SAF-HOLLAND SE
AGM 2024 - Further information on TOP 8 and 9
MAY 2024
IX XX
Capital Allocation Framework & Maturity Profile
Capital Allocation Framework | Maturity profile |
(EUR mn) | as of Dec 31, 2023 (EUR mn) |
Further Dividend
deleveraging payment
- FY 2023 leverage (net debt / EBITDA) at 1.8x
- First bigger maturity in 2025
- Dividend policy of
40-50% of available net income
236 | 246 | ||
174 | |||
104 | |||
38 | |||
1 | 2 | 3 | 14 |
9 | |||
Smaller M&A
- Small bolt-on M&A
e.g. dealers
- No regional or technological gaps
2023 2024 2025 2026 2027 2028 2029 2030Liquidity as
of Dec 31
2023
- Includes, amongst others, promissory notes of c. EUR 120mn and EUR 69mn each
- Includes various instruments from EUR 10 to 60 mn
- Includes a term loan with a current amount of EUR 139 mn with a half-yearly regular repayment
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Adaption of Capital Authorizations
Objectives financial management
- Provide financial resources in terms of liquidity for operating activities, pursue strategic opportunities that may arise as well as usage for general corporate purposes
- Aiming for a well diversified financing toolbox regarding instruments that can be used
- For future refinancing, SAF-HOLLAND will consider the financing conditions of all available instruments valid at that time as well as shareholder expectations
Authorized & conditional capital
- Adaption of existing allowance of up to 50% authorized capital into 20% authorized capital as well as 20% conditional capital → 10% reduction of overall current allowance
- Conditional capital would broaden the toolbox for refinancing measures to also be able to use convertible bonds which are a common instrument in Germany with attractive financing conditions (also compared to traditional instruments like SSDs) and thus increases flexibility
- In total, possibility to exclude subscription right for up to a maximum of 10%
- Authorization for share-buy back of up to 10% in place which could be used to balance dilution effect
Existing authorization | Proposal AGM 2024 |
50%
- 10%40%
20%
50%
20%
Conditional capital Authorized capital
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Disclaimer
SAF-Holland SE published this content on 06 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2024 14:42:09 UTC.