DGAP-Ad-hoc: HUGO BOSS AG / Key word(s): Dividend
Metzingen, April 6, 2020. The negative effects of the pandemic on the macroeconomic development are currently also leading to a significant decline in sales, profitability, and cash flow at HUGO BOSS AG. At present, it is not possible to predict how long this situation will last. Therefore, the Managing Board and the Supervisory Board of HUGO BOSS AG have decided today to propose to the Annual Shareholders' Meeting that the dividend payment for fiscal year 2019 will be suspended. The full retention of net profit is intended to further strengthen the financial stability and flexibility of the Company.
Thanks to its solid balance sheet structure, HUGO BOSS is well prepared for the financial challenges associated with the pandemic. In addition, the Company has already taken extensive measures to secure free cash flow at an early stage. In this context, the Managing Board and the works council of HUGO BOSS AG agreed to introduce short-time working for Germany-based employees starting in April 2020. The Managing Board of HUGO BOSS AG will also participate in the measures to secure cash flow and voluntarily waive 40% of its basic remuneration for the months of April and May 2020.
In light of the ongoing pandemic and the contact bans ordered by the authorities, the Managing Board and the Supervisory Board of HUGO BOSS AG today also decided to take advantage of the new legal regulations and hold this year's Annual Shareholders' Meeting purely virtually. The virtual Annual Shareholders' Meeting is scheduled to take place on May 27, 2020 and will fulfill all the conditions required by the new law. The Company plans to publish a new invitation in the Bundesanzeiger [German Federal Gazette] and on the Company website by April 20, 2020.
HUGO BOSS will continue to monitor the development of the pandemic and its impact on the business very closely and will take further measures if necessary. The proposal for the appropriation of earnings is also continually being reviewed in the light of further developments and will be updated before the Annual Shareholders' Meeting if necessary. On May 5, 2020, HUGO BOSS will release its quarterly statement on the first three months of 2020. Conference calls, including webcasts, will also be held on that day for media representatives as well as financial analysts and investors.
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06-Apr-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||HUGO BOSS AG|
|Phone:||+49 (0)712 394-0|
|Fax:||+49 (0)712 394-80259|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Tradegate Exchange|
|EQS News ID:||1016953|
|End of Announcement||DGAP News Service|
1016953 06-Apr-2020 CET/CEST