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SMT Scharf AG announces further change to Managing Board / additional requirement for impairment losses results in adjusted forecast
At its meeting today, the Supervisory Board of SMT Scharf AG has appointed Mr. Ralf Ferdinand Oberhaus (49) to succeed Mr. Heinrich Schulze-Buxloh (65) as a member of the company's Managing Board with responsibility for the sales and service areas, with effect as of January 1, 2016. Mr. Oberhaus holds degrees in business management and marketing from the German Business and Administration Academy (VWA), and has many years of experience in managing internationally operating German groups focusing on the mining, rail transportation and steel industries. He has access to an extensive network in the main sales markets of SMT Scharf AG, such as China, South Africa and Poland. Mr. Schulze-Buxloh will transfer his area of responsibilities to Mr. Oberhaus before leaving the company at the end of the current fiscal year for age-related reasons, and in line with his contract.
As already announced on June 17, 2015, Mr. Hans Joachim Theiss had already relinquished his mandate as member and Deputy Chairman of the company's Supervisory Board with effect as of July 15, 2015. His appointment as Managing Board Chairman (CEO) of SMT Scharf AG was implemented as of July 16, 2015. Mr. Theiss will be responsible on the Managing Board for the areas of finance and controlling, strategic corporate development, mergers and acquisitions, and investor relations. With effect already as of July 1, 2015, Mr. Wolfgang Embert (Dipl.-Ing.) was also appointed as a member of the company's Managing Board. As Chief Technology Officer of SMT Scharf AG, he will be responsible for the areas of construction, development and production. The new Managing Board consisting of three individuals will assume joint responsibility for the management of SMT Scharf GmbH in the future. The reorganisation and streamlining of management structures has thereby been concluded.
The Managing Board of SMT Scharf also assumes that additional impairment losses, provisions and risk provisioning in a volume totalling around EUR 2.5 million will be required in the current fiscal year. These relate primarily to impairment losses applicable to both current and non-current assets. The Managing Board is consequently adjusting its 2015 earnings forecast. Compared with the previous expectation of operating earnings lying between EUR 2 million and EUR 3 million, the management now anticipates an approximately breakeven result.
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