical Care AG & Co. KGaA provided earnings guidance for 2023. For the period, the company expects revenue to grow at a low to mid-single digit % rate in 2023 (2022 basis: EUR 19,398 million). Operating income is expected to remain flat or decline y up to a high-single digit percentage rate in 2023.

Governance News

– Mercedes Benz : Susann Mayhead nommée membre du comité de direction des ressources humaines et directrice des relations de travail de Mercedes-Benz Mobility AG
– Le conseil de surveillance de Commerzbank nomme Jens Weidmann, ancien directeur de la Bundesbank, au poste de président.
– Uniper a nommé Holger Kreetz, précédemment à la tête de la division Gestion d’actifs d’Uniper, qui deviendra le nouveau directeur des opérations (COO) et membre du conseil d’administration d’Uniper. Cette décision a été prise par le conseil de surveillance d’Uniper lors de sa réunion d’aujourd’hui. David Bryson, dont Uniper a annoncé le départ au début de l’année, quittera le directoire d’Uniper le 28 février.

Rachat d’actions

Mercedes-Benz va lancer un programme de rachat d’actions de 4 milliards d’euros


Poursuites Amendes

  • – Un tribunal régional allemand a rejeté la plainte déposée par Greenpeace contre Volkswagen, qui demandait au constructeur automobile de renforcer ses objectifs en matière d’émissions de carbone,


  • BAYER a acquis Blackford Analysis Ltd le 18 janvier 2023, dans le cadre d’une transaction dont la clôture est prévue cette




  • – Mercedes-Benz remettra environ 6 milliards de dollars aux actionnaires après une hausse du chiffre d’affaires et du bénéfice
    – MTU Aero Engines AG a publié ses résultats pour l’année complète se terminant le 31 décembre 2022. Pour l’ensemble de l’année, la société a déclaré un chiffre d’affaires de 5 330 millions d’euros, contre 4 188 millions d’euros l’année précédente. Le bénéfice net s’est élevé à 333 millions d’euros, contre 231 millions d’euros l’année précédente.Le bénéfice de base par action des activités poursuivies s’est élevé à 6,21 euros, contre 4,17 euros l’année précédente. reported earnings results for the full year ended December 31, 2022. For the full year, the company reported sales was EUR 5,330 million compared to EUR 4,188 million a year ago. Net income was EUR 333 million compared to EUR 231 million a year ago.Basic earnings per share from continuing operations was EUR 6.21 compared to EUR 4.17 a year ago.


– ALLIANZ : le bénéfice d’exploitation de 2023 sera compris entre 13,2 et 15,2 milliards d’euros.
-MERCEDES : L’Ebit 2023 sera légèrement inférieur à celui de 2022.



  • L’économie allemande va stagner cette année, a déclaré jeudi la chambre de commerce et d’industrie DIHK, révisant à la hausse ses prévisions pour la plus grande économie d’Europe, qui devait auparavant se contracter de 3,0 %.


  • Bayer révoque son dirigeant Werner Baumann, remplacé par Bill Anderson (ex-Roche).




  • Adidas s’attend à une perte de €700m loss en 2023.

Activisme :

  • Union Investment, un des actionnaires de Bayer, a critiqué dimanche le manque d’initiative du président du groupe.

Résultats annuels

Allemagne :

Hapag-Lloyd : l’Ebit 2022 progresse de 7,4% à 18,5 Mds€.

Profit warning

• Le fabricant de matériaux pour l’automobile COVESTRO a publié un profit-warning anticipant 300 millions de pertes, alors que le marché attendait 420 millions d’euros de bénéfices sur l’année ; l’écart est lié à des dépréciations d’actifs. Le titre a perdu ponctuellement seulement 5% en bourse, avant de se redresser rapidement.


  • INFINEON va construire une nouvelle usine à 5 Mds€ en Allemagne
  • RHEINMETALL acquière le fabricant espagnol d’explosifs Expal pour 1,2 Md€.


Résultats annuels

SIEMENS AG a réalisé une année 2021/22 record,  72 milliards d’euros, en croissance de 8,2% pour 6 à 8% visés. Le résultat dépasse les 10 milliards d’euros. Le groupe a cependant enregistré une dépréciation de 2,7 milliards d’euros de Siemens Energy, activité de centrales thermique cotée en bourse.


• ALLIANZ dépasse les prévisions de bénéfices trimestriels et affiche des perspectives plus favorables pour 2022.
• DEUTSCHE TELEKOM relève à nouveau ses perspectives pour l’exercice 2022.
• HAPAG-LLOYD : le bénéfice du groupe logistique s’envole au troisième trimestre en raison de la hausse des taux de fret.
• MERCK : les bénéfices dépassent le consensus grâce aux équipements de laboratoire et aux ventes de médicaments.
• SIEMENS HEALTHINEERS : revoit à la baisse ses prévisions et annonce la refonte de sa division diagnostic.

