On 17 June, the shareholders’ meeting has decided to change RUAG Holding Ltd’s name to RUAG International Holding Ltd. In addition, the shareholders’ meeting has approved the 2019 annual report and grants discharge to the members of the board of directors and the group’s executive board. RUAG Holding does not distribute any dividend to the Swiss Confederation.
With RUAG International becoming an international aerospace company, the shareholders’ meeting has decided to change the holding company’s name from RUAG Holding Ltd to RUAG International Holding Ltd. The company with about 6,500 employees in 14 countries is divided into four segments: Space, Aerostructures, Ammotec and MRO International.
The parent company BGRB Holding, chaired by Dr. Monica Duca Widmer, combines both holding companies and represents the Swiss Confederation’s interests. All activities performed by the company as the Swiss Army’s Material Competence Centre have been organizationally combined into the RUAG MRO Holding Ltd company since the beginning of 2020.
In the presence of Dr. Monica Duca Widmer, the shareholders’ meeting has approved the 2019 annual financial statement and the proposal to distribute the non-cash dividend in favor of BGRB Holding Ltd. The shareholders’ meeting furthermore confirms all members of the board of directors in their offices for another year.
Dr. Remo Lütolf, Chairman of RUAG International’s board of directors, made a statement saying: “I am very pleased to continue helping to shape RUAG International’s transformation together with a competent team of fellow members.” The shareholders’ meeting grants discharge to all members of the board of directors and the group’s executive board for the 2019 financial year. Ernst & Young Ltd takes over the audit of the annual financial statements as new auditor.
Due to negative financial results in 2019, the shareholders’ meeting approves the board of directors’ proposal not to distribute any ordinary dividend. In total, the group generated a net revenue of CHF 2,003 million in the 2019 reporting year. EBIT and net profit fell as a result of special expenses, to CHF -7 million (CHF 106 million) and CHF -25 million (CHF 74 million) respectively.