June 8, 2020, Karlsruhe (Germany) – Nexway AG, a leading software and service company for academic institutions and e-commerce marketplaces, published today its annual financial statements for 2019.
The company generated sales revenues of EUR 84.3 million, only slightly below the previous year’s level of EUR 85.8 million. Gross profit, calculated as sales minus the cost of purchased goods and the most important key figure for the business of Nexway AG, fell by 3.3 percent to EUR 9.3 million. As expected, the operating result (EBIT) remained negative at EUR -2.7 million (2018: EUR -1.9 million). For the 2019 financial year, a balance sheet loss of EUR 4.5 million is posted, resulting in a loss of EUR 1.6 million not covered by equity capital.
The Management has undertaken all necessary steps to ensure the company is fully funded for 2020 and 2021 financial years. In April 2020, the company successfully placed a bond in the amount of EUR 8.0 million. Additional cash inflows came from the recent sale of subsidiaries. Furthermore, on June 2, 2020 the company completed the placement of the capital increase, resulting in issue proceeds of approximately EUR 3.9 million.
These proactive moves have strengthened the capital base and provide a strong foundation for the company, as it sets to reenergize and reposition its successful Academics division as a growth engine in the global education sector.
The full financial report 2019 of Nexway AG (German only) is available on the company website: https://www.nexway.com/financial-reports/
Contrary to the previous year, the presented financial statements are not consolidated and include Nexway AG (formerly asknet AG) stand-alone operations. The company had acquired Nexway Group in the first half of 2019 and subsequently sold both Nexway Group AG and Nexway SAS as part of an extensive restructuring strategy in mid-April 2020 (see related announcement published on April 15, 2020).
The annual general meeting of Nexway AG will take place on August 14, 2020.
Nexway AG (formerly asknet AG) is a leading procurement, e-commerce and payment specialist. The company offers software procurement and sales services for European academic institutions, students and alumni. The procurement portals offered by Nexway are used by more than 80% of German colleges and universities. The headquarter of Nexway AG is Karlsruhe. The company is listed on the Frankfurt Stock Exchange (Ticker: NWAY, ISIN: DE000A2E3707).
Jan Schulmeister (CFO)