PROFIT DESTINATION PROPOSAL AMENDED
In consideration of the violent upheaval of the global economic scenario caused by the spread of the epidemiological emergency from the COVID-19 virus, and therefore adopting a necessarily precautionary approach, aimed at supporting the solidity of the Company's assets and at mitigating possible future economic and financial impacts, the Board resolved to modify the proposal to the Shareholders' Meeting for the allocation of the profit for the year ended December 31, 2019 approved on March 6, which provided for the distribution of an ordinary unit dividend, gross of withholding taxes, equal to Euro 7 cents per share (total € 2,250,580.92).
The Board therefore resolved to propose to the Shareholders' Meeting which will be convened for April 24, 2020 to carry forward, net of the part to be allocated to compulsory reserves, the profit for the year 2019, equal to Euro 5,159,352.
With reference to the foreseeable evolution of the management, the Company believes that it is still not possible today to estimate the impact that the aforementioned epidemic will have during the year.
The draft financial statements and the consolidated financial statements were consequently updated and approved by today's Board of Directors.
The Board was also thoroughly informed of what the Company communicated to the market on 23 March 2020 regarding the impact of COVID-19 on its business.
MODE contribution Contributions MEETING OF THE AZI ONISTI April 24, 2020 - PROXY OBLIGATION IN DESIGNATED REPRESENTATIVE
In consideration of the health emergency COVID-19 and having regard to the provisions contained in art. 106 of the decree-law of 17 March 2020 n. 18 aimed at reducing movements and assemblies to a minimum, attending the meeting and exercising the right to vote can only take place through the granting of a specific proxy to the designated representative. The Shareholders' Meeting will take place only through an audio-conference system which will be communicated by the Company to the subjects entitled to participate.
The instructions and the form for granting this proxy without expenses to be paid by the delegating party will be available on the website www.masi.it in the investor-relations / assemblies / section.
Masi Agricola is a winery rooted in Classic Valpolicella that produces and distributes fine wines anchored to the values of the Venetian area. Thanks to the use of native grapes and methods, and to a continuous research and experimentation, Masi is today one of the best known Italian producers of fine wines in the world. His wines and in particular his Amaroni are awarded by international critics. The Group's business model combines high quality and efficiency with the updating of local values and traditions. All in a vision that leads Masi to stand out not only for its core business , but also for the realization of projects of experimentation and research in the agricultural and wine sector, for the enhancement and promotion of the territory and the cultural heritage of the Venice. The Group can count on a strong and growing international vocation: it is present in almost 140 countries, with an export share of approximately 77% of the total turnover. In 2019 the Masi Group had a turnover of around 65 million euros with an EBITDA margin of around 17%. Masi has a precise growth strategy which is based on three pillars: organic growth through strengthening in the many markets where it is already a protagonist; expansion of the offer of wines linked to the territories and techniques of the Venice region, including by aggregating other wineries; achievement of a more direct contact with the final consumer, giving more meaningful meanings to its internationally recognized brand.
The alphanumeric code of the shares is "MASI" and the ISIN code is IT0004125677.
The company's Nomad and Specialist is Equita Sim SpA
