EDAG Engineering Group AG: Annual shareholders' meeting elects a newly composed Board of Directors and approves dividend of 0.75 EUR per share

EDAG Engineering Group AG: Annual shareholders' meeting elects a newly composed Board of Directors and approves dividend of 0.75 EUR per share
 

Arbon, 6 June 2019. The annual shareholders' meeting of EDAG Engineering Group AG took place on June 5^th 2019 in Zurich. The Group Executive Management presented the development of the financial year 2018. Group revenues increased by 10.3% to 792 million Euros. Adjusted EBIT also increased significantly to 47.6 million Euros after 34.3 million Euros in the previous year. With a Free Cash-Flow of 57.4 million Euros and an equity ratio of 31.6% at the year-end, the company is on a solid financial footing.

"The strong growth in 2018 has confirmed that we are setting the right priorities with our internationalization strategy," explained Cosimo De Carlo, CEO of EDAG Engineering Group AG. "In the current year, we see a challenging start, especially in the segment Production Solutions. We have implemented appropriate measures and are working consistently on improving our revenue and cost situation. Overall, we continue to see good growth opportunities for EDAG at home and abroad, and are convinced that we can optimally take them with our portfolio of services".

The Annual General Meeting approved all items on the agenda. The members of the Board of Directors as well as the Group Executive Management have been exonerated. Dr. Michael Hammes stepped down from the Board of Directors at the end of his term of office. Newly elected to the Board of Directors were Mr. Manfred Hahl, CEO of FFT Produktionssysteme GmbH & Co. KG and Mr. Clemens Prändl, Senior Vice President at SAP SE. All other members of the Board of Directors have been re-elected. Mr. Georg Denoke has been confirmed as Chairman of the Board of Directors.

The shareholders' meeting approved the group financial statements for 2018 and positively decided on the payment of a dividend of EUR 0.75 per share. The dividend will be paid out from June 10^th 2019. Deloitte AG, Zurich, has been elected as auditor for the financial year 2019.

Following the Annual General Meeting, Mr. Holger Merz took over the function of CFO from his predecessor Juergen Vogt, as previously announced, while retaining his previous duties.

"Also on behalf of the company, I would like to thank Dr. Hammes and Mr. Vogt very much for the work in their respective functions and for the trustful cooperation", explains Georg Denoke, Chairman of the Board of Directors. "With Mr. Hahl and Mr. Prändl, we have been able to win personalities who will further strengthen the automotive and digitalization expertise within the Board of Directors."
 

About EDAG
EDAG is an independent engineering services provider to the global automotive industry. The company serves leading domestic and international vehicle OEMs and sophisticated automotive suppliers through a global network of about 60 sites in major automotive centres of the world.

EDAG offers complementary engineering services across its Vehicle Engineering, Electrics/Electronics and Production Solutions businesses. Based on these extensive capabilities, EDAG can support clients across the entire value chain from the original design idea to product development and prototype construction all the way to the delivery of turnkey production systems. As a technology and innovation leader, EDAG also operates established centres of excellence that design landmark technologies for future applications in the automotive industry: lightweight construction, electric mobility, digitalization, integral safety and new production technologies.

In financial year 2018, the company generated revenues of EUR 792 million and an adjusted EBIT of EUR 47.6 million. As at 31 December 2018, 8,641employees (including apprentices) worked for EDAG all over the world.

 

Press contacts:

Public Relations
Christoph Horvath
Press Officer EDAG Group
Phone: +49 (0) 661- 6000 570
Mail: pr@edag.de
www.edag.de
 

Investor Relations
Sebastian Lehmann
Head of Investor Relations
Phone: +49 (0) 611- 7375 168
Mail: ir@edag-group.ag
ir.edag.de

Forward-looking statements

This release contains forward-looking statements. These statements are based on current estimates and projections of EDAG Executive Board and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not be accurate. Many factors could cause the actual results, performance or achievements of EDAG to be materially different from those that may be expressed or implied by such statements. EDAG does not assume any obligation to update the forward-looking statements contained in this release.