The Executive Board is currently holding numerous discussions with potential investors who are following the development and orientation of onoff AG with particular interest. However, the extensive restrictions on private and public life that have resulted from COVID-19 since the end of March have influenced the continuation of the talks and resulted in delays. In order to provide all market participants with the most important information at the same time, the Executive Board today published an ad hoc announcement that resulted during preparation of the Consolidated Financial Statements for 2019.
The preliminary consolidated figures of the onoff group for the past fiscal year are positive and differ significantly from the figures for the 2018 fiscal year. Regardless of the financial burdens from the planned IPO in the Scale stock market segment at the beginning of 2019, sales of around EUR 19.7 million exceeded the 2018 figure of around EUR 18 million. Considering the overall performance, EUR 25.2 million in 2019 stands compared to EUR 20.2 million in 2018. Consolidated retained earnings rose to almost EUR 980,000 in 2019 compared to EUR 480,000 in 2018. The quality of the result will have to be assessed against the backdrop of the extraordinary charges for 2019 as described in the Management Report, which is yet to be published. These charges resulted from the postponement of the IPO and a comprehensive realignment of numerous divisions.
Currently more important than the past fiscal year is the management of the restrictions on public and private life caused by COVID-19. Even in this global crisis, we are there for our customers and continue to maintain operations through our digital services. On the other hand, construction sites are being closed down and there are disruptions to travel. Following a very good start into 2020, this has left its mark, and we are currently taking all measures to secure liquidity. For example, we have had to apply for short-time work for part of the workforce for April and May. However, since the onoff group is heavily involved in the pharmaceutical sector and critical infrastructure, the company outlook remains positive.
“We are confident that onoff will get through the phase of restrictions triggered by COVID-19 in a robust manner, as the company is built on a solid foundation,” says CFO Uwe Ganzer.
The above figures are preliminary; the final audited figures may deviate from them. However, the company does not expect any significant deviations. The Financial Statements are expected to be published at the beginning of June following a resolution of the Executive Board and Supervisory Board.