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.
Despite the current challenging situation, HOMAG acquired the remaining 75% of the shares in its long-standing sales and service partner in China at the beginning of May. HOMAG is investing in its global presence and is very well positioned for the expected market growth in China.