Annual general meeting of HOMAG Group AG
Bietigheim-Bissingen / Schopfloch, May 16, 2024. HOMAG Group AG once again held its annual general meeting as an in-person event today. The shareholders approved all items on the agenda by a large majority.
For the second time since the coronavirus pandemic, the annual general meeting was held in the administration building of Dürr AG, the parent company of HOMAG Group AG, in Bietigheim-Bissingen and was broadcast via livestream. The meeting was attended by a total of around 70 shareholders and guests – representing around 90 percent of the share capital. The actions of the Board of Management and the Supervisory Board were approved by a large majority at the annual general meeting.
For the fiscal year 2023, HOMAG Group AG will pay its shareholders a compensation payment of EUR 1.01 per share. The compensation payment results from the domination and profit and loss transfer agreement concluded with the parent company Dürr.
In his speech, CEO Dr. Daniel Schmitt looked back on the 2023 fiscal year, in which the HOMAG Group once again achieved slight growth in sales and earnings. However, the significant decline in order intake reflected the weak market situation. The HOMAG Group has responded to the resulting underutilization with a package of measures to adjust capacity and increase efficiency, which Dr. Schmitt explained in detail. “We are thus securing the competitiveness and, above all, the future viability of the HOMAG Group. We are convinced that we will benefit from our improved cost structure and greater flexibility in the medium and long term, and that we will be able to return to profitable growth when the next upturn comes,” continued Dr. Daniel Schmitt.
Company Background
The HOMAG Group is the world's leading provider of integrated solutions for production in the woodworking industry and woodworking shops. Its 14 specialized production sites, about 20 Group-owned sales and service companies and approximately 60 exclusive sales partners worldwide make the company a unique system provider. Backed by a workforce of over 7,000 employees the HOMAG Group offers its customers solutions for digitized production, based on digital data continuity from point of sale through the entire production process, combined with a comprehensive software suite. In addition, the open ecosystem "tapio" (open Internet-of-Things platform) maps the data flow along the entire value chain of the timber industry. The HOMAG Group has been majority-owned by the Dürr Group since October 2014.
Disclaimer
This press release contains certain statements relating to the future. Future oriented statements are all those statements that do not pertain to historical facts and events or expressions pertaining to the future such as “believes”, “estimates”, “assumes”, “forecasts”, “intend”, “may”, “will”, “should” or similar expressions. Such future-oriented statements are subject to risks and uncertainty since they relate to future events and are based on current assumptions of the Company, which may not occur in the future or may not occur in the anticipated form. The Company points out that such future-oriented statements do not guarantee the future; actual results including the financial position and the profitability of the HOMAG Group as well as the development of economic and regulatory framework conditions may deviate significantly (and prove unfavorable) from what is expressly or implicitly assumed or described in these statements. Even if the actual results of the HOMAG Group including the financial position and profitability as well as the economic and regulatory framework conditions should coincide with the future-oriented statements in this press release, it cannot be guaranteed that the same will hold true in the future.