Ad hoc announcement pursuant to art. 53 LR
Basel (Switzerland), July 29, 2022 Youngtimers AG, a Basel-based investment Company listed in Switzerland (YTME: SIX), reports the first annual results since the firm had changed the ownership, name, business, and strategy in the second half of 2021. The Company's transformation from an idle holding company has started last year when a new group of investors had underwritten CHF 35 million capital increase in June 2021. Due to tragic political events and profound change of international business environment throughout 2022, Youngtimers revisited its original business plans including significant changes to its high-end collectible cars strategy, and the Company's transformation is now scheduled to be completed by September 2022 following August AGM and announcement of a new, amended strategy of the group.
Youngtimers AG is reporting the total revenue of CHF 2.7 million in 2021 (2020: 0), of that CHF 1.9 million is revenue from core investment activities and consolidated subsidiaries, CHF 0.4 million is the interest income and CHF 0.2 million is an extraordinary income. The company reports the net loss of CHF 10.7 million for 2021 largely driven by impairment of goodwill and other intangible assets acquired by Youngtimers AG in 2021 and being no longer in strategic focus of the company due to change of global political and social context. Youngtimers AG's loss before interest and taxes was CHF 11.1 million with all impairments and amortizations of goodwill and other intangible assets, and just CHF 0.4 million for 2021 if no effect from those impairments is taken into consideration. As of 31 December 2021 Youngtimers AG was a debt free company with CHF 29.6 million of total assets, CHF 8.0 million in cash and cash equivalents and CHF 26.7 million in shareholders equity.
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About Youngtimers AG
Youngtimers AG is a Swiss-listed investment Company specialized on media and creative industries. Youngtimers AG is listed in Switzerland (symbol YTME on SIX Swiss Exchange) and headquartered in Basel, for more information please refer to www.youngtimers.com.
Contact
Youngtimers AG
Investor Relations
Elisabethenstrasse 18, 4051, Basel
Email: ir@youngtimers.com
Web: ir.youngtimers.com
