The Board of Directors of Carraro SpA, global leader in transmission systems for off-highway vehicles and specialised tractors, met urgently today under the chairmanship of Enrico Carraro and resolved to revoke the proposed distribution of dividends on the profits made by the Company in 2019.
In doing so the Board has duly acknowledged the significant shift in the global economic scenario since its meeting on 17 March 2020 and as a result of the now global spread of the virus known as Covid-19.
The hugely uncertain nature of this period requires a careful approach in order to withstand possible future economic and financial impacts.
A dividend on 2019 profits may be proposed when the current Covid-19 situation has passed or a clearer picture of the present scenario becomes available, to the extent possible in the conditions applicable at that time.
In line with the above, the Board of Directors also resolved to revoke the proposed share buyback programme.