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MarketScreener Homepage  >  Equities  >  Xetra  >  Vossloh AG    VOS   DE0007667107

VOSSLOH AG

(VOS)
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Vossloh's Annual General Meeting: All agenda items approved by a large majority

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05/27/2020 | 09:33am EDT

Due to the current COVID-19 crisis, Vossloh AG held its first virtual Annual General Meeting today without any shareholders attending in person. All of the agenda items proposed by management were passed by a large majority. In total, around 71 percent of the share capital was represented at today's Annual General Meeting of Vossloh AG by proxy and postal voters.

Dr. Sigrid Nikutta and Prof. Dr. Anne Christine d'Arcy stepped down from the Supervisory Board with effect from the end of the Annual General Meeting. The shareholders appointed Dr. Bettina Volkens and Dr. Roland Bosch to the Supervisory Board as new members. Prof. Dr. Rüdiger Grube was confirmed as a member of the Supervisory Board after being legally appointed as the successor to Dr. Bernhard Düttmann with effect from February 5, 2020. Prof. Dr. Grube was once again selected to be the Chairman of the Supervisory Board at its meeting following the Annual General Meeting. Mr. Ulrich M. Harnacke was appointed as the Deputy Chairman of the Supervisory Board at the same session.

The shareholders approved management's proposal to carry forward the entirety of the net profit retained as of the end of the 2019 fiscal year. The decision not to pay a dividend is solely due to the considerable uncertainty regarding the economic consequences of the COVID 19 pandemic.

In his speech, Oliver Schuster, CEO of Vossloh AG, provided detailed information about strategic and operational issues, with a particular focus on how Vossloh will overcome the challenge of the COVID-19 pandemic. He highlighted Vossloh's long-term potential: 'The megatrends that provide the basis for our future prospects will remain relevant when the coronavirus crisis is over. Population growth, urbanization and the ever-increasing focus on sustainability will lead to more traffic on the rail network. We want to benefit from these megatrends, and we will do so. Vossloh is in a perfect position,' said Schuster. He also had the following to stay about the sale of the Locomotives business unit, which is due to be finalized in the immediate future: 'This transaction marks the end of a lengthy process of transforming and focusing the company. In our core business rail infrastructure we can make full use of the synergies of our broad range of products and services. This core business is Vossloh's strength, and its future.'

The full speech of the CEO is available online at Hauptversammlung | Vossloh AG, along with the presentation and voting results.

Disclaimer

Vossloh AG published this content on 30 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2020 13:32:02 UTC

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Sales 2020 911 M 1 026 M 1 026 M
Net income 2020 27,9 M 31,4 M 31,4 M
Net Debt 2020 357 M 402 M 402 M
P/E ratio 2020 25,5x
Yield 2020 1,58%
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Mean consensus OUTPERFORM
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Average target price 44,00 €
Last Close Price 40,60 €
Spread / Highest target 25,6%
Spread / Average Target 8,37%
Spread / Lowest Target -1,48%
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NameTitle
Oliver Schuster Chairman-Executive Board & CEO
Rüdiger Grube Chairman-Supervisory Board
Michael Ulrich Member-Supervisory Board
Ulrich M. Harnacke Member-Supervisory Board
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