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Extraordinary General Meeting of HELLA GmbH & Co. KGaA resolves change of fiscal year
29-04-2022The keypoints in short
- Fiscal year rhythm to be harmonized with the calendar year as of 1 January 2023
- A one-off short fiscal year will be inserted from 1 June to 31 December 2022; the current fiscal year 2021/2022 will not be affected by the change and will end as planned on 31 May 2022
- Adjustment increases comparability with other companies as well as with macroeconomic and industry-specific key figures; reporting effort with Faurecia as the new majority shareholder is also reduced.
How long is the upcoming fiscal year?
HELLA GmbH & Co. KGaA today resolved at its Extraordinary General Meeting to change its fiscal year to the calendar year with effect from 1 January 2023. For this purpose, a transitional short fiscal year will be inserted from 1 June 2022 to 31 December 2022; the current fiscal year 2021/2022 (1 June 2021 to 31 May 2022) is therefore not affected by the changeover adopted today. The resolution proposed by the Management Board, the Shareholder Committee and the Supervisory Board was approved by the shareholders of the Company with a majority of 99.9 percent of the capital stock represented.
What are the advantages of the changeover?
First, changing the fiscal year to the calendar year increases comparability with other companies as well as macroeconomic and industry-specific indicators, the majority of which are collected on the basis of the calendar year. Second, HELLA has been included in Faurecia's financial reporting as a fully consolidated subsidiary since the acquisition by Faurecia was successfully completed on 31 January 2022. This financial reporting already follows the rhythm of the calendar year. By also merging the fiscal year with the calendar year, HELLA is standardizing accounting dates and thus significantly reducing the reporting effort required.
How did the vote take place and where can details be found?
Due to the ongoing Corona pandemic, the Extraordinary General Meeting was held as a purely virtual event without the physical presence of shareholders and shareholder representatives. At the time of the vote, around 84 percent of the voting capital was represented. Further information as well as the voting result on today's agenda item will be published on the HELLA homepage in the Investor Relations section.