EQS-Ad-hoc: Steuler Tile Group AG / Key word(s): Liquidity problems
Steuler Tile Group AG: High sales slumps continue – restructuring efforts threaten to fail
30.06.2023 / 18:27 CET/EST
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Ad hoc announcement according to Art. 17 Market Abuse Regulation
High sales slumps continue – restructuring efforts threaten to fail
Bremen, June 30th, 2023 – Steuler Tile Group AG (ISIN DE006770001) continues to experience a drastic drop in sales in the second half of June 2023. From the company’s point of view, there are no signs of an improvement in the situation in the next few weeks. The sales growth expected in the course of the second quarter on the basis of many years of experience has not only failed to materialize this year, in particular due to the lack of willingness to invest in the construction industry as a result of higher financing interest rates and the uncertainties of consumers with regard to the Building Energy Act (GEG), but has the opposite vice versa. The energy costs, which have risen significantly over the past year, are also having a negative impact on the earnings situation and the liquidity situation of the group’s energy-intensive tile production.
The bodies of Steuler Tile Group AG have held intensive talks with a potential strategic partner and the major shareholder about the provision of debt and equity. However, these talks have so far remained unsuccessful. A short-term successful conclusion is currently not to be expected with an overwhelming probability.
In view of the current negotiation situation, the Management Board of the company and the executive bodies of its subsidiaries therefore feel compelled to examine and, if necessary, to initiate further actual and legal measures, including the possible filing of insolvency applications.
Contact:
Steuler Tile Group AG
Resident Alexander
board of directors
Schönebecker Strasse 101, 28759 Bremen
Tel. 0421/6262-206
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06/30/2023 CET/CEST The EQS distribution services include statutory reporting requirements, corporate news/financial news and press releases.
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Language: German Company: Steuler Tile Group AG Schönebecker Str. 101 28759 Bremen Germany Telephone: 04 21/ 62 62 – 21 6 Fax: 04 21/ 62 62 – 399 E-mail: [email protected] Internet: www.steulerfliesengruppe .de ISIN: DE0006770001 WKN: 677000 Stock exchanges: Freiverkehr in Berlin, Hamburg, Hanover, Stuttgart EQS News ID: 1670315
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1670315 30.06.2023 CET/CEST