February 4, 2020 / 6:29 AM / in 20 days

BRIEF-HWA Announces Decrease In FY Sales Due To DTM And Vynamic Businesses

Feb 4 (Reuters) - HWA AG:

* EBIT TO FALL SIGNIFICANTLY SHORT OF PREVIOUS YEAR’S FIGURE OF EUR 5.3 MILLION, BUT STILL CLOSE THE YEAR IN POSITIVE TERRITORY

* SALES ARE EXPECTED TO BE AROUND EUR 113 MILLION FOR THE PAST YEAR

* DECREASE IN SALES COMPARED TO 2019 IS MAINLY DUE TO THE LOSS OF THE DTM BUSINESS AND THE COOPERATION WITH VYNAMIC GMBH

* THE DTM CHAPTER IS FULLY REPRESENTED IN THE 2019 FIGURES, NO NEGATIVE EFFECTS ARE EXPECTED FOR 2020

* MANAGEMENT BOARD OF HWA AG PURSUES THE ASSERTION OF CLAIMS FOR DAMAGES AGAINST THE PARTNERS OF THE DTM ENGAGEMENT

* EXPECTS A SIGNIFICANT COST REDUCTION IN 2020

* BOARD WILL IMPLEMENT A GENERAL COST REDUCTION PROGRAM DUE TO THE LOSSES IN 2019

* EXPECTS A POSITIVE EBIT OF APPROX. 5 MILLION EUROS FOR 2020

* WILL NOT MAKE A DIVIDEND PROPOSAL TO THE ANNUAL GENERAL MEETING THIS YEAR

Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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