HOMAG Group AG's annual general meeting virtual for the first time
Regular elections to the Supervisory Board
Schopfloch, 28th May 2020. Against the backdrop of the corona pandemic, the annual general meeting of HOMAG Group AG was conducted virtually this year. Around 85 percent of the capital stock was represented.
At the meeting, the shareholder representatives on the supervisory board were elected as scheduled. All previous supervisory board members were re-elected. Supervisory Board member Dietmar Heinrich, who was appointed by the court in April 2020 and will take up the position as CFO of Dürr AG on August 1, 2020, was also elected. The term of office of the Supervisory Board members elected today will expire at the end of the annual general meeting in 2025. In addition, the actions of the Board of Management and Supervisory Board were approved by a large majority. By a large majority, the meeting also approved the conclusion of a control and profit transfer agreement between HOMAG Group AG and BENZ GmbH Werkzeugsysteme, which will be fully acquired in 2019.
For the fiscal year 2019, 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 Dürr.
In his speech, CEO Pekka Paasivaara looked back on the fiscal year 2019, in which the market for business with the furniture industry calmed down. This was reflected in 2019 in a reduced order intake. After a good start to the current year, the HOMAG Group has also felt the effects of the corona pandemic since mid-March 2020. Paasivaara emphasized that HOMAG performed well in the first quarter in view of the situation, although the second quarter will be challenging in view of the extent of the corona crisis. According to Pekka Paasivaara, one advantage of HOMAG in the crisis is the numerous digital tools and communication channels to its customers.
This press release contains certain statements relating to the future. Futureoriented 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.