BayWa AG Annual General Meeting: Shareholders support Board of Management and Supervisory Board’s transformation strategy

All proposed resolutions adopted   “Strategy 2030” to make BayWa AG profitable and fit for the future   CEO Marcus Pöllinger: “We are rethinking the BayWa Group”BayWa AG held its Annual General Meeting in Munich, Germany, today. At it, the shareholders voiced their support for the transformation strategy spearheaded by the Board of Management and the Supervisory Board, which is intended to quickly return the BayWa Group to profitability and make it fit for the future. All of the proposed resolutions were adopted, including the proposal by the Board of Management and Supervisory Board not to distribute a dividend for the financial year 2023.“It wouldn’t have made sense to pay a dividend from the company’s assets,” said BayWa CEO Marcus Pöllinger in front of 1,200 guests during his speech at the International Congress Centre Messe München. “But I can assure you: we are working on a dividend strategy and are doing everything we can to avoid having to share such news with you ever again.”BayWa AG closed the financial year 2023 with operating earnings of €304.0 million, just below the full-year guidance. The rapid rise in interest rates and the disproportionately high increase in the tax rate compared to the previous year had a negative impact on earnings across all business divisions. After interest and taxes, the consolidated net loss for the year stood at €93.4 million.“Strategy 2030”: Invest, optimise, review“Last year’s figures are simply not satisfactory, neither for us as a company nor for you as shareholders,” Pöllinger said, adding: “That’s why we will rethink the BayWa Group, without abandoning our values and traditions. We have proven many times in the company’s history that we can continue to evolve. I am very confident that we will considerably improve the result this year.”Pöllinger also used the Annual General Meeting to explain the key points of his “Strategy 2030” to shareholders: “Rather than put off measures, we are taking action. We are actively managing our portfolio and defining areas for growth, optimisation and divestment. In concrete terms, that means we are investing in areas with a future. We are optimising our core business. We are divesting affiliated companies to strengthen our equity ratio.”BayWa’s growth areas include international grain and speciality trading, as well as renewable energies. In 2023, the Group initiated efficiency-boosting measures in other areas such as construction, agriculture and agricultural equipment, which will have a positive impact on the consolidated net result for the current financial year. The divestment areas include solar module trading.The speech by CEO Marcus Pöllinger and additional material on the 2024 Annual General Meeting have been published on the BayWa AG website at https://www.baywa.com/investor-relations/hauptversammlung/hauptversammlung.Weiter zum vollständigen Artikel bei BayWa AG (vink. NA) Zum vollständigen Artikel