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ROCKWOOL International A/S ROCKWOOL International A/S Annual General Meeting 7 April 2021 Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 1 Agenda 1. The board of directors’ report on the company’s activities during the past financial year 2. Presentation of annual report with auditors’ report 3. Adoption of the annual report for the past financial year and discharge of liability for the management and the board of directors 4. Presentation of and advisory vote on remuneration report 5. Approval of the remuneration of the board of directors for 2021/2022 6. Allocation of profits according to the adopted accounts 7. Election of members to the board of directors 8. Appointment of auditors 9. Proposals from the board of directors or shareholders Proposals from the board of directors: 9a. Authorization to acquire own shares 9b. Reduction of the company’s share capital for the purpose of cancelling own shares 9c. Proposal for amendments of the Articles of Association (i) Electronic general meeting (ii) Remuneration report Proposals from shareholders: 9d. Assessment of environmental and community impacts from siting of manufacturing facilities 9e. Disclosure of political contributions 10. Any other business Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 2 Agenda item 1 and 2 The board of directors’ report on the company’s activities during the past financial year and presentation of annual report with auditors’ report Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 3 Annual General Meeting 2021 Thomas Kähler Chairman of the board of directors 07 April 2021 Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 4 Agenda 1 Business overview 2020 2 Sustainability at our core 3 Other developments Full-year 2020 financial results 4 Outlook for 2021 5 Remuneration report Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 5 Business overview 2020 Continued capital Strengthened Announced ambitious Building the brand via investments despite leadership team decarbonisation goals SailGP pandemic Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 6 AGM 2021 © ROCKWOOL International A/S 7 Sustainability Report 2020 –progress highlights CO2 emissions Energy efficiency Safety, health and wellbeing Our goal: Reduce CO2 emission intensity Our goal: Reduce energy consumption Our goal: Reduce LTI frequency rate by 2 (CO2 /t stone wool) from our stone wool (kWh/m ) within own (non-renovated) offices 10% and ensure zero fatalities annually production facilities by 20% by 2030 (10% by 75% by 2030 (35% by 2022) Zero fatalities in 2020 by 2022) Met two interim goals two 9% 10% 5% 35% -3% 10% years ahead of schedule 2015 2020 2015 2020 2020 2019 baseline 2022 goal baseline 2022 goal baseline 2022 goal Water consumption Reclaimed waste Landfill waste Our goal: : Reduce water intensity Our goal: Increase the number of countries Our goal: : Reduce landfill waste S&P Global Trucost classified all (m3/t stone wool) from our stone wool where we offer recycling services for our (tonnes) from our stone wool ROCKWOOL products as SDG production facilities by 20% by 2030 products to 30 by 2030 (15 by 2022) production facilities by 85% by 2030 positive (10% by 2022) (40% by 2022) 10% 14 15 40% 50% 2015 2020 2015 2020 2015 2022 goal 2020 baseline 2022 goal baseline 2022 goal baseline 95% of insulation business revenue is EU taxonomy 100% 95% of ROCKWOOL’s products are eligible of revenue from insulation classified as SDG positive by business is EU taxonomy eligible Trucost, part of S&P Global in 2020. Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 8 Other developments during 2020 Technology Danish factories the innovation key to test bed for decarbonising converting to gas production Norwegian factory Winning awards for the test bed for both innovations converting to electricity Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 9 Overall market conditions Construction Deep energy Pandemic hit Continued focus activity recovered renovation commercial new on fire safety, across most recognised as building activity especially in UK markets with effective recovery more than regional variations vehicle renovating in bounce-back existing buildings rates Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 10 Highlights 2020 Sales Sales decrease in local currencies EUR 2 602 million 3.7% down 5.6% in reported figures incl. +0.6% from acquisitions EBIT EBIT margin EUR 338 million 13.0% satisfying after a stronger Q4 upper end of expectations Free cash flow Net profit EUR 76 million EUR 251 million up EUR 74 million from 2019 decrease of EUR 34 million Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 11 2020 sales down 3.7 percent Net sales EURm Sales reached EUR 2 602 million, down 3.7 percent in local currencies and 5.6 percent in reported figures. Net sales per business segment Insulation segment sales reached EURm EUR 1 914 million, down 5.8 percent in local currencies and 7.8 percent in reported figures. Systems segment sales reached EUR 688 million, up 2.7 percent in local currencies and 1.3 percent in reported figures. Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 12 2020 profitability EBIT and EBIT margin EURm EBIT reached EUR 338 million. EBIT margin decreased 0.5 percentage points compared to 2019, reaching 13.0%. 13.5% 13.0% EBIT per business segment Insulation segment profitability down 0.6 EURm percentage points to 10.7%. Systems segment profitability down 0.3 percentage points to 14.8% (up 1.1 percentage point excl. legal settlement in Rockfon North America). Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 13 2020 cash flow Free cash flow ended at EUR 76 million, up EUR 74 million compared to 2019. Purchase of own shares in the share Free cash flow buy-back programme of EUR 77 million EURm as per 31 December 2020. Net debt free with a net cash position of EUR 95 million end 2020. FY 2019: FY 2020: EUR 2m EUR 76m EUR +74m Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 14 2020 investment activities Investments totalled EUR 362 million in 2020 (2019: EUR 400 million) • The largest individual investments in 2020 relate to the factory projects in the United States, Norway and Germany. • COVID-19 slightly postponed some investments. Investments excl. acquisitions and received grants EURm Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 15 ROCK-B share price evolution - 01 January to 31 December 2020 31 Dec 2020 1 Jan 2020 DKK 2 296 DKK 1 585 +44.9% Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 16 Outlook 2021 Sales growth of 3-5 percent 1. Sales in local currencies 2. EBIT EBIT margin around 11 percent 3. Investment Investment level around EUR 370 million excluding acquisitions. Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 17 Remuneration Report Fee to the Board of Directors for 2020 totalled EUR 728 thousand. The base fee is unchanged. Remuneration to the Registered Directors for 2020 totalled EUR 3 268 thousand. Fee Board of Directors Remuneration Registered Directors EUR ‘000 EUR ‘000 Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 18 THANK YOU! Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 19 Questions? AGM 2021 © ROCKWOOL International A/S 20 Agenda item 1 and 2 The board of directors’ report on the company’s activities during the past financial year and presentation of annual report with auditors’ report Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 21 Agenda item 3 Adoption of the annual report for the past financial year and discharge of liability for the management and the board of directors Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 22 Agenda item 3 • The board of directors proposes that the annual report is approved. • The board of directors proposes that the management and the board of directors are discharged from liability. Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 23 Agenda item 4 Presentation of and advisory vote on remuneration report Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 24 Agenda item 5 Approval of the remuneration of the board of directors for 2021/2022 Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 25 Agenda item 4 Approval of the remuneration of the board of directors for 2020/2021 Under article 14.f of the Articles of Association the general meeting determines the annual remuneration of the members of the board of directors. Chairman of the board of directors DKK 1,080,000 Deputy Chairmen of the board of directors DKK 720,000 Other members of the board of directors DKK 360,000 Supplement to Audit Committee chairman DKK 300,000 Supplement to Audit Committee members DKK 180,000 Supplement to Remuneration Committee members DKK 90,000 The proposed remuneration represents the same level as the remuneration approved for 2020/2021. Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 26 Agenda item 6 Allocation of profits according to the adopted accounts Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 27 Agenda item 6 Allocation of profits according to the adopted accounts According to the 2020 annual report, the annual result of ROCKWOOL International A/S amounts to EUR 241 million. The board of directors proposes a distribution of dividends for the financial year 2020 of DKK 32.00 (EUR 4.30) per share of a nominal value of DKK 10, amounting to a total of EUR 94 million. Dividend of DKK 32.00 (EUR 4.30) per share of nominally DKK 10 EUR 94 million Revaluation reserve according to the equity method EUR 140 million Retained earnings EUR 7 million EUR 241 million Annual General Meeting 7 April 2021 © ROCKWOOL International A/S 28 Agenda item 6 For the group, the annual result of EUR 251 million is allocated as follows: Dividend from the parent company of DKK 32.00 (EUR 4.30) EUR 94 million per share of nominally DKK 10 (as mentioned on previous slide) Retained earnings EUR 157 million EUR 251 million The dividend will be paid on 12 April 2021 after approval by the general meeting.
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