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Tuff Group AG / Key word(s): Annual Results/Half Year Results
Tuff Group AG - Preliminary key figures of the consolidated financial statements 2020/ Preparation of the consolidated half-year financial report as of June 30, 2021
Frankfurt am Main, 29 September 2021: Tuff Group AG announces preliminary key figures of the consolidated financial statements for the financial year 2020.
Based on preliminary figures for the financial year 2020, revenues of EUR 3,766,847 (31 December 2019: EUR 9,407,663) were generated. The decrease compared to the revenues as of 31 December 2019 is due to the fact that the global demand for oil and gas has decreased significantly and as a result fewer projects have been awarded in the industry. This circumstance has a significant impact on the operations of the Tuff Group, which mainly carries out plant construction projects in the oil and gas production sector through its sole subsidiary, Tuff Offshore Pte. Ltd. The overall result is EUR -1,152,961 (31 December 2019: EUR -233,585). In addition, the consolidated balance sheet will show a negative equity of EUR -1,040,100 compared to a positive equity of EUR 112,860 as at 31 December 2019.
It is intended that the financial statements at individual and consolidated level for the financial year ending 31 December 2020 will be published on 15 October 2021.
The Board of Directors is also preparing the preparation of the consolidated half-year financial report as at 30 June 2021, to be published on 30 September 2021. Accordingly, revenues as of 30 June 2021 amounted to EUR 13,295. The decrease compared to revenues in H1/2020 (EUR 1,604,013) is due to the fact that the Tuff Group was not able to implement any revenue-generating projects in H1/2021. Equity will continue to be negative and will amount to EUR -1,684,570 as of 30 June 2021 (30 June 2020: EUR -740,400).
Notifier: Ganesh Paulraj, Executive Board Member, TUFF Group AG, Marienplatz 2, 80331 Munich, Germany
29-Sep-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Tuff Group AG
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