DGAP-News: BAUER Aktiengesellschaft
/ Key word(s): AGM/EGM/Dividend
- All proposed resolutions accepted by a large majority - Management Board and Supervisory Board formally approved - Amicable solutions reached with all financing partners affected by the breach of covenant
A total of around 58 % of the company's share capital was present at the first virtual Annual General Meeting. The shareholders approved the agenda items up for resolution by large majorities, thereby supporting the management's proposals. With regard to the appropriation of net earnings; no dividend was envisaged for the past financial year. "We are committed to providing our shareholders with an appropriate share of the profits, but securing our equity ratio must currently take priority," emphasized Michael Stomberg. With regard to financing, the CEO reported that an amicable solution was reached with all affected financing partners. Due to the loss at the end of 2019, the Group was unable to keep to its covenants agreed with the banks. Michael Stomberg also provided an outlook for future business development. Above all, the company faces challenges due to the coronavirus pandemic and its consequences, which are currently impacting the Construction and Equipment segments. In some countries, there are exit restrictions or exit bans and construction activities have been obstructed or even brought to a complete standstill. In the Equipment segment, order intake and sales have significantly decreased. Globally, customers are demonstrating a reluctance to invest due to the ongoing uncertainties. As a consequence, BAUER AG withdrew the forecast previously issued in an ad-hoc announcement on June 17, 2020 and has not yet issued a new specific forecast for the 2020 financial year.
The voting results, the speech and presentation of the CEO and other documents related to the Annual General Meeting can be found online at http://www.bauer.de in the Investor Relations area. The BAUER Group is a leading provider of services, equipment and products related to ground and groundwater. With over 110 subsidiaries, Bauer operates a worldwide network on all continents. The operations of the Group are divided into three future-oriented segments with a high potential for synergy: Construction, Equipment and Resources. The Construction segment offers new and innovative specialist foundation engineering services alongside the established ones, and carries out foundation and excavation work, cut-off walls and ground improvements worldwide. Bauer is a world market leader in the Equipment segment and provides a full range of equipment for specialist foundation engineering as well as for the exploration, mining and extraction of natural resources. In the Resources segment, Bauer focuses on highly innovative products and services in the areas of water, environment and natural resources. Bauer profits greatly from the collaboration between its three separate business divisions, enabling the Group to position itself as an innovative and highly specialized provider of products and services for demanding projects in specialist foundation engineering and related markets. Bauer therefore offers appropriate solutions for the world's major challenges, such as urbanization, growing infrastructure needs, the environment, and water, oil and gas. The BAUER Group was founded in 1790 and is based in Schrobenhausen, Bavaria. In 2019, it employed some 12,000 people in around 70 countries and achieved total Group revenues of EUR 1.6 billion. BAUER Aktiengesellschaft is listed in the Prime Standard segment of the German stock market. More information can be found at http://www.bauer.de. Contact: Christopher Wolf Investor Relations BAUER Aktiengesellschaft BAUER-Strasse 1 86529 Schrobenhausen, Germany Phone: +49 8252 97-1797 Fax: +49 8252 97-2900 investor.relations@bauer.de www.bauer.de
25.06.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | BAUER Aktiengesellschaft |
BAUER-Straße 1 | |
86529 Schrobenhausen | |
Germany | |
Phone: | +49 (0)8252 97 1218 |
Fax: | +49 (0)8252 97 2900 |
E-mail: | investor.relations@bauer.de |
Internet: | www.bauer.de |
ISIN: | DE0005168108 |
WKN: | 516810 |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1079273 |
End of News | DGAP News Service |
1079273 25.06.2020