DGAP-News

KROMI holds virtual Annual General Meeting 2020

DGAP-News: KROMI Logistik AG / Key word(s): AGM/EGM KROMI holds virtual Annual General Meeting 2020 09.12.2020 / 16:55 The issuer is solely responsible for the content of this announcement. KROMI holds virtual Annual General Meeting 2020

- Solid performance despite economic slowdown in the regularly weaker first half of the year

- Positive EBIT despite Corona slump in fourth quarter due to tight cost management throughout financial year

- Active management of working capital: significant improvement of cash flow from operating activities by EUR 9.0 million
 

Hamburg, 9 December 2020 - KROMI Logistik AG successfully held its Annual General Meeting for the fiscal year 2019/2020 on Tuesday, 8 December 2020. Due to the current contact restrictions in response to the Corona pandemic, the Annual General Meeting was held in virtual form. Despite the significant decrease in revenues in the fourth quarter, KROMI has so far come through the corona crisis in good shape, and was able to record slightly positive EBIT under difficult conditions, and significantly improve its operating cash flow by EUR 9.0 million to EUR 7.2 million. In total, 82.52% of the registered share capital was represented. All items on the agenda were approved.
 

During the Annual General Meeting, the Managing Board reported in detail on KROMI's operating and strategic growth in fiscal year 2019/2020. CEO Bernd Paulini talked about the further development of the business model, among other things. It was officially and successfully launched mid-2019 and allows an improved description of the service portfolio for customers. He then went on to explain the business performance of the past financial year. After a strong first half of 2019/2020, the corona pandemic had a significant impact on KROMI's business activities in the fourth quarter, and thus also on its full-year performance. However, despite these setbacks in the final quarter, KROMI has generally gotten through the challenging times of the lockdown well, as CFO Christian Auth explained. This was primarily due to early, active cost management and strict working capital management, which resulted in a significant improvement in cash flow. For Christian Auth, this was the first full financial year for which he was responsible in his function at an Annual General Meeting. He joined KROMI in April 2019.