L’Allemagne va allonger la durée de vie de ses trois centrales nucléaires.Les quatre grands gestionnaires d’actifs allemands (ALLIANZ GLOBAL INVESTORS, DEKA INVESTMENTS, UNION INVESTMENT et DWScontinuent d’investir dans les industries fossiles, selon Reclaim Finance, Greenpeace et Urgewald.MERCKannonce sa mise en examen pour “tromperie aggravée” dans le volet pénal du dossier du changement de formule du médicament Levothyrox

• COMMERZBANK a accru de 490 M€ ses provisions pour pertes sur le portefeuille de prêts de sa filiale polonaise Mbank.
• MERCK accorde à Sinopharm les droits de distribution de son médicament COVID-19 en Chine.
• RWE signe un partenariat avec ADNOC pour l’approvisionnement en GNL.
• VOLKSWAGEN fixe à 82,50 EUR, en haut de fourchette, le prix de l’IPO de Porsche, qui devient la plus grosse opération de ce type en Europe depuis 2011.

• MERCEDES va rappeler plus de 100 000 voitures dans le monde en raison d’un problème d’humidité.
• DAIMLER TRUCK dévoile son premier camion électrique d’une capacité de 40 tonnes
• VOLKSWAGEN vise une valorisation comprise entre 72,3 et 78 Mds€ pour Porsche, pour un prix d’IPO compris entre 76,50 et 82,50 EUR. L’IPO fait débat auprès des « proxy » car les actions cotées n’auront pas de droit de vote
• THYSSEN KRUPP estime que les conditions de marché ne permettent pas une IPO rapide de sa filiale d’hydrogène Nucera
• L’Allemagne nationalise l’énergéticien UNIPER, fortement touché par la crise du gaz

• MERCEDES s’allie à l’américain RIVIAN pour produire ensemble des camionnettes électriques. Le groupe allemand annonce aussi qu’il va licencier 3 600 travailleurs au Brésil.
• MERCK créer 800 emplois dans son usine alsacienne de Molsheim.
• VOLKSWAGEN va lancer l’IPO de Porsche. Les investisseurs s’attendent à une valorisation comprise entre 60 et 85 milliards d’euros, la plus grosse opération de cette année
• Siemens Energy rejoint le DAX à la place d’HelloFresh.

  • Le consortium mené par VOLKSWAGEN détient désormais 87% d’EUROPCAR.
  • Le groupe pharma MERCK investit 443 millions d’euros dans ses usines de Cork, en Irlande, et crée 370 emplois.

•Le Chancelier Olaf Scholz a demandé au ministère de l’Economie et à l’agence fédérale de certification du projet de suspendre leurs travaux de certification du gazoduc Nord Stream 2, qui permettrait d’acheminer le gaz russe vers l’Europe sans passer par l’Ukraine

VOLKSWAGEN : une class action américaine coordonnée par The Schall Law Firm (LA), appelle les actionnaires à se rassembler pour le 15 mars 2022, au motif d’informations mensongères

VOLKSWAGEN : une class action américaine coordonnée par The Schall Law Firm (LA), appelle les actionnaires à se rassembler pour le 15 mars 2022, au motif d’informations mensongères
• Nous suivrons fin janvier les résultats de SAP

SAP : le numéro un européen des logiciels professionnels a dévoilé vendredi 14 janvier un chiffre d’affaires en hausse de 6% à 7,98 milliards d’euros pour son quatrième trimestre, dont une croissance de 3% à taux de change constants, supérieure aux attentes
•Nous suivrons fin janvier ses résultats annuels complets

Omicron : à partir du 15 janvier au plus tard, les clients des restaurants et des bars devront présenter un test négatif en plus d’un certificat de vaccination ou de guérison du Covid-19. Les personnes non vaccinées n’ont pas accès aux commerces non essentiels, ni aux activités de loisir.
•Nous suivrons en janvier les résultats annuels de SAP

  • Plusieurs media, dont HandelsBlatt, s’étonnent de voir les 40 premières entreprises allemandes verser un total de 45,5 milliards d’euros de dividendes, soit 25% de plus qu’en 2019, alors que leur rentabilité vient surtout des aides d’Etat
  • Nous suivrons en janvier les résultats annuels de SAP

Lawsuits / fines

  • Belgium‘s junior minister for the digital economy said he would ask the telecoms regulator to analyse potential health risks linked to Apple’s iPhone 12 after France ordered a halt to sales citing breaches of radiation exposure limits. Apple on Wednesday said the iPhone 12, launched in 2020, was certified by multiple international bodies as compliant with global radiation standards, that it had provided several Apple and third-party lab results proving the phone’s compliance to the French agency, and that it was contesting its findings. But France’s move to halt iPhone 12 sales until Apple fixes the radiation issues it detected in two tests this week raised the prospect of further bans in Europe. Germany’s network regulator BNetzA said it might launch similar proceedings and was in close contact with French authorities. The Dutch digital watchdog also said it was looking into the matter and will ask the U.S. firm for an explanation.



  • Catherine Vandenborre appointed as Chief Executive Officer Ad Interim of Elia Group. The Board of Directors met on 6 September 2023, in connection with the departure on 30 October 2023 of Chris Peeters, Chief Executive Officer of the Elia group. During the interim, Catherine Vandenborre will continue in her role as Chief Financial Officer of the Elia group.


