On 28 April 2005, LM Glasfiber Holding A/S held its AGM, at which the annual report for 2004 was approved. In the financial year 2004, the company generated revenue of DKK 2.260 million and earnings before interest, taxes, depreciation and amortisation (EBITDA) of DKK 520 million, representing an increase of 21 and 51% respectively on 2003. The company’s operating activities generated a cash inflow of DKK 295 million in 2004 compared with an inflow of DKK 111 million in 2003.
As has been stated previously, LM Glasfiber continues to work towards a stock market listing. However, as there are no plans for an initial public offering (IPO) in the near term, the owners have resolved that there is at present no need for external board members. Consequently, LM Glasfiber Holding’s external board members – Anders Knutsen, Lars Rasmussen and Søren Vinther – did not stand for re-election.
The AGM elected Richard Hanson and John Leahy as new board members, while Rikard Brattberger and Mark Florman were re-elected to the board. The Supervisory Board now consists of Doughty Hanson representatives and board members elected by the employees. This change brings the composition of the Supervisory Board into line with the structure used in Doughty Hanson’s other portfolio companies. After the AGM, Mark Florman was appointed Chairman of the Supervisory Board.
The AGM elected Richard Hanson and John Leahy as new board members, while Rikard Brattberger and Mark Florman were re-elected to the board. The Supervisory Board now consists of Doughty Hanson representatives and board members elected by the employees. This change brings the composition of the Supervisory Board into line with the structure used in Doughty Hanson’s other portfolio companies. After the AGM, Mark Florman was appointed Chairman of the Supervisory Board.