Last checked at 20 May 2020 10:51
RHI Magnesita N.V.
("RHI Magnesita" or the "Company")
2020 Annual Bonus metrics
RHI Magnesita N.V. (the "Company") today announces the metrics for the 2020 Annual Bonus (the "2020 Bonus"), which supplements the disclosures in the Remuneration Committee Report (the "Report") in the Annual Report & Accounts 2019. This Report is available on the Company's website at www.rhimagnesita.com.
Given the uncertainty surrounding the impact of COVID-19 for both the Company and broader economic conditions, the Board of Directors was unable to finalise the 2020 Bonus metrics when the Report was published on 1 April 2020.
The agreed 2020 Bonus metrics reflect a simplified bonus structure compared to 2019. The synergy metric is no longer relevant since completion of the merger integration in 2019 and the strategic deliverable objectives have been removed to focus, in a challenging economic environment, on the two key financial performance measures of Adjusted EBITA and Operating Cash flow, to be weighted 60% and 40% respectively.
As in previous years, the 2020 Bonus targets and performance against them will be disclosed retrospectively in the 2020 Remuneration Report, provided they are not considered to be commercially sensitive at that time. The Remuneration Committee retains the overarching discretion to adjust, if appropriate, the formulaic outturn of the Annual Bonus.
For further enquiries, please contact:
Guy Marks, Head of Investor RelationsTel +44 7932 013 357E‐mail: guy.marks@rhimagnesita.com
About RHI Magnesita
RHI Magnesita is the leading global supplier of high-grade refractory products, systems and solutions which are indispensable for industrial high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves customers in nearly all countries around the world. The Company has a high level of geographic diversification with around 14,000 employees in 35 main production sites and more than 70 sales offices around the world. RHI Magnesita intends to leverage its global leadership in terms of revenue, scale, product portfolio and diversified geographic presence to target strategically those countries and regions benefitting from more dynamic economic growth prospects.
Its shares have a premium listing on the London Stock Exchange (symbol: RHIM) and are a constituent of the FTSE 250 index. For more information please visit: www.rhimagnesita.com