Shares buyback

● KBC Group commences share repurchases on August 11, 2023 under the program mandated by the shareholders in the Annual General Meeting held on May 5, 2022. As per the mandate, the company is authorized to repurchase up to 41,688,359 shares, representing 10% of its issued share capital. The shares will be repurchased at a price per share not exceeding the last closing price on Euronext Brussels prior to the date of acquisition, plus 10%, and not lower than ?1 per share. The plan will be valid for 4 years. As of May 5, 2022, the company had 416,883,592 shares outstanding.

• VGP Group, a European provider of high-quality logistics and semi-industrial real estate, announced August 24th the results for half-year ended 30 June 2023:
• € 36.2 million worth of signed and renewed lease agreements during 1H’23, bringing total committed annualised rental income to € 382.1 million (+8.2% YTD)[1]. On a look through basis, net rental and renewable energy income increased 60% to € 75.6[2] million year over year.
• Strong net cash recycling of € 267.9 million as a result of two closings with Allianz Joint Ventures and further recycling of + € 450 million expected through seed portfolio closing with new Deka Joint Venture in Q3 ‘23
• A pre-tax profit of € 48.6 million, reflecting € 33.5 million of net rental and renewable energy income (+96% YoY) and € 45.5 million net valuation gains on the portfolio
• As at 30 June 2023, a total of 732,000 m2 under construction through 24 projects representing € 50.6 million in additional annual rent once fully built and let (90.7% pre-let, versus market average of cca 50%[3])
o 236,000 m2 of projects started up in 1H’23 pre-let at 81.5%, representing € 17 million of rental income once fully built and let
o Delivered 13 projects representing 317,000 m2 during 1H’23, 97.2% let and representing € 18.7 million of rental income once fully let
o Total completed assets[4] represent 4.621.000 m2 or 207 buildings, are 98.8% let and have an average age of only 3.7 years
• Repaid € 150 million of bonds in April ’23. Additional bond repayments of € 225 million in September ’23 will be covered by further Joint Venture cash recycling

United States

• ELIA GROUP 26/07/2023: For the first six-month of 2023, revenue totalled €1,889.3 million, down by 3.2% compared to the previous period. This decrease was driven by lower revenues in Belgium (-€60.3 million) and Germany (-€27.1 million), which were partially offset by higher revenues from Elia Grid International as it expands its international consulting activities (+€4.2 million). EBIT increased compared to the previous period, totalling €336.3 million (+13.5%), driven by a higher EBIT in both Belgium (+€10.0 million) and Germany (+€42.4 million). For Belgium, this increase was the result of a higher regulated net profit and lower depreciations of assets not covered by the tariffs. In Germany, the higher EBIT was mainly a result of higher investment remuneration and lower operational expenditures. Associates contributed to the Group’s EBIT for €15.0 million (-€9.5 million). The decrease is entirely driven by a lower contribution of Nemo Link, which amounted to €13.3 million (-€9.6 million), as its revenues reached the cumulative cap under the cap & floor regulation in 2023.

• UCB SA 27/07/2023: In the first half of 2023, UCB reported a total revenue of €2.6 billion, representing an 11% decrease (-13% at constant exchange rates) with net sales reaching €2.4 billion. The underlying profitability (adjusted EBITDA) amounted to €801 million, showing a slight decline of 2% (-9% at constant exchange rates), accounting for 31% of the total revenue. Notably, the company experienced continued growth for CIMZIA®, faced expected generic competition for VIMPAT®, and achieved successful launches for FINTEPLA®, EVENITY®, and BIMZELX®, with the acquisition of Zogenix beginning to yield positive results. Additionally, UCB obtained four authorizations and made launches for various drugs in the EU and the US, with ten more applications under regulatory review in the US, EU, and Japan. The company maintains its financial projections for 2023, with an expected revenue between €5.15 billion and €5.35 billion, adjusted EBITDA between 22.5% and 23.5% of total revenue, and basic earnings per share (BPA) ranging from €3.40 to €3.80.

• BARCO N.V 19/07/2023 :BARCO N.V revealed 10% sales growth, fueled by strong performance of Entertainment; step-up in profitability with EBITDA margin at 12.5%Orders 1H23 of 541.1 million euro, an increase of 6% vs 1H22. Orderbook at 505.8 million euro, 9.3 million euro higher than year-end 2022. Sales 1H23 of 520.9 million euro, an increase of 10% versus 1H22. EBITDA 1H23 of 65.0 million euro, or 12.5 % of sales versus 9.8% of sales in 1H22. Sales 2Q23 of 273.9 million euro, 3% higher than 2Q22 and 11% higher than 1Q23



  • UCB announced that its Head of Neurology Solutions Charl van Zyl has decided to leave the company to become CEO of Lundbeck, a global pharmaceutical company specialized in brain diseases. His successor at UCB and the timing of his departure will be announced in due course. Charl van Zyl joined UCB in 2017 to head the company’s operations before transitioning to head its neurology business globally. He is currently also responsible for corporate activities both in Europe and International markets. During his tenure, Charl has overseen the growth of the epilepsy business while building up the company’s new rare disease assets and integrating activities from both Ra Pharma and Zogenix.


