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The 1st half-year of 2020

  • Results for the first half of 2020
  • Changes to the Frauenthal Service AG Executive Board and new allocation of responsibilities on the Frauenthal Holding AG Executive Board
  • Changes in the Investor Relations area

Result for the 1st half of 2020

The first-half performance of the Frauenthal Group's two divisions is impacted by the COVID-19 crisis. The Frauenthal Group's revenue for the first half of 2020 amounts to MEUR 392.7, down MEUR 74.7 (-16.0%) compared to H1 2019, of which MEUR 288.0 (-1.5%) is attributable to the Frauenthal Trade Division and MEUR 104.7 (-40.2%) to the Frauenthal Automotive Division.

Group EBITDA as of June 30, 2020 was MEUR 14.1, a decrease of MEUR -8.1 compared to June 30, 2019 - mainly caused by the COVID-19 crisis.

The Automotive Division reports EBITDA of MEUR 2.7, a decrease of MEUR -7.9 compared to the first half of 2019. The result of the first half of 2020 includes an extraordinary one-off income of MEUR 1.8 in connection with an EEG subsidy from previous years.

In the Trading Division, the decline in earnings - triggered by the drop in sales due to the pandemic and, above all, by the strongly fluctuating sales development - was mitigated with numerous extraordinary measures (savings in personnel included at MEUR 1.5) and public support (one-off effect of short-time working subsidies amounts to MEUR 5.9). Nevertheless, a decline in EBITDA of -2.4% compared to a decline in revenues of -1.5% could not be prevented. EBITDA in the Trading Division amounted to MEUR 12.1 in the first half of 2020, MEUR -0.3 below the previous year.

Total consolidated assets as of June 30, 2020 amount to MEUR 432.6, down MEUR -9.7 compared to December 31, 2019; this is mainly due to lower non-current assets (impairments of MEUR 8.8 and reduced investment activity due to COVID-19). The Frauenthal Trade Division includes an impairment loss of EUR -4.5m on its own brand Prisma, as this brand will no longer be offered on the market for cost reasons, and the switch to the ALVA brand will take place in 2020. The impairment tests for the Frauenthal Automotive Division identified an impairment loss of EUR -4.3m for the Powertrain Business Unit, and a corresponding impairment loss was recognized for property, plant and equipment.

As a result of the decrease in equity to MEUR 108.5 as of June 30, 2020, the equity ratio falls to 25.1%. Compared to December 31, 2019, this is a decrease of -3.5%.

in MEUR

1-6/2020

Change

1-6/2019

Revenue

392,7

-16,0%

467,4

EBITDA

14,1

-36,5%

22,3

EBITDA adjusted 1)

12,3

-44,6%

22,3

EBITDA adjusted without IFRS 16 (operativ) 1)

4,4

-69,7%

14,6

EBIT

-11,1

-274,3%

6,4

EBIT adjusted 1) 2)

-4,1

-164,4%

6,4

EBIT adjusted without IFRS 16 (operativ) 1) 2)

-4,3

-172,1%

6,0

Earnings after taxes

-17,8

-940,7%

2,1

Earnings after taxes adjusted 1) 2) 3)

-7,8

-467,1%

2,1

Earnings after taxes adjusted without IFRS 16 (operativ) 1) 2) 3)

-7,7

-482,1%

2,0

 

in MEUR

30.06.2020

Changes

31.12.2019

Equity

108,5

-14,3%

126,6

EK-Quote

25,1%

-3,5%

28,6%

1)1-6 / 2020: adjusted for extraordinary income of MEUR 1.8 from settlement with consultant regarding EEG levy

2)1-6 / 2020: adjusted for impairment loss of MEUR 8.8

3)1-6 / 2020:adjusted for deferred tax expense from unrecognized loss carryforwards and valuation differences of EUR 3.0m.

Changes to the Frauenthal Service AG Executive Board and new allocation of responsibilities on the Frauenthal Holding AG Executive Board

As of 1 September 2020, Erika Hochrieser will join the Executive Board of Frauenthal Holding AG as a further member of the Executive Board of Frauenthal Services AG, alongside Thomas Stadlhofer (CEO) and Beatrix Ostermann. Ms. Hochrieser will take over the Finance, Human Resources and Legal Affairs divisions from Mr. Stadlhofer. Beatrix Ostermann will step down from her functions when her Executive Board contract expires on December 31, 2020 and leave the Group. After many successful years as a member of the SHT AG Executive Board and then at Frauenthal Service AG, she would like to turn her attention to new tasks. Her business areas (purchasing and marketing) will be taken over by Mr. Stadlhofer as of 1.1.2021.

Due to Ms. Hochrieser's additional function in the Trading Division, the agendas in the Executive Board of Frauenthal Holding AG will also change as of 1.9.2020.  Dr. Martin Sailer will henceforth also be responsible for the Automotive Division, including the Automotive Finance and Automotive IT divisions. He will also be responsible for the Group's entire investor relations activities.

Changes in Investor-Relations

Due to the current COVID-19 crisis, cost savings are necessary in both divisions of the Frauenthal Group. Costs are also to be reduced in the holding company. Among other things, investor relations activities will be limited to the publications required by law under the responsibility of Frauenthal Holding AG's compliance officer, Mr. Wolfgang Knezek, who will henceforth also act as investor relations officer.

The complete 2020 half-year financial report is available under Investor Relations / Reports.

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