With respect to the COVID-19 pandemic, the managing board of Softing AG has determined today that the financial forecast as given in the Q1-2020 report concerning EBIT, operational EBIT and sales equal to the previous fiscal year may not be achieved.
Deliveries of products and projects of lead customers, which had been the basis for the previous forecast, are partially stretched into the year 2021 or may be shifted to 2021 completely. Such, a fast and significant recovery of the world economy as assumed in the Q1-2020 report has to be questioned.
We are pleased with the robust cash situation at Softing AG. This in combination with strict cost management enables the company to proceed with all its major product developments and product enhancements.
Our internal forecast scatters between reaching the previous forecast and a significant reduction thereof due to the inherent uncertainty of the duration and the consequences of the COVID-19 pandemic. Therefore, a reliable forecast for sales and profit cannot be given at this point in time.