- Annual General Meeting votes in favor of the management’s proposals by a large majority
- DEUTZ is optimistic about 2021
- Strategic course set for further growth
Cologne, April 29, 2021 – At today’s Annual General Meeting in Cologne, the shareholders of DEUTZ AG voted in favor of the management’s proposals by a large majority and formally approved the actions of the Board of Management and Supervisory Board. A total of 50 percent of the Company’s issued capital with voting rights was represented. As in 2020, the Annual General Meeting was again held as a virtual event.
Dr. Frank Hiller, Chairman of the Board of Management of DEUTZ AG: “After a challenging year dominated by the coronavirus pandemic, we are optimistic about 2021. The preliminary results for the first quarter show a return to an upward trajectory. We have made a successful start to the year, with new orders rising by a third compared with the prior-year period and a significant improvement in profitability. We expect that our customers will remain keen to invest going forward.”
Against this backdrop, DEUTZ has raised its guidance for 2021. The Company anticipates revenue of €1.5 billion to €1.6 billion (previously: at least €1.4 billion) and an EBIT margin before exceptional items of between 1.0 percent and 2.0 percent (previously: at least break-even level).
In 2020, DEUTZ laid the foundations that will enable it to maintain its competitiveness and generate further growth over the long term. The key building blocks of the corporate strategy are a technology-neutral approach to the development of the drive portfolio (focusing on electrification and the use of alternative drive solutions), the expansion and digitalization of the high-margin service business, regional growth initiatives (primarily in the Chinese market), strategic partnerships with industry leaders such as John Deere Power Systems, and the efficiency program that is now under way.
The shareholders of DEUTZ AG voted in favor of all the agenda items at the virtual Annual General Meeting. The majority of the shareholders registered for the Annual General Meeting agreed to motions such as the proposal to approve the new Board of Management remuneration system.
In addition, Dr. Ing. Rudolf Maier, independent management consultant and former member of the divisional board of Bosch Diesel Systems, was elected as a shareholder representative on the Supervisory Board with effect from April 29, 2021. He had already been appointed by the courts to replace Dr. Ulrich Dohle, who had stepped down from the Supervisory Board on October 7, 2020 due to ill health.
“We are delighted that Rudolf Maier, an expert with a long track record in commercial vehicle development and products, has joined the DEUTZ AG Supervisory Board,” said Dr. Frank Hiller.
Detailed information about the virtual Annual General Meeting and the results of the voting on the individual agenda items are available on the DEUTZ website at www.deutz.com/en/investor-relations/annual-general-meeting/2021/.
Upcoming financial dates
May 6, 2021: Quarterly statement for the first quarter of 2021
August 12, 2021: Interim report for the first half of 2021
November 10, 2021: Quarterly statement for the first to third quarter of 2021
March 17, 2022: 2021 annual report
April 28, 2022: Annual General Meeting
Forward-looking statements
This press release may contain certain forward-looking statements based on current assumptions and forecasts made by the DEUTZ management team. Various known and unknown risks, uncertainties, and other factors may lead to material differences between the actual results, the financial position, or the performance of the DEUTZ Group and the estimates and assessments set out here. These factors include those that DEUTZ has described in published reports, which are available at www.deutz.com. The Company does not undertake to update these forward-looking statements or to change them to reflect future events or developments.
Press Release (PDF)