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Tuff Group AG: Unscheduled depreciation of fixed assets/notification of loss in accordance with section 92 (1) of the AktG

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Tuff Group AG / Key word(s): Annual Results/Preliminary Results
Tuff Group AG: Unscheduled depreciation of fixed assets/notification of loss in accordance with section 92 (1) of the AktG

07-Oct-2021 / 17:23 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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.de

Language:

English

Company:

Tuff Group AG

Marienplatz 2

80331 Munich

Germany

Phone:

+49 89 13928890

E-mail:

investorrelations@tuffgroup.com

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

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