  • ACKERMANS & VAN HAAREN will hold its Annual General Meeting on May 23rd, 2023 at Amaryllis hall at Botanic Sanctuary Antwerp in Anvers. The Agenda includes the approval of the annual accounts, the re-election of Luc Bertrand for 2 years, Jacques Delen for 1 year, Julien Pestiaux for 4 years as well as the appointment of Sonali Chandmal, De Lier BV, represented by Frank Van Lierde and Deborah Janssens for 4 year term of office.



  • At ELIA AGM, 76% score for Say-on-Pay and 78% for Remuneration Policy


  • GBL and SOFINA held their AGM, all items voted with high majorities, no specific item on the agenda.


  • PROXIMUS telco operator held its AGM on April 19th – all resolutions were approved with high scores



  • Umicore has joined the RE100 initiative to accelerate the transition to zero-carbon electricity grids globally by 2040. RE100 is a global corporate effort focused on the adoption of renewable electricity.


  • Solvay has entered into a strategic collaboration agreement with Ginkgo Bioworks to develop new sustainable biopolymers, enhancing Solvay’s position in biotechnology. Solvay will acquire a Ginkgo laboratory in Cambridge, Massachusetts, to expand its R&I footprint in the US and establish a sustainable growth base in synthetic biology.


  • On 03 April 2023, KBC Group published Group’s Sustainability Report for 2022 which details its sustainability journey, achievements, progress, and ambitions. KBC’s sustainability efforts have been independently confirmed, affirming its leadership status.



Shares buyback


  • D’Ieteren Group announced on April 5 the purchase and disposal of treasury shares on the regulated market of Euronext Brussels and/or an MTF between 29 March and 4 April 2023.




● UCB: During its meeting on March 8, 2023 UCB’s Board of Directors elected Jonathan Peacock, currently Independent Director and Chair of the Audit Committee at UCB, as Chair of UCB’s Board of Directors with effect as of March 9, 2023. Fiona du Monceau, currently ad interim Chair of the Board, will revert to her role as Vice Chair of the Board. Ad interim, Jonathan Peacock will also keep his role as Chair of the Audit Committee at UCB.

Annual results
• AB-Inbev: Revenue increased by 11.2% in FY22 with revenue per hl growth of 8.6% and by 10.2% in 4Q22 with revenue per hl growth of 11.2%.In FY22, total volumes grew by 2.3% with own beer volumes up by 1.8% and non-beer volumes up by 5.2%. In 4Q22, total volumes declined by 0.6%, with own beer volumes down by 0.9% and non-beer volumes up by 1.9%. In FY22, normalized EBITDA increased by 7.2% to 19 843 million USD and normalized EBITDA margin contracted by 126 bps to 34.3%. In 4Q22, normalized EBITDA of 4 947 million USD represents an increase of 7.6% with normalized EBITDA margin contraction of 80 bps to 33.7%. Underlying profit (normalized profit attributable to equity holders of AB InBev excluding mark-to-market gains and losses linked to the hedging of our share-based payment programs and the impact of hyperinflation) was 6 093 million USD in FY22 compared to 5 774 million USD in FY21 and was 1 739 million USD in 4Q22 compared to 1 484 million USD in 4Q21.Underlying EPS was 3.03 USD in FY22, an increase from 2.88 USD in FY21 and was 0.86 USD in 4Q22, an increase from 0.74 USD in 4Q21.Net debt to normalized EBITDA ratio was 3.51x at 31 December 2022, compared to 3.96x at 31 December 2021.The AB InBev Board proposes a full year 2022 dividend of 0.75 EUR per share, subject to shareholder approval at the AGM on 26 April 2023. A timeline showing the ex-coupon, record and payment dates can be found on page 17.
• D’Ieteren Group continued on its growth trajectory in 2022 thanks to all businesses, the full-year contribution from TVH and the first time contribution from PHE for five months. The Group’s key performance indicator (KPI) – the adjusted consolidated profit before tax, Group’s share – came in at €733.4m, up 50.9% compared to 2021 including PHE and 42.9% excluding PHE. On a like-for-like basis, excluding PHE and TVH for both periods, the KPI grew by 27.6% YoY.
• GBL: Net asset value (“NAV”) per share at year end of €1162 , up + 3.4% compared to the end of September (€112), down – 19.3% for the year, reflecting broader market declines – Positive NAV contribution, both for the year and the quarter, from private assets3 , now 23% of the portfolio, reflecting the solid operational performance of these companies – Clarification of group scope by rebranding Sienna Capital as GBL Capital and dedicating the Sienna brand to third-party asset management under the name Sienna Investment Managers – Active balance sheet management, including institutional and exchangeable bond issuances – LTV at 10.9%4 , down from 15.7% at the end of September, thanks to sound portfolio rotation – Delivery of attractive shareholder returns, with: – a FY 2022 dividend per share of €2.755 , a 3.7%6 yield; – sizeable share buybacks of €643m; – share cancellations of 3.4m; and – a proposal to cancel an additional 6.3m shares 7 – Designation of the highest possible ESG Credit Impact Score – “CIS-1 (positive)” – from Moody’s, ranked #1 out of 44 investment holding companies

• Ontex : 2023 outlook of high single-digit revenue growth and adjusted EBITDA margin in 8% to 10% range, to result in leverage below 4x.
• AB-Inbev: Looking ahead, the group expects Ebitda to grow in line with its medium-term outlook of between 4% and 8% and revenue to grow ahead of Ebitda, supported by a healthy combination of volume and price.


