LEM HOLDING SA

LEM HOLDING SA, à Meyrin, CHE-103.334.260 (FOSC du 26.07.2023, p. 0/1005804764). Les pouvoirs de Borla Andrea Luigi sont radiés.

Rubrik: Mitteilungen an Gesellschafter/nUnterrubrik: Einladung zur Generalversammlung/nPublikationsdatum: SHAB 05.06.2024/nÖffentlich einsehbar bis: 05.06.2025/nMeldungsnummer: UP04-0000006357/nPublizierende Stelle/nHomburger AG, Hardstrasse 201.

8005 Zürich/nEinladung zur ordentlichen Generalversammlung/nLEM HOLDING SA/nBetroffene Organisation:
/nLEM HOLDING SA/nCHE-103.334.260/nRoute du Nant-d'Avril 152/n1217 Meyrin/nAngaben zur Generalversammlung:/n27.06.2024, 15.30 Uhr.

HP/Hive Innovation Lab/nMeyrin/nSwitzerland/nEinladungstext/Traktanden:
/nInvitation to the Annual General Meeting of LEM HOLDING SA. The full text of the/ninvitation is included in the attached PDF./nAnnual General Meeting of/nShareholders of LEM HOLDING SA/nThursday, 27 June 2024.

at 15:
30 (CEST)/nHP/Hive Innovation Lab, Meyrin,/nSwitzerland/nInvitation/n2024/nLEM Invitation to the Annual General Meeting of Shareholders 2024 2/nLEM Invitation to the Annual General Meeting of Shareholders 2024 3/nInvitation to the Annual/nGeneral Meeting of/nShareholders 2024 of/nLEM HOLDING SA/nDate and time/nThursday.

27 June 2024/nat 15:
30 (CEST)/ndoors open at 15:00 (CEST)/nPlace/nHP/Hive Innovation Lab/nRoute du Nant-d'Avril 150, 1217 Meyrin, Switzerland/nPublic transportation/nFrom Geneva.

