DGAP-News: S.A.G. Solarstrom AG: Shareholders' meeting expresses complete confidence in Executive Board and Supervisory Board
(firmenpresse) - DGAP-News: S.A.G. Solarstrom AG / Key word(s): AGM/EGM
S.A.G. Solarstrom AG: Shareholders' meeting expresses complete
confidence in Executive Board and Supervisory Board
14.06.2013 / 16:01
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Shareholders' meeting expresses complete confidence in Executive Board and
Supervisory Board
- Vast majority approves all resolutions
- S.A.G. Solarstrom AG well equipped for the future
Freiburg, June 14, 2013. The successful work of Executive and Supervisory
Boards in fiscal year 2012 was rewarded at the shareholders' meeting of
S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN:
DE0007021008) and complete confidence in the Boards was expressed at the
meeting of June 12, 2013 in Merzhausen. All resolutions were passed with
the vast majority of over 92% of the issued voting capital present. All
members of the Supervisory Board were reelected with over 97% of the issued
voting capital present. The vast majority of the shareholders' meeting also
approved the standardization of the authorized capital and the splitting of
a conditional capital, enabling the company to issue convertible bonds
and/or warrant bonds or profit participation rights. With its resolutions,
the shareholders' meeting affords the company full flexibility and capacity
to act.
'We are very pleased with the high degree of confidence displayed by our
shareholders', says Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. '
S.A.G. Solarstrom AG is thus excellently equipped for the challenges of the
business years 2013 and 2014'.
S.A.G. Solarstrom AG prepares for punitive tariffs - forecast confirmed
The capital market assessed the decision to reinforce the Group and to not
pay a dividend very positively overall. Considerable markdowns in stock did
not occur. Some investors and other market participants also welcomed the
decision.
The shareholders voted with a very large majority of nearly 98% of the
issued voting capital present against a dividend payment. In view of the
market environment, which remains difficult with punitive tariffs on
Chinese modules introduced at the start of June, these liquid reserves
should provide the Group with additional room for maneuver.
In his address, Dr. Karl Kuhlmann very clearly criticized the EU
Commission's decision to introduce punitive tariffs. 'We consider this
decision to be a big mistake. These customs duties will not benefit the
German module manufacturers at all, as the duties will lead to a
considerable decline in the market'. However, S.A.G. Solarstrom AG sticks
to its forecast for 2013 to increase installation and sales volume to over
117 MWp and to achieve a positive operating result. Currently, new sourcing
options and further cost reduction potential is being explored throughout
the system for this purpose.
New business units and new markets
In his speech, the CEO listed the milestones of business activities in
2012. Despite an extremely challenging market environment with a sharp fall
in component and system prices, S.A.G. Solarstrom AG achieved a positive
consolidated result of EUR1.1 million and was thus one of the very few
solar companies that was able to successfully stand its ground on the
market and adapt flexibly to the changes. Kuhlmann provided an outlook of
the business year 2013 with intense project activity in the UK, the
expansion of the secondary market business, the development of the Latin
American market, new integrated energy concepts and solutions for own
consumption and storage.
Broad support by the shareholders' meeting
With a vast majority of over 95% of the issued voting capital present, the
shareholders' meeting also approved the summarization and standardization
of the two approved capitals as well as the splitting of a condition
capital into two conditional capitals - firstly to satisfy bonds and
secondly to satisfy stock options. At the same time, the Executive Board
was empowered to issue stock options, as well as convertible and/or warrant
bonds and or profit participation rights. The auditing company BDO
Wirtschaftsprüfungsgesellschaft, Freiburg i.Br., was chosen as the Group
auditor for fiscal year 2013.
Supervisory Board reelected
Under the scheduled Supervisory Board elections, the three members of the
Supervisory Board Dr. Peter Heller, Dr. Carsten Müller and Dr. Markus
Haggeney stood for reelection. Their successful work over the last few
years was rewarded with an election result of over 97% respectively.
The voting results of this year's shareholders' meeting are available on
S.A.G. Solarstrom AG's website at www.solarstromag.com under Investor
Relations.
About S.A.G. Solarstrom AG
S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN:
DE0007021008) of Freiburg i.Br., Germany, is a manufacturer-independent
provider of photovoltaic plants configured to customers' individual needs.
The Group constructs plants of all sizes both in Germany and abroad. S.A.G.
Solarstrom AG also produces solar energy at its own plants.
S.A.G. Solarstrom AG's service portfolio covers the entire life cycle of
photovoltaic plants, including forecast and energy services, yield reports,
and remote service and maintenance, as well as insurance and financing. The
Group thus offers a comprehensive value chain in photovoltaics, from yield
reports, planning, construction, operations, and monitoring to
optimization, repowering, and deconstruction.
S.A.G. Solarstrom AG was founded in 1998. Around 200 specialists work at
the four locations in Germany and the foreign subsidiaries.
S.A.G. Solarstrom AG is listed in the Prime Standard of the Frankfurt Stock
Exchange as well as according to the rules and standards M:access of the
Munich Stock Exchange.
Further information: www.solarstromag.com
Contact:
S.A.G. Solarstrom AG
Sasbacher Straße 5
79111 Freiburg
Germany
www.solarstromag.com
Public Relations / Investor Relations
Jutta Lorberg
phone: +49-(0)761-4770-311
e-mail: pr(at)solarstromag.com / ir(at)solarstromag.com
End of Corporate News
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: S.A.G. Solarstrom AG
Sasbacher Str. 5
79111 Freiburg
Germany
Phone: + 49 761 4770 0
Fax: + 49 761 4770 555
E-mail: mail(at)solarstromag.com
Internet: www.solarstromag.com
ISIN: DE0007021008, DE000A1E84A4, DE000A1K0K53,
WKN: 702100, A1E84A, A1K0K5
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
(m:access), Stuttgart
End of News DGAP News-Service
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216545 14.06.2013
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Datum: 14.06.2013 - 16:01 Uhr
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