119th General Shareholders' Meeting of Schulte-Schlagbaum AG: Cautiously positive outlook
On Wednesday, 21 October 2020 Schulte-Schlagbaum AG held its 119th annual general meeting at the Historische Stadthalle in Wuppertal. For the first time – and in line with Covid-19 legislation – the general shareholders' meeting at the grand city hall took the form of a virtual meeting, without any of the shareholders or their representatives being physically present.
CEO Peter Pongratz used the occasion of the delayed event, which was originally planned for June but had to be postponed and carried out online because of the coronavirus, not only to report on the 2019 fiscal year, but also to provide an outlook on the developments in 2020.
First online meeting: The 119th general shareholders' meeting of Schulte-Schlagbaum AG was streamed live from the Historische Stadthalle Wuppertal.
Despite the crisis, the group's current sales revenue only took a slight knock compared to the previous year. All in all, adjusted earnings before taxes were even better across the group vis-à-vis the previous year.
In fact, the Schulte-Schlagbaum Group generated consolidated revenue of around 38 million Euro after 9 months in 2020 – only a few percentage points less than the previous year.
From left to right: CEO Peter Pongratz, Chairman of the Board Felix Maier and Notary Dr. Thomas Schwerin inform all shareholders participating online about the last financial year (2019) and current developments via live streaming from the Mendelssohn Hall in the Historische Stadthalle Wuppertal.
Overall, business developments within the group show a cautiously positive outlook for the future, according to CEO Peter Pongratz: "Especially in this time of crisis, it is particularly important to achieve profitable growth in the SAG Group. We have sharpened our focus significantly in this regard. Based on the steps and measures we have implemented and the results that are already visible, we are confident that we are on the right track."