Georg Fischer AG shareholders approve all proposals

Georg Fischer generated sales of CHF 4.50 billion in 2007 (previous year: CHF 4.05 billion). This marks an 11 percent increase (previous year: 10%). Order intake was 9 percent higher than the previous year. Organic growth was driven by a favourable economic environment. However, the Corporation's profitability fell short of expectations, owing in particular to a disappointing result at GF Automotive. The cost of launching the single brand strategy at GF AgieCharmilles also left its mark on the bottom line. Net debt was reduced to CHF 264 million. Net income for 2007 came to CHF 245 million (previous year: CHF 249 million). 

The shareholders approved the 2007 Annual Report with the financial statements of Georg Fischer AG and the consolidated statements as per 31 December 2007 and granted discharge to the corporate bodies. 

Flavio Cotti was re-elected as a member of the Board of Directors for a further two years and Dr. Rudolf Huber for a further four-year term. The term of Flavio Cotti is only two years because he will have to retire from the Board of Directors of Georg Fischer AG in 2010 when he reaches the statutory age limit. The other members of the Board are: Martin Huber, Chairman; Bruno Hug, Vice-Chairman; Dr. Roman Boutellier, Gerold Bührer, Ulrich Graf, Prof. Dr. Gertrud Höhler, Dr. Kurt E. Stirnemann und Zhiqiang Zhang. Yves Serra took over as CEO of Georg Fischer as per 20 March, succeeding Dr. Kurt E. Stirnemann, who retired at the Annual General Meeting amidst praise for his out-standing achievements as Chief Executive Officer since 2003.