Softing AG exceeds expectations in 2020
Based on preliminary numbers Softing has achieved an operating EBIT of approx. EUR 1,6 million in 2020 and therefore clearly exceeded the expectations. This has been achieved by an unexpectedly strong fourth quarter, especially on high margin products and services of Softing's single biggest business segment "Industrial Automation". Revenues in North America and Asia came in significantly above expectations. The business segment "IT Networks" has also performed very well due to an unexpected demand by customers. For some IT Networks products customer demands could not be satisfied until late in January 2021. The total revenue of the Softing group amounted to approx. EUR 78 million.
We expect the need to adjust the value of a certain product assigned to the "Automotive Electronics" segment. This product is designed for use in test riggs of reciprocating combustion engines. Due to changes in our customer's power train strategy we do not expect this product to reach the previously defined revenue expectations. Softing responds to these changes by focusing its resources on products for hybrid and fully electric powered vehicles as well as for products and services with respect to autonomous driving. The adjustment is expected to reduce the EBIT by approx. EUR 3.5 million. This is a onetime adjustment without consequences to operating EBIT or cash.
The complete annual report for the year 2020 will be available on www.softing.com by the end of March.Contact: For furthter information please contact: Softing AG Investor Relations Richard-Reitzner-Allee 6 D-85540 Haar Tel. +49 (0)89 456 56-0
17-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: 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: 1168864 ? End of Announcement DGAP News Service