Page 25 - Annual Report 2019
P. 25
Supervisory Board Report
Group Management Report
Consolidated Financial Statements
Annexes
In light of the global coronavirus crisis and the latest forecast by the IMF, however, we must
anticipate far-reaching changes in the economic environment. The companies in the Hoftex Group
are also currently impacted and have adjusted their production capacities accordingly.
The Management Board does not expect the economy to recover and stabilise until the third
quarter of 2020 at the earliest. This is why we are predicting much lower sales for the 2020
financial year than originally planned, which will result in a lower EBITDA than that indicated
in earlier forecasts. The Hoftex Group Management is continuously monitoring the ongoing
developments and impacts of the corona pandemic on business and examining measures to
support the Group.
We will continue with our investment projects. However, there may be delays in the delivery and
installation of system components.
Hof, 30 April 2020
HOFTEX GROUP AG
The Management Board
Klaus Steger Robert Seibold
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