Page 45 - Annual Report 2019

Supervisory Board Report
Group Management Report
Consolidated Financial Statements
Annexes

On 31 December 2019, the fair value of the Group’s interest rate hedges is as follows:

Fair value Nominal value Carrying value Fair value Swap rate
23 Dec. 2021 EUR 10.0 million EUR 0 thousand EUR -106 thousand 0.5225 %
23 Dec. 2021 EUR 6.5 million EUR 0 thousand EUR -65 thousand 0.5000 %

The counterparty bank calculates the fair value of the interest rate hedges using recognised
calculation models based on the respective yield curves.

(33) Events after the reporting date
The Hoftex Group is also affected by the current Covid-19 crisis. 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 Group sales and a much lower EBITDA for the 2020 fiscal year. For more
detailed statements we refer to the information we provided in the sections “Risks and opportunities”
and “Outlook – business performance” in the Group Management Report.

(34) Members of the Supervisory Board
Tom Steger
Chairman
Independent attorney
Nuremberg
Martin Steger
Deputy Chairman
Independent property developer
Nuremberg
Werner Berlet
IT-Manager
Bad Homburg
Renate Dempfle
Managing Director of PDV Inter-Media GmbH
Augsburg
Johanna Falasa*
Commercial employee
Münchberg
Melanie Liebert
Independent auditor and tax consultant
Augsburg
York Riedel
Independent attorney
Nuremberg
Wolfgang Schmidt*
Chairman of the works council at Tenowo Hof and Reichenbach
Hof
Carmen Teismann*
Laboratory technician
Schwarzenbach/Saale
* elected by employees

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