March 10, 2020 / 12:52 PM / a month ago

BRIEF-German Startups Group Sees 2019 Profit Within Previous Range

March 10 (Reuters) - GERMAN STARTUPS GROUP GMBH & CO KGAA :

* PROFIT EXPECTATION FOR 2019 WITHIN PREVIOUS RANGE

* HAS BEEN INFORMED BY CERITECH AG TODAY, IN WHICH IT HOLDS A STAKE OF 8.8%

* HAS EFFECTED AN EXTRAORDINARY WRITE-DOWN OF STAKE’S FULL BOOK VALUE IN ITS FINANCIAL STATEMENT FOR 2019 (IFRS) FOR PRUDENTIAL REASONS

* PROFIT EXPECTATION FOR 2019 STAYS WITHIN RANGE OF 3 TO 5 MILLION EUROS AS PUBLISHED IN DECEMBER, THOUGH, LIKELY TO BE IN LOWER HALF OR BETWEEN 0.27 AND 0.35 EUROS PER SHARE

* LOOKS VERY CONFIDENTLY TO FURTHER YEAR 2020

* SHARE BUYBACKS HAVE BECOME EVEN MORE ATTRACTIVE DUE TO SHARE PRICE DROP FOR CORONA VIRUS

* WANTS TO USE SALE PROCEEDS FOR FURTHER SHARE BUYBACKS OF ITS OWN SHARES

* WANTS TO FULLY EXERCISE LEGALLY PERMITTED VOLUME FOR USE OF OWN SHARES UNDER EXCLUSION OF SUBSCRIPTION RIGHT Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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