The Audit Committee continued to be comprised of Matthias Auer and Roland Abt (Chairman) from the beginning of the reporting year until the Annual General Meeting in April 2024. After the Annual General Meeting, Felix Schmidheiny was appointed to the committee by the Board of Directors. In the reporting year, four regular meetings and two video conferences were held. In addition to the members of the Audit Committee, the Chairman of the Board of Directors, the CEO, and the CFO of the Group generally also attend regular meetings in an advisory capacity. Where items of relevance to the external auditors are on the agenda, their representatives are also present. In addition to the Audit Committeeʼs typical responsibilities, primarily the analysis of the Annual and Half-Year Financial Statements, the following topics were covered in depth.

The internal audit was carried out, as usual, by an external auditing firm, EY, which was awarded the commission following a tender during the previous year, assumed its responsibilities during the first quarter. Intensive onboarding was conducted to acquaint the new auditor with the Bystronic Groupʼs circumstances. Six internal audit reports were submitted during the reporting year and discussed in depth. Of these reports, two were prepared by the previous auditor Deloitte and four by EY. The Audit Committee regularly monitors managementʼs progress in addressing follow-up items identified during the audits.

The Audit Committee has reviewed the sustainability reporting. Its scope and quality have improved significantly in recent years. This yearʼs Annual Report includes all information and data on non-financial matters (Art. 964a ff. CO). The Sustainability Report will be published as part of the Annual Report in the financial years to come.

The area of IT was examined in depth. Particular focus was placed on the further development of business applications and cybersecurity measures. Cost efficiency should be significantly improved by reducing complexity in this area.

Bystronicʼs difficult economic situation and the resulting restructuring measures impacted the Annual Financial Statement significantly. These outcomes were discussed in detail with the CEO, the CFO and the auditors in an extraordinary meeting in December.

In November, a delegation from the Audit Committee visited the Center of Excellence in Krakow (Poland). The Center of Excellence handles a multitude of administrative processes for Group companies, particularly those in Europe. In addition, half of Group IT employees work there. The Center of Excellence has impressively demonstrated that it can deliver such services with exceptional efficiency and high quality. Plans are underway to relocate additional functions from other companies there as part of the restructuring efforts to reduce administrative costs.

Dr. Roland Abt

Chairman of the
Audit Committee