Cornavin:
Take the train L5 (direction La Plaine) and stop/nat Zimeysa. Then, take the bus 57 (direction Geneva Airport) and exit at/nthe bus stop Satigny, Nant-d'Avril. Walk about 1 minute, the HP/Hive Inno-/nvation Lab is across the street./nIf taking a taxi from Geneva, Cornavin, please allow for about 20 minutes/njourney time./nFrom Geneva Airport: Take the bus 56 (direction Meyrin, Hôpital de La/nTour) or bus 57 (direction Zimeysa, gare) and exit at the bus stop Satigny,/nNant-d'Avril. Walk about 1 minute, the HP/Hive Innovation Lab is across the/nstreet./nIf taking a taxi from Geneva Airport, please allow for about 10 minutes/njourney time./nCar parking/nCar parking is available at the HP/Hive Innovation Lab, Route du Nant-/nd'Avril 150, 1217 Meyrin./nLEM's Board of Directors is pleased to invite you to/nthe Annual General Meeting of Shareholders 2024./nLEM Invitation to the Annual General Meeting of Shareholders 2024 4/nDear Shareholder,/nThe challenge of the 2023/24 financial year was to respond to the/nincreasing complexity of the political and economic situation in the world./nLooking back, we see two different trends in the two half-year periods. The/nfinancial year got off to a good start, and LEM was able to build on the/nexcellent performance of the previous year. Improved supply chains/nenabled the delivery of the accumulated order backlog and thus strong/nsales growth. The lower order intake compared to the previous year was to/nbe expected due to the normalization of order patterns to pre-pandemic/nlevels and customers' continued high inventory levels./nFrom the third quarter of the reporting year, there was a significant economic/nslowdown in some key markets. China in particular, which had already had/na subdued start, developed into a more difficult market with a significant/ndecline in sales. Competition in the field of e-mobility intensified and stocks/nof components for solar energy were still high./nSupported by its robust business model, which is founded on global mega-/ntrends, LEM performed reasonably well in this challenging environment./nOverall, we continued to develop our markets, to drive forward our innova-/ntion projects and to further optimize our operational infrastructure./nSales level maintained despite strong negative currency effect/nAt CHF 405.8 million, we were able to maintain sales at the previous year's/nlevel, even though the currency effect had a strongly negative impact. At/nconstant exchange rates, LEM achieved sales growth of 7.2%. The normal-/nization of customer order patterns is reflected in incoming orders of CHF/n243.3 million./nAt CHF 81.1 million, EBIT was 12.1% lower than in the previous year, primarily/nas a result of higher product costs and increased R&D and administration/nexpenses. The EBIT margin reached 20.0%, compared to 22.7% in the/nprevious year. Net profit amounted to CHF 65.3 million, after CHF 75.3/nmillion in the previous financial year./nThe Board of Directors will propose to the Annual General Meeting on/n27 June 2024, that a dividend of CHF 50 per share be distributed for the/n2023/24 financial year./nHeterogeneous development in the businesses/nThe slowdown in the economic environment as well as customers'/ncontinued destocking and reduced willingness to invest were particularly/nnoticeable in the Automation business, which traditionally develops in line/nwith the global economy./n?Welcome/nLEM Invitation to the Annual General Meeting of Shareholders 2024 5/nAutomotive achieved weak growth, with developments varying greatly/nfrom region to region. Growth was driven by good sales in EMEA and/nSouth Korea. In contrast, sales in China, the single most important/nmarket, declined against the backdrop of an increasingly competitive/nenvironment./nRenewable Energy recorded a good overall business performance, albeit/nwith regional variations. The majority of customers are located in China/nbut export a large proportion of their products, which means that the/nbusiness also benefits from the good momentum in the USA, for example./nThe fact that manufacturers of solar inverters and distributors continued/nto have full stocks had a negative impact./nEnergy Distribution & High Precision achieved modest growth in an/nincreasingly competitive environment that also affected OEMs. The DC/nmeter for charging stations continued to sell very well, although growth/nslowed significantly in the second half of the year./nTrack developed strongly in the reporting year, supported by the periodic/nretrofit business and the positive market environment. The business is/nsubject to very long cycles and benefited from a high order backlog./nChallenges in China balanced out by other regions/nIn the Chinese market, LEM was confronted with a difficult environment./nThis was due to slow economic growth, declining exports of solar/ninverters, lower sales of products for e-mobility and significantly negative/ncurrency effects. LEM also saw some market share loss in the highly/ncompetitive e-mobility and renewable energy sectors. Increased speed/nand competitive pressure are the biggest challenges in China. In this/nenvironment, we implemented measures to become faster and more/nagile, focusing on greater customer proximity, increased local R&D and/nstrengthened regional decision-making./nThe other Asian markets, particularly Korea and Japan, recorded a broad-/nbased upturn and solid business, partially offsetting the decline in China./nThe EMEA region performed well initially, but experienced a significant/neconomic slowdown over the course of the year. LEM was able to reduce/norder backlogs in the first half of the year, after which the market weak-/nened noticeably./nThe performance of the Americas region was mixed. This is due to the/npartial slowdown from the second quarter onwards, which occurred in/nthe Automation segment due to an overall subdued investment activity,/nand in the Renewable Energies segment as a consequence of political/nuncertainties./nLEM Invitation to the Annual General Meeting of Shareholders 2024 6/nMegatrends will continue to give tailwind/nLEM is benefiting from fundamental, environmentally-friendly develop-/nments in the areas of electrification, renewable energies and e-mobility./nThese megatrends will continue to dominate in the future. LEM consistently/nexploits the potential of these megatrends. For example, products for EV/nand hybrid vehicles already account for over 90% of sales in the Automo-/ntive business./nIn a period characterized by economic uncertainty, the importance of LEM's/ntechnology platform, broad range of applications and comprehensive/nproduct portfolio, combined with its global presence in research and devel-/nopment, production and sales, has once again been confirmed./nFurther milestones in innovation/nLEM continued to drive innovation in the 2023/24 financial year in order to/nconsolidate and further expand its technol