AMCO’S AGM APPROVES 2019 FINANCIAL STATEMENTS AND THE APPOINTMENT OF THE BOARD OF DIRECTORS FOR THE NEXT THREE YEARS
Solid capital base and low financial leverage are confirmed
- AMCO’s AGM approved 2019 Financial Statements and appointed the Board of Directors with a three-year mandate.
- 2019 results confirm AMCO’s solid capital base and low leverage ratio: CET1 at 63.7% and Debt/Equity at 0.5x.
- AMCO does not envisage any impact on business continuity and on its capability to honour outstanding debt due to the COVID-19 pandemic.
- Business continuity during the current emergency is fully guaranteed without any additional cost. Smart working is in use for all employees.
Milan, April 20th, 2020. Today AMCO’s General Meeting approved 2019 Financial Statements.
The AGM also resolved on the renewal of the Board of Directors and appointed the following Board members: Stefano Cappiello – Chairman – and Marina Natale and Domenico Iannotta as Directors. The mandate wiIl expire upon the approval of 2022 Financial Statements. The Board of Directors met after the AGM and confirmed Marina Natale as CEO and General Manager.
2019 financial results confirm AMCO’s very solid capital base, with a CET1 ratio of 63.7% and a very low financial leverage – Debt/Equity ratio of 0.5x – following the €1 billion capital increase paid up in December 2019 via cash contribution by the sole shareholder. At the end of 2019 cash and cash equivalents amounted to €318 million.
Notwithstanding the impacts of the COVID-19 pandemic on the Italian and global economy, the company does not foresee any impact that may impair the company’s going concern or the capability to honour outstanding debt. Business continuity is fully guaranteed, without any additional cost. In fact, starting from February 23rd, operations have been adapted to ensure containment of the health emergency, preserving employees’ health and safety. All the employees are working in smart working mode.