• Telenet Group NV has today reached an agreement with Mediahuis NV (‘Mediahuis’) publishers to purchase 20% of Mediahuis shares in Vlaanderen Eén NV (‘Vlaanderen Eén’), the company that operates the Nostalgie radio channel in Flanders. Mediahuis, which currently holds 75% of the shares – directly and indirectly – in the Flemish radio channel Nostalgie, will remain the majority shareholder following the sale with 55% of the (direct and indirect) shares. Nostalgie SAS, which is part of the NRJ Group, will subsequently hold 25% of the shares indirectly. Telenet will acquire a 20% stake in Vlaanderen Eén/the Flemish Radio Nostalgie. Play Media (the former SBS Belgium) will manage this shareholding in radio related activities.
• Solvay reports better than expected Q4 results, raises dividend. ts annual underlying EBITDA reached a new record in 2022, at 3.29 billion euros ($3.49 billion), beating a company-provided consensus of 3.25 billion euros. The Brussels-based company raised its dividend by 0.20 euro to 4.05 euro per share, subject to shareholder approval. ($1 = 0.9432 euros)

• VGP announces solid operating performance
• Strong rental activity with € 73.4 million of signed and renewed leases bringing the annualised committed leases to € 303.2 million, a 18.4% YoY increase
• 44 projects delivered representing a record 1,141,000 m² and € 71.9 million of annualised rental income.
• 26 projects under construction at year-end representing 814,000 m² and € 51.3 million of additional annual rent once fully built and let (>90% pre-let today2)
• €5.9 million gross renewable energy income

Résultats annuels

– Montea – La société immobilière peut se réjouir d’une année 2022 solide, au cours de laquelle elle a dépassé ses objectifs. Son résultat EPRA atteint EUR 4,10 par action, soit une augmentation de 9% par rapport à 2021. De même, son dividende s’élève à 3,30 euros par action, également en hausse de 9% par rapport à 2021, et supérieur aux 3,23 euros fixés avant le premier semestre. En ce qui concerne ses perspectives pour 2023, la société prévoit une croissance du bénéfice EPRA de 13%, ainsi qu’une croissance du dividende par action à 3,38 euros. Elle réaffirme également son plan “Track’24”.

• SOLVAY accepte aux demandes du fond activiste Bluebell, après deux ans de conflit. Le groupe investira 15 M€ pour réduire la pollution marine par son site de production de carbonate de soude Chimica Italia à Rosignano.

Pouvoir d’achat : Solvay a provisionné la somme de 8 millions d’euros afin de compléter les revenus de ses salariés les plus touchés par la forte inflation. Le groupe distribuera une prime exceptionnelle aux employés dont les revenus sont proportionnellement les plus touchés, à savoir les ouvriers, le personnel et les employés et cadres de niveau inférieur situés dans les pays à forte inflation dans lesquels les salariés ne bénéficient pas de la protection des lois nationales.

L’activiste BLUEBELL attaque SOLVAY en enjoignant à Agnès Lemarchand, administratrice, de

clarifier ses positions ESG, et de choisir de quelle société, entre SAINT-GOBAIN réputé exemplaire et SOLVAY considéré comme sous-performant, elle comptait rester administratrice

SOLVAY, le chimiste belge fondé il y a cent cinquante-huit ans, a annoncé un projet de scission en deux entreprises cotées, l’une centrée sur les produits chimiques de base (carbonate de soude, peroxydes, silice…), l’autre sur les matériaux de spécialité (polymères spéciaux, composites…).

•La Banque Nationale de Belgique mesure en 2021 une croissance de 6,1% et prévoit seulement 2,6% en 2022, avec un plateau jusqu’à juin. Les projections pour 2023 et 2024 donnent des PIB en hausse de respectivement 2,4% et 1,6%.
•Nous suivrons en janvier les résultats annuels de WAREHOUSES DE PAUW

  • Le groupe d’infrastructure CFE, dont Vinci est actionnaire pour 12%, et Ackermans pour 61 %, fait un spin-off de son activité d’ingénierie marine DEME ; les analystes classent en conséquence CFE en tête de leur palmarès, arguant que la décote de holding a disparu
  • Nous suivrons en janvier les résultats annuels de WAREHOUSES DE PAUW


● Vestas will change Chief People & Culture officer, following Kerstin Knapp’s decision to pursue a career outside Vestas.

● Ambu A/S on 1 August 2023, Finn Möhring joined Ambu as part of the Executive Leadership Team and Chief Technology Officer, heading up Ambu’s R&D organisation.

● Orsted : The Danish company, the world’s leading developer of offshore wind farms, has announced that it could suffer write-downs of up to DKK 16 billion ($2.3 billion) in the United States due to problems in the supply chain, soaring interest rates and the lack of new tax credits. This was very bad news, and precipitated a fall in the share price.


● ISS A/S announced that Gloria Diana Glang steps down as a member of the Board of Directors. Gloria Diana Glang has taken up a new executive position and is required to step down from board positions in public listed companies. The resignation is effective end of August 2023.

