HOCHDORF Holding Ltd: Postponement of Annual Results Press Conference and AGM

[ Report ]

Hochdorf (pta034/10.03.2021/17:50) - HOCHDORF achieved its published sales and earnings targets in the 2020 business year, despite the negative impact of the COVID-19 pandemic. The restructuring of Group that started in summer 2019 was largely completed with the exception of a few issues. Due to a review of financial strategy options, the Board of Directors has decided to postpone the Annual Results Press Conference and the Annual General Meeting.

The Annual Results Press Conference for the 2020 business year will therefore take place on Monday, 12 April 2021, and not on Monday, 15 March 2021 as planned. The Annual General Meeting will be postponed to the end of May 2021. This is expected to go ahead without the presence of shareholders due to restrictions related to the COVID-19 pandemic.

In the second half of the year, the new Board of Directors and Group Management in place since 30.6.2020 focused on stabilising the company and shaping its future. Detailed strategies were developed in the divisions and departments and then discussed and refined together with the Group Management and the Board of Directors. The strategy and the organisational model were approved by the Board of Directors at the beginning of December 2020.

To support its Strategy 2025, HOCHDORF must further stabilise the balance sheet and the liquidity position. The Board of Directors is currently examining various financial strategy options to ensure this financial stability and has decided to postpone the Annual Results Press Conference and the Annual General Meeting in the light of this.

(Ende)