Given the harsh impact of the corona pandemic on populations and economies worldwide,
In light of these measures and of the extreme unpredictability of the impact and duration of the health crisis, the Board of Directors of
Annual General Meeting of Shareholders
Given the currently applicable travel restrictions and social distancing measures, the Group intends to exceptionally hold its Annual General Meeting behind closed doors, without shareholders in physical attendance, at
Dividend related to the 2019 financial results
After a good start of 2020 with encouraging results,
The Board of Directors proposes to reduce the Board fees by 10%
In line with the salary reduction implemented for the Executive and Senior Management, the Board proposes to also reduce the Board fees for 2020 by 10%. The Chairman and the members of the Board take this decision as an act of solidarity in these challenging times.
Jürgen Tinggren, Chairman of the Board: ‘the Covid-19 virus spread is taking a huge toll on the economy and on people’s lives worldwide. It is heavily impacting industries and companies around the world, including ours. After making a good start to the year, we realize that the impact of the pandemic may become substantial in the second quarter of 2020. The unprecedented situations we are facing call for the precautionary measures announced today. Furthermore, the Board has evaluated multiple scenarios to stress-test the impact of the Covid-19 pandemic on the Group’s liquidity position. Even under extreme assumptions, these scenarios indicate a positive cash position. The actions taken in 2019 to deleverage net debt and spread the debt maturity have strengthened Bekaert’s financial position significantly. The safeguarding measures we announce today aim to help mitigating the impact of the current crisis. We thank our shareholders and all other stakeholders for their continued trust and support during these challenging times.’
Attachment
- p200403E - Press Release
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