EQS-News

ProCredit Holding AG & Co. KGaA: Annual General Meeting resolves with large majority to convert to legal form of stock corporation

EQS-News: ProCredit Holding AG & Co. KGaA / Key word(s): AGM/EGM/Legal Matter ProCredit Holding AG & Co. KGaA: Annual General Meeting resolves with large majority to convert to legal form of stock corporation 05.06.2023 / 19:15 CET/CEST The issuer is solely responsible for the content of this announcement. ProCredit Holding AG & Co. KGaA: Annual General Meeting resolves with large majority to convert to legal form of stock corporation

Frankfurt am Main, 05 June 2023 - ProCredit Holding AG & Co KGaA (ProCredit Holding), the parent company of the development-oriented ProCredit group, held its Annual General Meeting for 2023 today. After holding purely virtual general meetings over the past three years, this was the first time that the event was held with physical attendance again.

A total of 76.50% of the share capital was represented. The Annual General Meeting approved by a large majority all of the proposals that were put to the vote.

The Management Board first reported on the positive operating performance of the ProCredit group in the 2022 financial year, despite substantial loss allowances in ProCredit Bank Ukraine, and also presented a positive outlook for the 2023 financial year. For 2023, the return on equity (RoE) is expected to improve to 8-10%, even under adverse macroeconomic conditions. The medium-term RoE guidance was already raised at the beginning of the year to around 12%, with medium-term potential for the cost-income ratio seen at around 57%. The strong RoE as of Q1 2023 of 13.3% (Q1 2022: -0.8%) and the cost-income ratio, adjusted for non-recurring effects, of 57.0% (Q1 2022: 59.5%) underline the group's positive short- and medium-term outlook.

The Annual General Meeting of ProCredit Holding resolved with a very large majority to change the legal form of the company to that of a stock corporation. The rationale behind the change of form is the higher investor acceptance for a stock corporation and to simplify the structure of the company. The business focus of ProCredit Holding, and in particular its impact orientation, will remain unchanged even after finalising the conversion into a stock corporation.