GOTEBORG, Sweden, March 19, 2002 (PRIMEZONE) -- Semcon AB's Annual General Meeting was held on Monday, March 18, 2002. CEO Hans Johansson reported on the performance for 2001. Semcon's growth for 2001 was 11.9% for the Group as a whole and 19% for the consultancy operations. Sales stood at SEK 1126.6 million. The average number of employees was 1585. Major customers include Ford, Saab Automobile, Ericsson, Volvo, Bombardier Transportation, AstraZeneca and ABB. The biggest sales increase compared to last year for Semcon was with the Danish pharmaceutical group Novo Nordisk. This year has started with a number of important outsourcing deals with Ericsson.
Outlook
For the first six months of 2002 the market as a whole will remain weak. Profitability is prioritized ahead of growth. Semcon expects the implemented rationalization scheme to give improved profitability for the year as a whole.
Members of the Board of Directors
Christian W Jansson was re-elected as Chairman of the Board. Board members Pia Gideon, Carlake Jansson, Annemarie Gardshol and Hans Johansson were re-elected.
Dividends
Taking into account Semcon's results for the year the AGM proposed that no dividend be paid to shareholders for 2001 (0.50).
Incentive scheme
The Annual General Meeting authorized the Board to take a decision, up to and including the annual general meeting in 2003, regarding a new share issue of 900,000 shares in the company.
The Annual General Meeting decided to raise a subordinated debenture worth a nominal SEK 1,000 through the issue of a promissory note connected with 700,000 detachable warrants entitling subscription for new shares in Semcon AB.
If the issue is fully subscribed and the warrants are fully utilized, the dilution effect will be around 3.8%. Subscription for new shares using the warrants can increase the share capital by at most SEK 700,000.
Annual General Meeting decided to approve the transfer/issue of new shares equivalent to at most 10% of the share capital in the subsidiary, Semcon AS, located in Copenhagen, Denmark, to one or more of the senior managers of the Subsidiary.
This information was brought to you by Waymaker http://www.waymaker.net