DGAP-News

GESCO AG publishes preliminary figures for financial year 2020 - largest-ever portfolio restructuring has positive impact

DGAP-News: Gesco AG / Key word(s): Preliminary Results GESCO AG publishes preliminary figures for financial year 2020 - largest-ever portfolio restructuring has positive impact 26.03.2021 / 16:21 The issuer is solely responsible for the content of this announcement. GESCO AG publishes preliminary figures for financial year 2020 - largest-ever portfolio restructuring has positive impact

- Sales target achieved at € 397.2 million (continuing operations)

- Earnings better than forecast at € 5.8 million (continuing operations)

- Overall result negative as expected following impairment

- Dividend suspended for financial year 2020

- Net debt reduced significantly by € 69.5 million

Wuppertal, 26 March 2021 - GESCO AG, a Prime Standard-listed company, achieved its expectations for continuing operations in terms of sales and exceeded them in terms of earnings in financial year 2020 (1 January 2020 to 31 December 2020), according to preliminary and as yet unaudited figures. The company's expectations were most recently substantiated in December 2020.

Following the successful sale of a group of six subsidiaries and the closure of the Mobility Technology segment as part of the NEXT LEVEL strategy, GESCO adjusted its outlook for continuing operations for financial year 2020 in December 2020 to forecast Group sales of roughly € 400 million and net income for the year after minority interest of around € 5 million.

The Group sales for continuing operations in the amount of € 397.2 million stood in contrast to Group sales for continuing operations of € 354.8 million in the nine-month abbreviated financial year 2019 (AFY 2019). Including discontinued operations, Group sales totalled € 495.2 million (AFY 2019: € 439.6 million). The continuing business operations generated net income for the year after minority interest of € 5.8 million in the financial year. In the nine-month abbreviated financial year 2019, that same figure stood at € 14.5 million. Earnings per share from continuing business operations accordingly amounted to € 0.54 (AFY 2019: € 1.34).