15.12.2023 12:39:10
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EQS-Adhoc: Softing AG announces impairment of goodwill
EQS-Ad-hoc: Softing AG / Key word(s): Preliminary Results/Miscellaneous Softing AG expects to recognize impairment losses on goodwill at Group level in the Softing IT Networks and GlobalmatiX segments in the amount of EUR 7.0 million to EUR 9.0 million at the end of year 2023.
In the IT Networks segment, the reasons for the impairment lie in the restructuring of the organization from a distribution model with third-party products to a segment with its own products and thus a changed value chain. The goodwill from the time of the acquisition based on the distribution model with third-party products will be offset by reduced future cash flows, which makes an impairment of goodwill necessary. At GlobalmatiX, the need for impairment results from a necessary future adjustment of the sales approach in the area of key customers with a concentration on special applications and thus reduced future cash flows. The correction of goodwill will have a negative impact on consolidated EBIT and consolidated net income for the 2023 financial year. Therefore, taking the impairments into account, Softing AG expects a consolidated EBIT of EUR -1,0 million to EUR -2,5 million for the 2023 financial year (2022: EUR 0.8 million). The target value for the consolidated EBIT before special items is forecasted at EUR 6.0 million. The Group result for the 2023 financial year is expected to be between EUR -2,5 million and EUR -4,5 million (2022: EUR -1.2 million). The impairment will have no impact on Softing’s main performance indicator “operating Group EBIT” (Group EBIT adjusted for capitalized development costs and their depreciation and amortization, as well as effects from the purchase price allocation), the Group EBITDA and the Group's cash flow. The final adjustments will be made when the consolidated financial statements as of December 31, 2023 are prepared. Contact: Dr. Wolfgang Trier CEO End of Inside Information
15-Dec-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | Softing AG |
Richard-Reitzner-Allee 6 | |
85540 Haar | |
Germany | |
Phone: | +49 (0)89 456 56-333 |
Fax: | +49 (0)89 456 56-399 |
E-mail: | InvestorRelations@softing.com |
Internet: | www.softing.com |
ISIN: | DE0005178008 |
WKN: | 517800 |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1798089 |
End of Announcement | EQS News Service |
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1798089 15-Dec-2023 CET/CEST
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