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Kion Group AG is a Germany-based supplier of industrial trucks, related services and supply chain solutions. The activities of the Company are divided into three segments: Industrial Trucks and Services, Supply Chain Solutions and Corporate Services. The Industrial Trucks and Services segment comprises forklift trucks, warehouse technology, counterbalance trucks, towing vehicles, as well as automated trucks and autonomous trucks. It operates through three international brands: Linde, STILL and Baoli, as well as through three regional brands: Fenwick (France), OM STILL (Italy) and OM Voltas (India). The Supply Chain Solutions segment offers integrated technology and software solutions, picking equipment, automated storage and retrieval systems, sorters, and conveyors, marketed under the Dematic brand. The Company is active in more than 100 countries across the world.
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Narrow-moat Kion reported strong warehouse equipment order growth and margin expansion in 1Q, continuing to support our view that the company is well positioned for a long runway of demand for warehouse automation equipment. We are maintaining our EUR 90 fair value estimate and continue to find the shares attractive. Kion outperformed the market on forklift unit demand, with the market seeing a 3% unit decline year over year. Kion's forklift demand was stable on a unit basis and up 2% on a value basis, reflected by order book growth. Revenue increased by 10% aided by the unusually high backlo...
Narrow-moat Kion reported strong warehouse equipment order growth and margin expansion in 1Q, continuing to support our view that the company is well positioned for a long runway of demand for warehouse automation equipment. We are maintaining our EUR 90 fair value estimate and continue to find the shares attractive. Kion outperformed the market on forklift unit demand, with the market seeing a 3% unit decline year over year. Kion's forklift demand was stable on a unit basis and up 2% on a value...
Item 5: Deloitte, Munich, is proposed as auditor for the current financial year. We have no concerns over the ratio of non-audit/audit fees. However, we note that Deloitte has audited the Company since the financial year 2007 which exceeds our maximum acceptable term of office of 10 years. We therefore recommend opposing the re-election of Deloitte as auditor. Items 6.1 and 6.2: We recommend to oppose the election of Michael Macht and Tan Xuguang to the Supervisory Board due to our concerns over the insufficient independent representation on the Board.
La société fait preuve d'une grande transparence concernant les montants attribués aux mandataires sociaux. En revanche, elle l'est beaucoup moins concernant les critères de performances des parts variables de la rémunération, qui restent inconnus. Par ailleurs, l'indépendance du Conseil d'administration est particulièrement préoccupante puisqu'il n'est composé que d'un administrateur indépendant sur six. Pour cette raison la résolution 11 portant sur le renouvellement de Marie Meynadier (membre non indépendante) n'est pas soutenue.
Suite à l'augmentation de capital lancée en mars 2019, 4 nouveaux actionnaires ((i) Latricogne Capital, (ii) les SCI Allianz Immobilier Durable et SCI Alliance Value Pierre, (iii) Cargo Investment B.V. et (iv) Madame Danièle Fredj) ont demandé à obtenir un siège au conseil. Il est donc proposé la nomination de 4 de ces représentants. Comme le conseil ne comprend pas une majorité d'administrateurs indépendants et que ces nouveaux actionnaires ne sont pas les principaux actionnaires de la société, conformément à notre politique de vote, nous ne soutenons aucun de ces candidats. Par ailleurs, la...
"Le 16 novembre 2018, les conseils d’administration de Groupe SFPI et DOM Security ont constaté la réalisation définitive de la fusion absorption de Dom Security SA par Groupe SFPI. "(Document de référence 2018 - Groupe SFPI) La gouvernance pourrait être améliorée en augmentant le taux d'indépendance du Conseil. Nous recommandons l'opposition à la nomination d'ARC Management, notamment pour cette raison. La société ne communique pas suffisamment d'informations sur les politiques de rémunération. Bien que les montants en ex-post soient raisonnables, il serait positif que la société s'améliore...
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