Tuff Group AG: Unscheduled depreciation of fixed assets/notification of loss in accordance with section 92 of the AktG
Unscheduled depreciation of fixed assets/notification of loss in accordance with section 92 (1) of the AktG Frankfurt am Main, 7 October 2021: In the course of preparing its financial statements for the financial year 2020, Tuff Group AG will recognize an impairment loss of EUR 28,608,000.00 on the balance sheet value of the shares in its sole subsidiary Tuff Offshore Pte. Ltd which operates as a plant engineering company in the oil and gas sector.
The write-down is partly based on the revaluation of the project pipeline, as global demand for oil and gas has decreased significantly. Because of this less new projects are currently awarded and with worse conditions. This circumstance thus also has significant impact on the valuation of the business shares in the sole subsidiary Tuff Offshore Pte. Ltd. In addition less projects are awarded because of the global COVID-19 pandemic.
The write-down not only reduces the value of the financial assets in the balance sheet, but also the EBIT and the annual result. The unscheduled write-down also results in a loss of more than half of the Company's share capital as of December 31, 2020. For this reason, the Executive Board will immediately convene an Extraordinary General Shareholders Meeting and inform the shareholders on the loss of more than half of the share capital in accordance with section 92 (1) AktG. At this Annual General Meeting, the Executive Board will explain the Company's situation to the shareholders.
On the other hand, the unscheduled depreciation has no effect on the cash flow. The write-down also has no impact on the 2020 consolidated financial statements of Tuff Group AG, which are to be prepared in accordance with International Financial Reporting Standards (IFRS). Notifier: Ganesh Paulraj, Executive Board Member, TUFF Group AG, Marienplatz 2, 80331 Munich, Germany
07-Oct-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Tuff Group AG Marienplatz 2 80331 Munich
Germany Phone: +49 89 13928890 E-mail: firstname.lastname@example.org Internet: www.tuffgroup.com ISIN: DE000A161N22 WKN: A161N2 Listed: Regulated Market in Frankfurt (General Standard) EQS News ID: 1239241 ? End of Announcement DGAP News Service