Unibrew released H1 results on August 22nd, 2023
Multi-beverage businesses in Northern Europe continue to perform well and EBIT in Northern Europe grew organically by 19% in H1 2023 (H1 2022: -9%). The Italian wholesale channel for On-Trade beer normalized during Q2 thereby ending a period of de-stocking that impacted the first half of the year negatively.
Unibrew has implemented price increases in all markets during the first half of 2023, which impact net revenue positively. Net revenue increased organically by 5% in Q2 2023 (H1 2023: 6%), including a negative impact of around 2 percentage points from currency developments. This resulted in a positive price/ mix of 9% for the quarter (H1 2023: +9%), including the negative currency impact. The consumer dynamics remain relatively strong across our European footprint.
EBIT grew organically by 3% in Q2 2023 (H1 2023: 0%), marking the first quarter with positive organic EBIT growth since Q1 2021. M&A contributed by around DKK 10 million in Q2 2023 (H1 2023: around DKK -10 million) as a consequence of the significant devaluation of Norwegian Kroner. For H1 2023 the negative currency impact on EBIT was around DKK 30 million.
Free cash flow in Q2 2023 was DKK 949 million, an improvement of DKK 280 million compared to last year, resulting in a first half- year free cash flow of DKK 545 million (H1 2022: DKK 310 million).
Full-year outlook for 2023 is now net revenue around DKK 13 billion (previously: DKK 13-14 billion) and EBIT of DKK 1,600- 1,750 million (previously: DKK 1,550-1,750 million).
Bavarian Nordic
Bavarian Nordics released H1 results on August 22nd, 2023
• Revenue increased by 278% to DKK 3,239 million for the first half and the operating profit (EBITDA) increased to DKK 1,171 million, cash and cash equivalents at end of the period was DKK 1,385 million.
• Financial guidance for the full year is maintained at revenue of approximately DKK 6,900 million and EBITDA of approximately DKK 2,300 million.


The Bakkafrost Group delivered a total operating EBIT of DKK 706 million (DKK 1126 million) in H1 2023 and made a profit of DKK -246 million (DKK 1690 million). Harvested volumes have been lower – 32,001 tonnes gutted weight (39,494 tgw. Salmon spot prices (in NOK) were 1% higher this quarter compared to Q2 2022 but were 15% lower in EUR due to the weak NOK.
For H1 2023, the combined FO farming and VAP segments made an operational EBIT of DKK 537 million (DKK 951 million). The operational EBIT was DKK 226 million (DKK -12 million).
The net interest-bearing debt amounted to DKK 2,911 million at the end of H1 2023, compared to DKK 2,664 million at year-end 2022. Undrawn credit facilities amounted to DKK 2,304 million at the end of H1 2023.

The long-term goal of the Board of Directors is that 30-50% of earnings per share shall be paid out as a dividend. The financial position of Bakkafrost is strong, with a solid balance sheet, a competitive operation and available credit facilities. The equity ratio was 61% on 30 June 2023, compared to 62% at the end of 2022.

In H2 2023, the global supply is expected to grow around 2-3%, excluding
inventory movements. For the full year 2023, the global supply growth is
expected to be around 2%, excluding inventory movements. In H1 2024, the supply growth is expected to be around 3%, excluding inventory movements.

Sydbank have improved profitability significantly in the first 6 months of the year. The substantial increase of 42% in total income (DKK 1,492m) is primarily attributable to solid net interest income and higher trading income. Net fee income has declined as a result of the overall slowdown in the housing market in contrast to costs that have remained at a stable level (DKK 1,600m). Impairment charges represented a small income in H1 2023, which reflects strong credit quality in the lending portfolio. Together this means a doubling of profit after tax and in June 2023 expectations for profit for 2023 were revised upwards once more.

• TRYG A/S 11/07/2023 Premium growth of 4.3%, when measured in local currencies, was primarily driven by solid growth in the Private and Commercial segments. The H1 insurance service result was DKK 3,233m, while the result for the comparable period last year was DKK 3,035m (proforma). Tryg has increased its technical result in H1 2023 by improving underlying performance and through benefiting from increasing interest rates, though it was also negatively impacted by currency movements in Sweden and Norway. Tryg has paid a Q1 dividend per share of DKK 1.85 and will pay a Q2 dividend per share of DKK 1.85, bringing the total dividend per share for H1 to DKK 3.70. Insurance revenue growth (Premium growth) of 4.3% in local currencies. Insurance service result (Technical result) of DKK 3,233m (DKK 3,035m)Combined ratio of 82.4 (83.7). Underlying claims ratio (Group) improved by 0.7. Large claims at 3.1% (2.9%) and weather claims at 1.9% (1.8%).Expense ratio of 13.3 (13.5). Total investment return of DKK 220m. RSA related synergies of DKK 141m. Profit before tax of DKK 2,416m. Dividend per share of DKK 3.70 (DKK 1.85 paid in April and DKK 1.85 to be paid on 14 July 2023)


● Carlsberg on Wednesday said Moscow had appointed a new management of Baltika Breweries after it took control of the Danish brewer’s Russian subsidiary. According to a decree signed by Russia’s President Vladimir Putin, the Russian state had taken control of Carlsberg’s fully owned subsidiary along with Danone’s Russian subsidiary.

