After-tax profit of the Weng Fine Art Group in the 2020 financial year is significantly higher than expected

pta20210220001
Publication of inside information in accordance with Article 17 MAR

Monheim am Rhein (pta001 / 02/20/2021 / 14: 55) – According to preliminary figures, the after-tax profit of the Weng Fine Art Group in the 2020 financial year rose to more than EUR 5.3 million (previous year: EUR 1.75 million). EUR) increased and thus more than tripled. It is therefore also well above the most recently reported forecast of at least EUR 4.5 million.  The  disclosure of hidden reserves through the distribution of ArtXX AG shares to the shareholders of Weng Fine Art AG contributed a good EUR 3 million to this (EUR 0.7 million hidden reserves were discovered in 2019). In operational terms, too, the Group’s business developed significantly better than could be expected in view of the burdens caused by the pandemic.

 The  Group’s sales of goods in 2020 amounted to around EUR 10.3 million (previous year: EUR 7.4 million), which corresponds to an increase of 39%. In contrast, according to research by the art data portal Artnet AG, the world art market lost around 30% of its volume in 2020.

 The  e-commerce business bundled in ArtXX AG (Weng Contemporary) as well as the B2B trading business both contributed to the development of the WFA Group.

 The  detailed figures of ArtXX AG and Weng Fine Art AG as well as the group are expected to be announced in the course of March 2021 (see: https://wengfineart.com/investor-relations/finanzkalender).

Contact (notifying person):

Rüdiger K. Weng board member

Weng Fine Art AG

Rheinpromenade 8

40789 Monheim am Rhein

Tel.: 49 (0)2173 690 8700

www.wengfineart.com

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Emitter:	Weng Fine Art AG Rheinpromenade 8 40789 Monheim am Rhein Germany
Contact Person:	Rüdiger K. Weng
Tel.:	+49 2173 690870-0
E-mail:	[email protected]
Website:	www.wengfineart.com
The  stock market:	m:access in München
ISIN (s):	DE0005181606 (share)