According to preliminary figures, the net deficit is between 14 and 15 million euros – in 2019 the company still posted a profit of over 24 million euros – final figures on April 22nd
According to preliminary calculations, the listed sanitary ware wholesaler and auto supplier Frauenthal posted high losses in 2020. The bottom line will be a deficit of between 14 and 15 million euros, the company announced on Wednesday afternoon. In 2019, a net profit of EUR 24.3 million was achieved.
Before interest, taxes, depreciation and amortization, a loss (EBITDA) of between EUR 37 and 38 million was expected in 2020, after a positive result of EUR 67.1 million in the previous year.
One reason for the losses is “a decline in sales in the Frauenthal Automotive division and one-time restructuring costs in the Frauenthal Automotive division amounting to EUR 4.5 million. In return, EBITDA includes a special gain of EUR 1.8 million from a settlement with a consultant in connection with the EEG surcharge. In the previous year, EBITDA had included a one-time positive effect from an agreement in connection with an earlier company acquisition in the amount of EUR 13.5 million.
In total, the group announced unscheduled depreciation in the amount of EUR 8.8 million. These were due to “impairments” in the Automotive division (minus 4.5 million euros) and the unscheduled depreciation of the Prisma brand in the Retail division (minus 4.3 million euros), Frauenthal referred to the corresponding presentation in the 2020 half-year financial report .
According to the company, the annual financial report and the annual report of Frauenthal Holding AG will be published on April 22, 2021.