EANS-Adhoc: Wolford AG / Current developments May - August 2020. COVID-19 pandemic hits Wolford EAE

Wednesday, 30. September 2020 08:56
  Disclosed inside information pursuant to article 17 Market Abuse Regulation
  (MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
  The issuer is responsible for the content of this announcement.

Restructuring program gains traction. Operating results significantly higher
than previous year. Company confirms outlook on return to profitability by the
end of the 2021 calendar year.

Company Information

Bregenz - On the occasion of the annual general meeting, the management board
reviewed the current business performance, confirming its outlook on return to
profitability by the end of 2021.

The COVID-19 crisis had a drastic impact on the past FY 2019/20 and led to a
loss of revenues, totaling EUR10.9 mio. The crisis will not be overcome in the
current FY 2020/21, as revenue losses account for EUR15.5 mio as of August 31,
2020. The revenues losses constantly decreased during the months of the FY 2020/

In view of the COVID-19 pandemic, Wolford contributed as a crisis response by
manufacturing and distributing facemasks ("Wolford Care Mask"). Since March
2020, approx. 350.000 masks have been sold, generating revenue of approx. EUR5.1
mio. Masks have become an integral component of the company's product range.

The online distribution channel has proven to be a growth driver, generating
approx. 25% of revenues in 05-08/2020 (2019/20: 13.3%) and showing a year-on-
year growth rate (05-08/2020 vs. 05-08/2019) of around 58%. However, the online
business was unable to fully offset the revenues lost in other business areas.

Concerning operating earnings (EBIT), the losses in revenues were primarily made
up for with the help of the extended restructuring program by cost savings
achieved, especially in terms of rental payments, procurement, and staff costs
as well as by drawing on all available COVID-19 government aid. Overall, as of
August 31, 2020, EBIT has improved by nearly EUR3.0 mio (22 %) in the year to
date (05-08/2020: -EUR10,8 mio) compared with the previous year (05-08/2019: -
EUR13,8 mio).

Further inquiry note:
Wolford AG
Madeleine Dubois
Vorstandsbüro / Corporate Press Coordinator
Tel: +43 5574 690
investor@wolford.com / company.wolford.com

end of announcement                         euro adhoc

issuer:       Wolford Aktiengesellschaft
              Wolfordstrasse 1
              A-6900 Bregenz
phone:        +43(0) 5574 690-1258
FAX:          +43(0) 5574 690-1410
mail:         investor@wolford.com
WWW:          http://company.wolford.com
ISIN:         AT0000834007
indexes:      ATX GP
stockmarkets: Wien, Frankfurt, New York
language:     English

EAX0002    2020-09-30/08:56

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