Frequently Asked Questions
- Evonik
- 1. Which business areas does Evonik operate in?
- 2. What are Evonik’s core competencies?
- 3. What was Evonik’s financial performance in fiscal 2007?
- 4. Who owns Evonik Industries AG?
- 5. What is the structure of Evonik’s Supervisory Board?
- RAG-Stiftung (foundation)
- 1. When was the foundation established?
- 2. When were the shares in Evonik of the former shareholders transfered to the foundation?
- 3. When was the German Coal Financing Act adopted?
- 4. How is the foundation structured?
- 5. What is the role of the Board of Trustees?
- 6. Has the Board of Trustees already met?
- 7. What is the role of the Management Board of RAG-Stiftung?
- 8. What is the content of the foundation’s charter?
- Capital markets
- 1. What is the owners’ common vision for the future of Evonik?
- 2. When will Evonik be floated on the stock market?
- 3. Will Evonik receive the proceeds of the IPO and what will they be used for?
Evonik
1. Which business areas does Evonik operate in?
Evonik focuses on three profitable, high-growth business areas: Chemicals, Energy and Real Estate.
2. What are Evonik’s core competencies?
Evonik is the creative industrial group from Germany with operations in more than 100 countries worldwide. Our core competencies are creativity, specialization, continual self-renewal and reliability.
3. What was Evonik’s financial performance in fiscal 2007?
In 2007 the Evonik Group had more than 43,000 employees and generated sales of €14.4 billion (+2%) and EBIT (earnings before interest and taxes) of €1.35 billion (+14%).
4. Who owns Evonik Industries AG?
With an agreement signed on June 3, 2008, RAG-Stiftung sold a stake of 25.01% to CVC Capital Partners. With closing of the transaction on September 15, 2008, RAG-Stiftung (Foundation) holds directly or indirectly 74,99% of the stakes in Evonik.
RAG-Stiftung (foundation)
1. When was the foundation established?
The district administration in Düsseldorf, Germany, approved RAG Beteiligungs-AG’s application to establish RAG-Stiftung on July 10, 2007. The foundation officially came into being on the same day.
2. When were the shares in Evonik of the former shareholders transfered to the foundation?
The former shareholders transfered their shares effective December 1, 2007. The transfer was closed upon the entry into force of the German Coal Financing Act.
3. When was the German Coal Financing Act adopted?
The German Coal Financing Act was signed on December 20, 2007, and became law with its publication in the Federal Gazette (Bundesgesetzblatt) on December 27, 2007.
4. How is the foundation structured?
The foundation comprises a Board of Trustees and a Management Board. The Board of Trustees comprises five ex officio members and eight further members. The ex officio members are the Federal Minister of Finance, the Federal Minister of Economics, the Minister Presidents of the states of North Rhine-Westphalia and Saarland and the Chairman of the Mining, Chemical and Energy Workers’ Union (IG-BCE).
The three-member Management Board comprises:
- Wilhelm Bonse-Geuking, Chairman
- Gustav Adolf Schröder
- Ulrich Weber
5. What is the role of the Board of Trustees?
The Board of Trustees, headed by Ulrich Hartmann, Chairman of the Supervisory Board of E.ON AG, is responsible for overseeing the Management Board and determines the principles underlying the foundation’s work.
6. Has the Board of Trustees already met?
The first meeting of the Board of Trustees was held on October 25, 2007.
7. What is the role of the Management Board of RAG-Stiftung?
The foundation’s Management Board manages its operations and represents it in all dealings with external parties. It is committed to managing and allocating the assets of the foundation to ensure that they cover the perpetual liabilities arising from the withdrawal from german coal mining activities.
8. What is the content of the foundation’s charter?
The charter is publicly available at www.rag-stiftung.de (German only).
Capital markets
1. What is the owners’ common vision for the future of Evonik?
The following points have been agreed in a “common roadmap”:
- Evonik’s value shall be doubled in the next five years.
- No further capital market transactions in the next two years, then flotation on the stock market.
- CVC will hold its shares in Evonik Industries AG for at least three years.
2. When will Evonik be floated on the stock market?
The articles of association of RAG-Stiftung define flotation on the stock market as the only possible method of sale. Depending on capital market conditions, a total of 74.9% of the shares in Evonik Industries AG could be placed on the stock market between 2010 and 2013, possibly in several tranches. CVC intends to divest its stake via the stock market by 2013.
3. Will Evonik receive the proceeds of the IPO and what will they be used for?
The proceeds will go to the shareholders. The foundation (RAG-Stiftung) will use the funds it raises in this way to finance the perpetual costs of the withdrawal from german hard-coal mining.
