The Executive Board of Axel Springer SE withdraws its previous forecast for the 2020 financial year. From today's perspective, the Executive Board assumes with sufficient probability that the forecast will be significantly missed due to the likely effects of the Corona crisis. This affects revenues, adjusted EBITDA and adjusted EBIT of all three operating segments, Classifieds Media, News Media and Marketing Media which will turn out worse than previously expected.
According to the previous, now withdrawn forecast for the 2020 fiscal year, the Executive Board of Axel Springer SE expected the group's revenues to remain on the prior year-level. For the adjusted EBITDA, the Executive Board expected a decline in the low to mid double-digit percentage range due to increased investments in future growth. For the adjusted EBIT, the Executive Board expected a significant decline compared to the prior year due to higher depreciation, amortization and impairment.
Due to the current uncertainties about the further development of the Corona crisis and its effects, the Executive Board believes that it is currently not possible to make a sufficiently reliable concrete new forecast for the financial year 2020.
Furthermore, the Executive Board has decided to cancel the Ordinary Shareholders' Meeting convened for 22 April 2020. Also this decision is based on the Corona crisis and the restrictions imposed on meetings by the SARS-CoV-2 Containment Ordinance of the State of Berlin. The Ordinary Shareholders' Meeting is now expected to take place in the second half of June 2020. From today's perspective, the Executive Board intends to maintain the proposed dividend of EUR 1.16 per qualifying share.
Head of Investor Relations
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