ALSO AGM approves dividend. 2020 to date net sales growth of 11 percent. Forecast confirmed.

The Annual General Meeting of ALSO Group (SIX: ALSN) approved the Annual Report 2019, all proposals of the Board of Directors and granted discharge to the Board of Directors and the Group Management. The shareholders also approved the 8th consecutive dividend increase. The dividend of CHF 3.25 per share will be distributed from the foreign capital contributions reserve and will be free of withholding tax. The decision to increase dividend is proof of the confidence the shareholders in the strength and resilience of the company.

The members of the Board of Directors, Peter Athanas, Walter P. J. Droege, Rudolf Marty, Frank Tanski, Ernest-W. Droege and Gustavo Möller-Hergt were re-elected for a further year in office. In addition, the shareholders approved the re-election of Gustavo Möller-Hergt as Chairman of the Board of Directors. Ernst & Young AG, Zurich, were elected as auditors for the financial year 2020.

The company is in an excellent position to meet current and future market challenges and opportunities. The determining factors for this are the clear strategy and its consistent implementation, the motivated teams, the versatile ecosystem, the good results of 2019, the significant improvement of cash and the signing of the revolving credit facility.

Until March 20, 2020, ALSO registered an increase in net sales of 11 percent. At present the company confirms the target for 2020. The reasons for this assesment are:

the resumption of production in China
the present confirmations of delivery for March and April
an increased requirement of IT hardware, software and services due to home-based activities such as home office or home school
the ALSO ecosystem, which constitutes a diversified and robust base for our business with its very diverse customer groups, countries, channels and product categories. Due to this fact for example the shift of net sales from retail to etail does not have any far-reaching consequences.

Gustavo Möller-Hergt, President of the Board of Directors and CEO of ALSO Holding AG, explains: «Since the beginning of January we have been monitoring the developments in connection with Corona very closely. Our target is to protect customers, partners and employees and at the same time safeguard inventories and supply chains, in order to supply our customers and achieve 2020’s forecast. Due to Corona, the IT Industry gets a further surge in growth. We are pleased about this, however, at the same time we also know that one’s own health and that of the family, solidarity and mutual support are just as important. This is why, in addition to internal measures, we have established a program for our resellers, providing them with fast and unbureaucratic support.»

Direct link to media release: https://www2.also.com/press/20200324en.pdf

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