News & Press
Annual General Meeting of Weng Fine Art AG: Once again high interest - German Central Bank rates WFA Group as "eligible" again
1 Juli 2022 / Pressemitteilungen
Weng Fine Art AG (WFA) successfully held its Annual General Meeting (AGM) as a meeting in presence in Düsseldorf on June 28, 2022. More than 100 shareholders and guests attended the event in person. In addition, a large number of participants followed the event via a live webcast. 77.77% of the voting capital of EUR 5,410,000 was represented at this Annual General Meeting.
All the draft resolutions submitted by the management were adopted with approval rates of more than 99% - the discharge of the CEO was even unanimous. By adopting the proposal on the appropriation of profits, a distribution of EUR 0.16 per share was resolved (previous year EUR 0.15 + anniversary bonus of EUR 0.10). The dividend will be paid on July 5, 2022. The total dividend, calculated on 5,410,000 shares issued on the day of the AGM (excluding treasury shares), amounts to EUR 865,600. A retained profit of EUR 6,400,000 was available for distribution, resulting in EUR 5,534,400 being carried forward to the 2022 balance sheet.
In the morning, CEO Rüdiger K. Weng presented his report on the annual financial statement for 2021 and then spoke about the development and future of WFA Group. The main focus of the one and a half hour presentation was the expansion of the e-commerce business and the development of the investor platform. The recording of the presentation can be viewed at the following link: https://youtu.be/DOq3gJJjHQg. The Annual General Meeting’s detailed voting results can be downloaded on the company's website at https://wengfineart.com/investor-relations/annual-general-meeting.
At the Annual General Meeting, the CEO also commented on business developments during the current year and reported, among other things, on the further increase in revenues and margins of the Swiss e-commerce subsidiary ArtXX during the first half of the year. The management considers the earnings and value drivers of the future to be primarily the development of new target groups and the closer integration of the art and financial markets. These goals shall be pursued in particular through WFA Group's stronger commitment to blockchain-based trading in art tokens, the development of the investor platform and the further expansion of the e-commerce business.
Based on the 2021 consolidated financial statements, Deutsche Bundesbank has now again classified Weng Fine Art AG as "eligible". This means that the company's liabilities are classified as "investment grade". This allows financing banks to resell their receivables from WFA or to use them as securities for loans from the Deutsche Bundesbank or the European Central Bank (ECB). For Weng Fine Art, this also expands its financing options.