EQS-Adhoc: artnet AG: artnet publishes preliminary figures for the third quarter of 2022, adjusts forecast for fiscal year 2022, and expects cash inflow from US grant program

Publication of Inside Information pursuant to Article 17 of Regulation (EU) No. 596/2014 (MMVO)

artnet publishes preliminary figures for the third quarter of 2022, adjusts forecast for fiscal year 2022, and expects grant from US grant program

New York/Berlin, November 4, 2022 - Based on preliminary, unaudited figures for the first nine months of 2022, artnet AG ("Company") expects revenues to increase by 8% to USD 18,997 million and an operating result (=EBIT) of USD -1,963 million. This results in particular from the current macroeconomic and industry-specific market situation and the related decline in marketplace revenues as well as heavy investments in product development. The Company has therefore decided today to adjust its forecast for fiscal year 2022, but also expects the payment of a requested, non-refundable grant issued under a U.S. incentive program (Employee Retention Credit) in December 2022. After taking tax deductions into account, the company expects a net cash inflow of USD 1,947 million. The revenue forecast of USD 27 million to USD 29 million remains unchanged. However, the Company now expects to achieve an operating profit (=EBIT) of between USD 0.6 million and USD 0.8 million (previously: between USD 0.8 million and USD 1.03 million) in the fiscal year 2022.

The final confirmation from the responsible US authority (Internal Revenue Service) regarding the approval of the grant from the relevant authoritative body (IRS) has not yet been received. However, the Management Board has received confirmation from experts advising the Company in this regard, indicating that the requirements for the grant have been met and are awaiting the corresponding payment.

 

Contact:

Sophie Neuendorf

Artnet AG Investor Relations

E-mail: ir@artnet.com

 

 

1479905  04-Nov-2022 CET/CEST