Shares buyback

● Sydbank A/S (CPSE:SYDB) commences share repurchases on July 10, 2023, under the program mandated by the shareholders in the Annual General Meeting held on March 23, 2023. As per the mandate, the company is authorized to repurchase up to 10% of the company’s share capital. The price paid for shares may not differ by more than 10% from the price quoted on Nasdaq Copenhagen A/S at the time of purchase. The plan is valid till the next annual general meeting.On July 6, 2023, the company initiated a Market Repurchase. Under the program, the company will repurchase up to 4,000,000 shares for DKK 600 million. The repurchase will commence on July 10, 2023. The purpose of the program is to optimize the capital structure in accordance with the company’s capital targets and capital policy. The plan is valid till January 31, 2024.

• TOPDENMAR 14/07/2023: In the first half of 2023, Topdanmark achieved a strong financial performance, reporting a profit after tax of DKK 633 million, an increase from DKK 510 million in H1 2022. The earnings per share (EPS) also improved, reaching DKK 7.1 compared to DKK 5.8 in H1 2022. The combined ratio, a measure of profitability, improved slightly to 82.9 from 83.4 in H1 2022, while the combined ratio excluding run-off profits was 85.2, up from 85.0. Notably, insurance revenue saw a 2.0% increase, contributing to the positive results. Additionally, the net investment result significantly improved to DKK 24 million, a considerable rise from DKK -318 million in H1 2022.
• TOMTOM 17/07/2023: In the second quarter of 2023, TomTom achieved strong financial growth:Group revenue increased by 18% to €157 million compared to the same period last year (Q2 ’22: €133 million). Location Technology revenue saw a significant increase of 22% to €128 million (Q2 ’22: €105 million). Automotive operational revenue grew by 28% to €90 million (Q2 ’22: €71 million). The company generated a positive free cash flow of €3 million, indicating an improvement compared to the previous year (Q2 ’22: inflow of €0 million). TomTom’s net cash position rose to €316 million (Q4 ’22: €304 million), demonstrating a healthy financial state.
• DANSKE BANK 21/07/2023: Danske Bank’s H1 results showcased a robust financial performance, driven by a strong uplift in Net Interest Income (NII), despite facing foreign exchange headwinds compared to the first half of 2022. The bank also experienced a significant improvement in trading income, attributed to favorable market conditions and a new fixed income strategy. Moreover, Danske Bank reported a low level of loan impairment charges, indicating the maintenance of strong credit quality throughout H1 2023. The bank’s focus on customer satisfaction resulted in better traction and a continuous enhancement of customer offerings, acknowledged by the Danish Consumer Council.

Shares buyback
● Tranche Update on Tryg A/S’s Equity Buyback Plan announced on May 9, 2022 : From October 1, 2022 to June 30, 2023, the company has repurchased 18,524,571 shares, representing 2.89% for DKK 2,900 million. With this, the company has completed the repurchase of 31,324,571 shares, representing 4.85% for DKK 5,000 million under the buyback announced on May 9, 2022.


  • Royal Unibrew : Danish brewer and beverage maker Royal Unibrew has agreed to buy Vrumona from Heineken for 300 million euros ($327 million) on a debt free basis, it said on Monday.


  • CHR HANSEN HOLDING A/S 13-04-2023 The strong results for Q2 confirm the attractiveness of the markets we serve in FC&E and H&N, and the resilience of our customer-focused business model. Organic growth came in higher than expected and reached 11%, driven by both pricing initiatives and volume growth. EBIT b.s.i. increased by 8% despite higher input costs and a less favorable product mix, leading to an EBIT margin b.s.i. of 27.0%, which was in line with expectations. In light of the increased impact from EUR-based pricing we adjust our outlook for 2022/23 for organic growth to 8-11%, while maintaining the outlook for the EBIT margin b.s.i. of 26-27%. The outlook for the free cash flow b.a.s.i. is adjusted to EUR 180-220 million.
  • AMBU A/S 30-05-2023 Ambu posts 4% organic revenue growth for the second quarter of 2022/23, in line with expectations. The quarter was driven by continued strong growth in urology and ENT, offset by pulmonology and Anaesthesia. Financial guidance is maintained for the fiscal year 2022/23, with organic revenue growth at 5-8% and EBIT margin before special items at 3-5%. With the progress this quarter, Ambu remains well-positioned to address customer needs, for the better of health systems and patients worldwide


  • NOVO NORDISK has entered into exclusive negotiations with BIO JAG, Biocorp’s main shareholder, with a view to purchasing its entire stake in Biocorp, representing 45.3% of Biocorp’s share capital and 62.19% of its voting rights, at a price of 35.00 euros per share. Certain minority shareholders, representing 19.0% of Biocorp’s share capital and 13.07% of voting rights, have undertaken to transfer their shares to Novo Nordisk upon completion of Novo Nordisk’s acquisition of the Control Block.



