New board members at AutoWallis

The AutoWallis Group held its annual general meeting, where the shareholders, in addition to electing new board members, also decided that, in order to support further growth, last year’s total comprehensive profit of HUF 9.8 billion will be used to finance the expansion. AutoWallis will present its updated target numbers on May 6.

Gábor Ormosy, CEO of AutoWallis, will also present at our Portfolio Investment Day 2024 conference.

At the annual general meeting of AutoWallis, the shareholders accepted, among other things, the company’s report for the year 2023, as well as decided on the use of last year’s record profit, as well as the restructuring of the board of directors and the supervisory board, as well as the audit committee.

Based on the proposal of the AutoWallis board of directors, the shareholders decided to place the result in a reserve and use it to finance further growth together with the HUF 5.7 billion cash capital increase implemented by the Wallis Group in January.

At the annual ordinary general meeting, the shareholders also decided that the chairman Zsolt Müllner and the CEO Gábor Ormosy will be joined by new board members who have gained significant domestic and international experience in the past decades, partly also in listed companies, including in the fields of corporate management and acquisitions. Based on the decisions of the general assembly, he was added to the board of directors

• Ferenc Vaczlavik, the economic director of AutoWallis,
• Tibor Veres, chairman of the main owner of AutoWallis, the Wallis Group,
• on behalf of the Wallis Group, CEO Gyula Mező,
• Deputy CEO Buday Bence,
• and Ferenc Karvalits, Deputy CEO of Strategy.

At the general meeting, Géza Deme, the largest institutional investor of AutoWallis, the president and CEO of Széchenyi Funds, and Péter László Lakatos, a specialist who heads the Institute of Accounting and Law at the Corvinus University of Budapest, and who was also included in the audit committee, were also elected members of the supervisory board.

In the case of several financial indicators, AutoWallis already exceeded the previously set goals for 2025 last year, which is why the company will present its updated strategy, 2028 targets, and dividend policy on May 6.

The price of AutoWallis fell by 2 percent today, while it is up 28.5 percent this year.

Cover image source: Portfolio