Change in Forecast W&W AG is adjusting its outlook for the financial year 2020
In view of the continuing negative economic effects of the Coronavirus pandemic, Wüstenrot & Württembergische AG is adjusting its outlook for the financial year 2020.
W&W AG is now expecting the net income after taxes to remain below the medium term target of €220 to €250 million. Due to the present uncertainties on the capital markets and the business climat in general, a sound and serious forecast for the financial year 2020 right now is not possible. In 2019 IFRS net income of the group reached € 249.1 million.
The positive operative results of the first quarter of 2020 are burdened especially by volatile capital markets as well as by special balance sheet effects due to the Coronavirus pandemic.
New business showed positive in the first quarter. The Quarterly Statement will be published on 15 May 2020.