Shares buyback

● The Board of Directors of Carlsberg A/S has authorized a buyback plan on April 27, 2023.
● Danish pharmaceutical company Novo Nordisk on Thursday expanded its share buyback program by 2 billion Danish kroner ($297 million) as first-quarter earnings beat forecasts amid surging demand for its Ozempic diabetes drug and Wegovy obesity treatment. Sales rose 27% to DKK53.37 billion, versus the roughly DKK52.5 billion implied by recent company guidance. The company last month pre-announced approximate first-quarter earnings figures and raised full-year guidance after noting strong sales trends for Wegovy. It also expects higher sales of Ozempic which was developed to treat diabetes but is being used “off label” by patients to treat obesity as it shares the same active ingredient as Wegovy–semaglutide.

Lawsuits / fines

● Demant A/S announced that President Arne Boye Nielsen as well as two leading employees in a subsidiary leave their positions in Demant as a result of an investigation, uncovering that they have not sufficiently ensured a healthy work culture in Demant’s business area Diagnostics. The resignations do not concern matters of financial significance for Demant. CFO René Schneider temporarily takes over the leadership of the Diagnostics business area, while President & CEO Søren Nielsen takes responsibility for the Communications business area.

● Danish brewer Carlsberg has reached a settlement with German authorities and agreed to pay a 50 million-euro ($55 million) fine over the alleged formation of a cartel more than a decade ago. It said it refuted the allegations but had settled in order to focus on its core business of brewing beer.


•VESTAS WIND held its Annual General Meeting on April 12th, 2023 at Vestas’ Headquarters in Denmark. All resolutions voted.
• ISS held its Annual General Meeting on April 14th, 2023 at headquarters in Soborg, Denmark. All resolutions voted.


ISS A/S will hold its Annual General Meeting on Thursday 13 April 2023 at t ISS Facility Services A/S, Gyngemose Parkvej 50, DK-2860 Søborg, Denmark. The agenda includes the re-election for a term of one year of : Niels Smedegaard, Lars Petersson, Kelly L. Kuhn, Søren Thorup Sørensen and Ben Stevens. In addition, the Board of Directors proposes that the general meeting elect Gloria Diana Glang and Reshma Ramachandran as new members of the Board of Directors. Cynthia Mary Trudell is not seeking re-election. The agenda includes also the re-election of EY as Auditor.

Finally, The Board of Directors proposed some remuneration policies named “Adoption of a scheme of indemnification”.

● Rockwool A/S annual general meeting held on 29 March 2023 approved that Jes Munk Hansen was elected as new member of the board of directors. At the same time, Carsten Bjerg retired from the board of directors.
● The Annual General Meeting of A.P. Møller – Mærsk A/S took place on 28 March 2023. Bernard Bot, Marc Engel, Arne Karlsson and Amparo Moraleda stepped down from the Board of Directors. Kasper Rørsted was elected as a new member of the Board.



Maersk shipping company held annual general meeting on March 28th, as completely virtual meeting. The General Meeting adopted the Board’s proposal to conduct the current Annual General Meeting in English with simultaneous interpretation to and from Danish. All resolutions submitted by Board were adopted. Four dissident proposals were rejected, relating to human rights and labour conditions.


FLDSmith held annual meeting. All resolutions were largely approved, except the re-election of Tom Knutzen (reelected with 75% approval only), considered by proxys as « overboarded », as he has a total of 5 board mandates.


Rockwool held annual meeting, with all items largely approved.

● Danske Bank appoints Dorthe Tolborg as Chief Compliance Officer and Member of the Executive Leadership Team, Effective June 1, 2023

● Spar Nord Bank A/S at the Annual General Meeting held on 22 March 2023 approved the appointment of Lisa Lund Holst (Virum), COO i Danmarks Eksport- og Investeringsfond, and Michael Lundgaard Thomsen (Aalborg), CCO i Aalborg Portland as new members of the Board of Directors.


● DSV A/S (CPSE:DSV) agreed to acquire Global Diversity Logistics, LLC from a family on March 21, 2023. In a related transaction, DSV A/S acquired S&M Moving Systems West. Transaction is subject to obtaining all required regulatory approvals and the transaction is expected to close in April 2023.


• Cellnex Telecom, S.A. reported sales for the 2022 year amounted to EUR 3,499 million, representing an increase from EUR 2,536 million in the previous year. However, the company reported a net loss of EUR 297 million, which was an improvement from the EUR 363 million net loss reported in the previous year.
• Acerinox, S.A. has released their earnings report for the full year ending on December 31, 2022. The company reported sales of EUR 8,715.87 million, an increase from EUR 6,707.93 million reported the previous year. Net income for the year was EUR 556.05 million, down from EUR 571.88 million in the prior year. The basic earnings per share from continuing operations was EUR 2.16, up from EUR 2.11 in the previous year. The diluted earnings per share from continuing operations was also EUR 2.16, an increase from EUR 2.11 in the prior year.

• DFDS A/S (CPSE: DFDS) has acquired McBurney Transport Group for DKK 1200 million.
DFDS A/S (CPSE: DFDS) has entered into an agreement to acquire McBurney Transport Group for DKK 1200 million on 29 December 2022.

• Trifork Holding AG provides profit forecast for 2023
Trifork Holding AG has provided earnings forecasts for 2023. For the period, the company expects turnover to be between EUR 205 million and EUR 215 million. EBIT for the Trifork Group is expected to be in the range of EUR 20 to 23 million.