GESCO AG: Preliminary figures for the first half year, non-cash impairment, outlook for the financial year adjusted

Wuppertal, 03.08.2020 - GESCO AG is currently preparing its half-year financial report for the current financial year 2020. According to preliminary figures, Group sales in this period amounted to € 237 million due to the comparatively strong first quarter and Group net income after minority interest before impairment losses was € -3.9 million. The adjusted figures for the previous year amounted to € 295.1 million in revenues and € 8.6 million in Group net income after minority interest.

Previously, the company had forecast Group revenues of around € 540 million and Group net income after minority interest of around € 8 million for the full year 2020. From today's perspective, these figures are no longer achievable, even though the company expects a clearly positive Group net income for the second half of the year.

Provided that the corona pandemic does not again lead to serious adverse effects such as lockdowns, the company now expects, on the basis of current information, Group revenues to exceed € 450 million and Group net income after minority interest before impairment losses to at least break even.

The Group financial statements for the first half of the year also include non-cash impairments of goodwill and property, plant and equipment totalling approximately € 13.5 million. The impairment losses relate to companies in the Mobility Technology segment whose future prospects have deteriorated considerably.

The full half-year financial report will be published on August 31, 2020 as scheduled.

The key figures Group sales and Group net income after minority interest are used as in the consolidated financial statements of GESCO AG as at 31 December 2019, available on the internet at http://www.gesco.de/en/financial-reports.