DGAP-News: Gesco AG
/ Key word(s): AGM/EGM
GESCO Annual General Meeting: proposed resolutions approved by a large majority, outlook for 2021 specified at upper end of the range
Approximately 53 % of share capital with voting rights was present at the meeting. The Annual General Meeting approved the actions of the members of the Executive Board and the Supervisory Board and voted in favour of both the appointment of a new auditor for the separate financial statements and consolidated financial statements and the conclusion of a profit and loss transfer agreement with a subsidiary. Furthermore, the Annual General Meeting also approved the remuneration system for the members of the Executive Board in accordance with the Act Implementing the Second Shareholders' Rights Directive (SRD II) as presented by the Supervisory Board.
As part of its reporting on the previous and current financial years, the Executive Board specified its outlook for 2021 as announced at the Annual Accounts Press and Analysts' Conference on 27 April 2021. The outlook anticipates Group sales of between € 445 million and € 465 million and Group net income for the year after minority interest of € 16.5 million to € 18.5 million, both before corporate transactions. GESCO had previously confirmed its outlook for 2021 when publishing its figures for the first quarter of 2021. The Executive Board emphasised that it would be standing by its forecast range, but specified the outlook at the upper end of the range.
Earnings contributions from the United MedTec Group, acquired on 15 June 2021, have not yet been included in the adjusted outlook. The United MedTec Group will make a positive operating contribution to the Group sales in 2021. Initial consolidation and related goodwill valuations will be completed by the time the half-year interim report for 2021 is published on 24 August 2021.
GESCO suspended its dividend payment due to the negative result for financial year 2020. Following the adjustments to the outlook for 2021, the Executive Board now expects to distribute a dividend for financial year 2021 that is in line with the established dividend policy in 2022.
"The successful transactions concluded over the past few months, as well as the Group's operating development in the first quarter of 2021, have given us momentum to generate profitable growth," says Ralph Rumberg, CEO of GESCO AG. "We are focused on expanding the Group while keeping an eye on our subsidiaries' materials supplies at the same time. We have been proactive in this area and have so far been largely able to avoid any delivery problems. Our expectations are for a positive 2021, as we play close attention to the current economic and supply situations and continue to pursue our Next LEVEL strategy with the backing of our strong team."
An overview of the voting results and the speech given by CEO Ralph Rumberg will be available shortly on the GESCO website at https://www.gesco.de/en/investor-relations/annual-general-meetings/.
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|EQS News ID:||1213985|
|End of News||DGAP News Service|